All Forum Posts by: Matt Higgins

I use falcon bank.  They’re great for me, but I have a 10-15 year track record with them.  They’ve switched ownership a couple times since I started there.

I really like village bank up in Blaine as well 

150k doesn’t buy that much real estate.  You’re going to need to find something transactional to produce the income you will need to do what you want to do.  Realtor, mortgage broker, flip, wholesale, ect.  I would spend some time finding a commercial lender that believes in you.  A good one should let you buy, fix, refinance, repeat, and recycle your 150k.  

If you DON’T want an account they open one for you with out your consent.  If you WANT an account they close if for you with out your consent

this is a company that truly doesn’t care about its customers  

If you purchased in your own name with traditional financing I personally would keep it in my own name and cover with the umbrella (which I would buy anyway)

If I purchased it in an LLC I would buy 3 more before I started a new LLC for the next 4 duplexes

good luck 

I’ve had a couple ridiculous inspections in Minneapolis before.  Once they made me hire an engineer because a support beam had chipped paint.  Maybe make sure the windows are operational.  Here is the link to the checklist.  http://bryant-cpa.com/wp-conte...

Thanks @Tim Swierczek.  The recommendation is much appreciated! 

@Mike Terry.  I agree.  The last phase of the real estate cycle is irrational exuberance....seems to fit the current real estate market 

If no one in the last 100 years has finished the basement there was probably a reason.......Usually they’re wet and have low ceilings.  
There's a number of pitfalls with older homes, but I'm doing one now. Purchase 84k, 50k rehab, ARV 200ish. The numbers can work and inventory is so tight sometimes it doesn't have to be perfect to sell. I have limited knowledge of the Mankato market, but I looked through some recent sales and I might be worried about your ARV. I see some descent turn of the century properties that have closed recently between 150-200. What do you think you could purchase one for? You might be better off trying that 1960-1970s rambler unless you really know what you're doing. I think I have a blog post about purchasing older homes in cold climates if you want to check it out.

Rents going lower and vacancy up in Minneapolis.  

That is too small of a home to remodel in my opinion.  I did a 900 sq ft house earlier this year and it was a tough sell.