All Forum Posts by: Matthew Ward

Howdy BP!

I have recently completed my goal of buying my first duplex to house hack, which has been going great since I closed in July. The tenants are great, and my mortgage is completely paid for each month.

My next goal is to flip some houses here in Duluth, to acquire some cash for future investment properties. My cash is currently tied up in my duplex, so I am looking for a partner to go in on a deal with. I have a great realtor, who is an investor herself, and we have a list of leads to go see. I have my contractors license, and am a full time carpenter. I would be doing a lot of the work and/or managing the sup contractors myself. Working as a carpenter has allowed me to make a lot of great contacts for doing any kind of work needed.

I am hoping to find a partner that is looking for someone like me to handle most of the deal, while they collect a better return on their money than other investments can provide.

Thanks as always BP!

I would love to attend these meetups! I’m really bummed I missed this one, but would definitely attend others. I finally have my first duplex I am currently house hacking and really want to start flipping some houses using my contractors license to acquire some cash for future investment properties.

Hope to see you guys at the next one!

This reply is long overdue, but I want to thank everyone that responded for their advice. And I took it.

This summer, in July, I closed on my first duplex of which I have been house hacking. I live in the upper unit and my tenants are wonderful and are currently paying for my mortgage.. or my daycare expenses, both just about the same. The duplex needs some upgrading inside and new siding and windows, but I'm not sure it makes sense to do those repairs right away because even though it adds value it likely not leave me much to pull from after the 20% that needs to remain for a HELOC.

My new goal before I get into vacation rentals is to flip a couple properties using my contractors license, to acquire some cash so I can build my own house and eventually start acquiring vacation rentals.

Thanks again everyone!

@Brent 

@Brent Coombs Thank you for thoughts. My long term goal would be to pay cash for the land and build. They would be small, unique, cabin style vacation rentals. Maybe that’s not leveraging, but I’m more excited about having the passive income, and building a cool, unique vacation rental. Thoughts?

As for using the hard money lender to flip, it certainly is out of desperation, more so then a carefully crafted plan. I’ve been dreaming about getting started for almost 5 years now, with little progress, other than education. Thanks again for your advice!

@Brittany Kuschel thank you for your reply! I am aware of the restrictions on Duluth vacation rentals, such a shame.. My idea would be to have vacation rentals along the north shore (outside of Duluth). What are your thoughts on this? I have thought of renting out an extra room through Airbnb, etc., but I’m just not sure if it makes sense with a toddler running around.. but I could wrong.

Good Morning BP! I’ve been stuck in the same place for a long time, and I could really use your advice.

I live in Duluth, MN. I am a full-time single father who dreams about invest in real estate. My long term goal is to build my own vacation rentals. I’ve been back and forth whether I should flip first, house hack, invest in long term rentals, or get right into vacation rentals.

I would love to dive right into vacation rentals. It excites me more than any other form of REI. I only have about $10k saved currently. I'm living with a friend now and I've been looking for a duplex to house hack for the last 4 months or so, without any luck. I could really use the income to offset my mortgage. But if I use my money for a down payment, then how do I continue to invest? I've been looking for a property with enough value add to refinance some cash out, but not having any luck. My other thought is that if I rent somewhere for now, and then use that money as "skin in the game" for the hard money lender I'm preapproved with, to flip a property, I'll have more cash to invest in either a duplex or vacation rental. Wish I could figure it out and be able to just focus on one thing.

Any advice would be greatly appreciated. Thank you BP

Thank you @Michael Schraepfer for reaching out! I would be more than happy to connect with you. I am looking for a position as a carpenter so I can qualify for a loan. I would love to know how I could be a part of your team! Thank you greatly for any opportunity you may have for me!

Hey BP!

I will be moving from the twin cities to Duluth, MN sometime in the next couple of weeks/months. My goal is to flip 5 properties this year and then get into buy & hold using the BRRRR strategy, and finally end up building my own vacation rentals (my ultimate goal).

I'm looking to buy a duplex or triplex and do the famous "house hacking" I wish I would have known about when I bought my first home. I have my contractors license, and would love to flip full-time, but I'm looking for a W-2 carpentry job to start so I can get financing for my duplex.  I would love to make connections with local investors. I could use some help getting a better understanding of the Duluth market and the area in general. I would also be more than happy to help other investors with the construction side of a project or even partner on some deals.

Thank you for your help BP, it is always greatly appreciated!

Welcome to the site and the forums! The resources here and unlimited. There are endless ways to learn, connect, and grow your business. If your interested in "low money down" and "buy and hold" might I suggest house hacking while your in school. It's a great way to get into investing at a low cost. You can get an fha mortgage with low down payment because you'll be living there, then you rent the extra rooms out to some roommates and live rent free with a potential for cash flow. This is one thing I wish I new about before I bought my first house.

Also let me know if you need a GC around the twin cities. Good luck!

@Mitch Turgeon Thanks for reply.  I will definitely keep you in mind on my next exterior project.

@Scott Swennes Thank you for offering your advice and expertise.

Thank you for reaching out @Account Closed I still look forward to working with you when I'm ready to acquire my own properties.  Thank you