All Forum Posts by: Blayne Midthun

Looking to form an investment group including serious, like-minded individuals with the goal of investing for five or more years.

Ideal situation would be to find 5-10 parties that would pool funds to purchase multi-family properties either with cash or 20-40% down payments.  $25K minimum investment would make for $125k-$250K of workable cash.  

My wife and I have been investing for the past ten years and currently hold twelve units ourselves.  We are looking to grow and are searching out individuals with similar goals and ideals to potentially invest with.

Take a look at my profile, I would be willing to meet in a group setting or with individuals.  

I would also like to attend such a meeting, if someone organized it.  My wife and I have 12 units and looking to grow.

I would be interested in meeting up and talking and bs'ing with some like minded people.  

I live in Eau Claire too and wouldn't mind sitting with you sometime.

As far as your questions go...

1) I'm not familiar with the 50% rule but ttypically the first calculation I do when looking at a property is the GRM (gross rent multiplier). Monthly rent figures are very easy to get and as long as you have a general idea of GRM rates in your area, the GRM calculation is a good starting point. I find it to be the easiest way to weed out the overpriced properties or to find properties that are a good deal.

2). Eau Claire is a big college town, as you know. Alot of the rentals in Eau Claire are bought and sold without ever touching the MLS and require some extra work to find. Easiest way to find deals and prospective properties is to become friends or have a relationship with an agent that works with the sale of rental properties. Another tactic I use is often referred to as "Driving for dollars". Drive around town, find areas that you would like to invest in, find properties that you like and then find out who owns the property and with call or write them a letter introducing yourself and that you really like their building and if they are ever interested in selling, you would be interested in talking to them about a purchase. I think this works well in a town like ours because its pretty easy to find areas that are appealing.

We own three fourplexes in Eau Claire that we have purchased over the last three years.  Two were listed on the mls and the other building was one where I sought out the owner.  

If you'd like to get together sometime, I'm always interested in talking real estate and brainstorming.

Thanks for the request to connect. I am relatively new member to this site as well and live in Eau Claire as well. I have a total of nine rental units (two fourplex and one single family).

I'm always interested in learning more and meeting like minded people. Private message me and we could make a time to meet.

Good luck,

Blayne