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All Forum Posts by: Matt J.

Matt J. has started 43 posts and replied 270 times.

Post: Looking to Build a Real Estate Empire WITHOUT Syndications

Matt J.
Posted
  • Rental Property Investor
  • Hugo, MN
  • Posts 283
  • Votes 257

On the podcasts over the past couple of years, it seems like the hosts of the original BiggerPockets podcast focus more on raising funds to invest in big deals than what I think they started out as, which was the mom/pop investor looking to grow on their own. 

I'm definitely not saying there's anything wrong with syndications or raising money, but what I'm wondering is, are there any good podcasts to listen to for people with goals like mine? 

To own all of my own units without any partners or raising funds, probably not to the same scale but with a lot more control over what I have and not being beholden to any investors, employees, etc. 

Post: Looking for Guidance and to build some Relationships

Matt J.
Posted
  • Rental Property Investor
  • Hugo, MN
  • Posts 283
  • Votes 257

Welcome David! With $10,000, I think the first thing you should focus on is finding some ways to boost your income and get your cash a little higher. I just got hit with the news that 2 places need sewer lines to be re-lined (around $5,000 each), and I have some pending work on another property after a city inspection that will cost another $5,000. I'm in a spot where that's not going to wipe me out, so I'm not stressed about it and making any rash decisions. 

While you're working to increase your income and your cash you have saved up, start networking with people. Wherever you're located, look into the meetups going on in town and start attending them. Learn from what the speakers are saying and get to know the people who are attending. 

Last thing, figure out what it is that you're really good at that others may not be good at in real estate. Then, offer people who are where you'd like to be your help with whatever that skill is, for free. Don't ask for any money or anything, just ask to learn a bit from them and see where that takes you. 

Best of luck! 

Post: Fastest route to $10,000/Month Passive Income

Matt J.
Posted
  • Rental Property Investor
  • Hugo, MN
  • Posts 283
  • Votes 257

Lots of great advice in this thread from a year ago. 1 year later, what are people's thoughts in our current market? I've shifted my focus to getting a couple STR's while continuing to grow my single family portfolio as well.

Post: HELOC or Cashout Refi?

Matt J.
Posted
  • Rental Property Investor
  • Hugo, MN
  • Posts 283
  • Votes 257

The interest rate will vary based on which lender you use. Generally the HELCO interest rate will be higher than a washout refi, but your payments are interest only for a certain period of time. So if you're using it for a flip or something, you can just pay it off right away and use the line again for another deal. 

If you wanted to refi your primary to get a lower interest rate anyway, nothing wrong with going that route either. Just will take you longer than a HELOC and it's more of a one-time thing than it could be with the HELOC.

Post: Vacation Home Loan Question

Matt J.
Posted
  • Rental Property Investor
  • Hugo, MN
  • Posts 283
  • Votes 257

I had a similar thought to @John Underwood. It's a Fannie Mae/Freddie Mac product and would need to be in your personal name. So I'm not sure how you'd do a hard money loan to fix it up in an LLC then switch it to your personal name afterwards. Maybe it's doable but seems like it could be a gray area in a not so good way.

I think doing some kind of a construction loan could be a better way to do it all in your name so it's more kosher with fannie/freddie. 

Post: Advice for renting out a home in the Winter market?

Matt J.
Posted
  • Rental Property Investor
  • Hugo, MN
  • Posts 283
  • Votes 257

Edina doesn't allow Air BnB's anyway https://www.edinamn.gov/Faq.as...

Either way, you'd be better off going long-term because like you and others have said, it's not easy to get a short term rental leased in February in MN. 

Post: Returning to Fergus Falls, MN to buy a rental!

Matt J.
Posted
  • Rental Property Investor
  • Hugo, MN
  • Posts 283
  • Votes 257

Are you looking specifically in Fergus Falls for a short term rental? There's a lot of people on here who have done well with short term rentals in cabin country. I think BP gets a little finicky about people giving specific recommendations on the forums. Better to search the network section under recommended vendors. Shoot me a DM and I can share specific contacts with you. 

I know a couple people who own long term rentals in Brainerd who have been doing well. There's not a lot of rental housing available for the population in that town at least. 

Post: Choosing the right career path

Matt J.
Posted
  • Rental Property Investor
  • Hugo, MN
  • Posts 283
  • Votes 257

@Jarrod Hannon Nice! I think that's the right choice, and if you only missed by 2 questions you'll definitely pass it. There's such a shortage in the trades I think you'll be in great shape now and long-term. 

Post: Choosing the right career path

Matt J.
Posted
  • Rental Property Investor
  • Hugo, MN
  • Posts 283
  • Votes 257

@Jarrod Hannon What did you end up deciding to do? 

Post: Looking for fellow investors and pros in my market!

Matt J.
Posted
  • Rental Property Investor
  • Hugo, MN
  • Posts 283
  • Votes 257

@Tim Swierczek thanks for the shoutout. Brian, happy to connect! Shoot me a message and I'll answer your questions as best as I can.