All Forum Posts by: Matt J.

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! 

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.

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.

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. 

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. 

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. 

@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. 

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

@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. 

DealMachine has a skip tracing feature I've used before. The numbers aren't always right but sometimes they are. There's other services out there too that specialize in tracking down contact information.