All Forum Posts by: Mike Juliff

I would also consider your long term plan. Are you going to house hack another property? Might be better to save money for that property rather than put it all into one egg. I would make all of the improvements that are going to make your job as a rental manager easier (sounds like you have some long term maintenance items to take care of). How does your place compare to other rentals in the area? Even if you make your place immaculate, it may not command that much higher rent because the area doesnt support it.

Hey Jillian! A couple thoughts for you. You could potentially sell your property without listing it, as there are probably a lot of investors looking to buy in that area. You may not get top dollar, but you could specify an “as-is” sale to make it easy for you. If you have a family member or someone you trust in the area, they could be the one to let the buyers into the house to view it. You would also have to arrange a closing company to help you with paperwork if you are not familiar with that aspect. 

If you don’t have anyone you trust to show the house, then I would probably go with a local realtor. They will know your property value, help you with listing price, handle all property staging and showings and manage the transaction so it’s as smooth as possible for you and all paperwork is correct. You can electronically sign closing documents in MN as of 2019 so you don’t even need to come back for the closing if you don’t want to! Since you consider yourself a “newbie,” this might be the best option to make sure everything goes as planned.

Whichever option you choose, make sure to file taxes for capital gains on the sale as appropriate. Good luck!

@Nick Anderson

Nice Nick! Glad it worked out for you. Finding renters can be nerve wracking during winter months but it sounds like you handled it well. I market almost exclusively on FB marketplace and have had great results. Zillow and Apartments.com are also good. Tenant placement and management just take effort. They aren’t that difficult if you know how to handle people. Some might think you need to hire people to help you but I believe anyone can learn the business if they try. Best of luck with your new property!

@Mack Rahnenfuehrer

Hey Mack! Welcome. Glad to hear you are looking into house hacking! It’s super beneficial for saving money on housing short term and financial freedom/building a retirement plan long term.

An inspector will look at the property and reveal any issues they see with mechanicals, roof, structure, plumbing, electrical, etc. They won’t be able to tell you if the property is a good investment however. That part is up to you and maybe your realtor to assist you. Are you looking for an inspector for an upcoming purchase? If so, I have a few I can recommend. PM me on the side and I can send contacts.

Good luck!

My favorite run by my buddy Kurt:

Meetup.com -> Minneapolis Network of Real Estate Investors

@Scot Evans

I agree with Kevin. Trusting your team is essential for flips. Contractor and lender are probably most important and also most difficult to find good ones. Look for referrals from others and if enough people point you to one person then they are probably a good person to work with. If they are good, the biggest thing is whether they are going to be available. Good luck! I’m also working towards my first flip this year.

I guess I’m not for or against it but I’m also not getting dozens of calls every day about my property. Just like everything there’s probably a right and a wrong way to cold call. FOR SURE have a script before you pick up the phone. If you call and have a bad attitude or are motivated simply by making a sale you’re probably gonna piss people off and have a bad experience. Even if you are courteous on the phone, you might run into property owners that don’t want to talk to you, which is fine. Just wish them a good day, hang up and call the next one. Try your best to have the call end somewhat positively for all parties. This coming from someone who hasn’t spent a lot of time cold calling lol. I prefer building relationships with people, seeing how I can help them and doing such a great job that they can’t help but share your info with others looking for your services. Tough do on a cold call but not impossible. To each their own.

@Thomas Walson

Welcome Tom! It sounds like you are on the right track already since you’ve found bigger pockets and are looking into a house hack for your first investment purchase - so kudos you’ve made it further than most! BP has a ton of great info for pretty much any question you might have so continue to take advantage of their podcast and the knowledge from this community.

I would also recommend getting out and meeting some others in the area that are doing what you want to do via meetups, just 1 on 1 or phone call depending how comfortable you are with the covid situation.

My wife and I are on our second house hack and have found it to be really rewarding! It’s more work than just buying a single family house but the savings on housing cost and planning for future retirement are so worth it.

PM me and I would be happy to help you any way I can!

@Danny Curtis

Hey Danny!

I’m an investment focused real estate agent in Minneapolis. I own/manage a few rentals of my own and I focus on helping new investors buy rental property around the twin cities. I would be happy to sit down with you and answer any questions you may have about the process and how to analyze deals. PM me if you are interested!

Mike

Check out:

Meetup.com -> Minneapolis Network of Real Estate Investors

My buddy Kurt Pauley, myself and a few others host various meetups around the twin cities. Events are posted on the page referenced above.

Drink beer and talk to RE investors :)

Hope to see you there!