Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Darius Davis

Darius Davis has started 5 posts and replied 15 times.

Post: Rejecting tenant on gut feeling?

Darius DavisPosted
  • Real Estate Investor
  • Minneapolis, MN
  • Posts 19
  • Votes 8

Good advice from these folks.  All you need is a single reason, or an additional applicant(s) that are better qualified. 

Also, thats 4 people in a single unit. Some areas have occupancy limits attached to square footage (or meters for you Edmonton folk). 

Go with your gut for sure, but find and document your 'out'. IF they do, in fact, show up as 4 people with stellar credit, no UD's/evictions, real jobs, and no criminal backgrounds, perhaps you should rent to them, and go get your 'gut-radar' checked, but I doubt thats the case.

As a tip, always charge a fee per applicant, or per married couple. for four people, that would be $100-200 in most areas of the US. Enough ching to scare off BS'ers who aren't committed and sure about their positions. Just be up front about your STRINGENT qualifications and for everyones sake, don't mark up application prices.

2 pennies and an opinion.

Post: Reliable contractors needed for portfolio of 40 SFH, and duplex units.

Darius DavisPosted
  • Real Estate Investor
  • Minneapolis, MN
  • Posts 19
  • Votes 8

Hi,

I need some reliable contractors in the Minneapolis and St. Paul area. I just joined up with a property manager and her 40 units.  

I need some reliable repairmen on the roster: 

  • General Handyman
  • Electrician
  • Carpet and flooring
  • Roofing
  • Plumbing and sewer
  • Carpentry/Drywall
  • Painting
  • Cleaning/Turnover
  • Trashouts
  • Yard Care

If you would like to get on my list please send me an email with your contact info, website or review info, and your general pricing rates/structure.

This is not an offer for employment. There are lots of projects coming up that could definitely help an affordable and RELIABLE general handyman to fill out his days.

If you know of someone, please pass along my info or pass theirs along to me.

Cheers,

Darius

dariusrents@gmail.com

Post: Analyze: Fix up and sell on 10yr land contract.

Darius DavisPosted
  • Real Estate Investor
  • Minneapolis, MN
  • Posts 19
  • Votes 8

Does anyone have thoughts on this deal?

Post: Analyze: Fix up and sell on 10yr land contract.

Darius DavisPosted
  • Real Estate Investor
  • Minneapolis, MN
  • Posts 19
  • Votes 8

Hello all,

I'm structuring a deal and would like some insights and point of views. Please share with me your thoughts, first impressions, pro's/con's, and advice regarding pitfalls.

The home is in a rural area in the midwest. County has 115k residents, city has 600 residents. There is a small city 15 miles in either direction.  Employment opportunities in the county are ample with trucking, manufacturing, and a government facility all nearby. Town is directly on major interstate.

Details:

PP- 7000

Closing Costs- 2000

Back taxes- 3100

Inspection- 210

Repairs- 15,000

ALL IN- 27,310

ARV- 55,000 (Conservative estimate, I'm having a problem with ARV, since no comp sales have made in past 180 days. Current listings are 69-80k, but include basements and garage. There are a dozen plazes for sale in this small area.)

Local rents are 600-800/mo for a 3/1.

I've identified an interested buyer wanting a land contract.  This is of interest to me because of the obvious lack of sales volume in the area. As this my first deal in 5 years, I was hoping to identify a fix and flip to build some cash reserves, but a flip in this rural area could be hard since there are already a dozen homes for sale within town limits.

Here is my specific query: considering that this is a rural area and property management is seemingly a bit hard to come by, I am very interested in doing a land contract.  While I don't get the quick cash injection that I could make from selling at or a lesser price than the other dozen (12) homes in this small town, I could still make a sale and reduce my management need.

I would ordinarily do this contract with a typical 3-5 year balloon, but in order to satisfy cash flow desires, ease of management duties, and to make home ownership achievable for this couple, I am considering these terms instead:

Sale price of $55000.

Interest @ 10% amortized at 10years.

Payment Term 10 Years.

Result: 120 payments of $727 = $87,219.  

I would increase each monthly payment to include 1/12 taxes and home insurance, to be paid out of a non-interest bearing escrow account. I would consider adding a few extra months to the term to keep payment as close to $725 as possible.

Buyers receive a gov't issued check that clears housing payment and are willing to do automatic withdrawals. They have been in current residence for 5 years.

I absolutely plan to use a lawyer to draft docs and plan to record with the state. Contracts are permissible in the subject property state, also I'd structure deal as such so that any default results in forfeiture of property and any payments made are considered merely as rent payments.

So, let me know your thoughts BP. I look forward to your responses.

Cheers,

Darius

Some additional questions you may be able to answer:

Is 10 years too long? Aside from default This is an all cash deal, so the cash flow would be amazing to have.

What should I consider if I wanted to cash-out and carry a conventional loan? Is HELOC and option?

Post: Analyze: Fix up and sell on 10yr land contract.

Darius DavisPosted
  • Real Estate Investor
  • Minneapolis, MN
  • Posts 19
  • Votes 8

Accidentally posted twice. 

Please refer to post with duplicate title. 

http://www.biggerpockets.com/forums/88/topics/176357-analyze-fix-up-and-sell-on-10yr-land-contract

Post: Bigger Pockets Meetups: General Question

Darius DavisPosted
  • Real Estate Investor
  • Minneapolis, MN
  • Posts 19
  • Votes 8

A number of people have talked about a BP meetup in MSP, but none have panned out.

+1 here if held in Minneapolis or 1st ring burbs.

Post: Minneapolis Area mentor/partner wanted.

Darius DavisPosted
  • Real Estate Investor
  • Minneapolis, MN
  • Posts 19
  • Votes 8

Hello,

I've owned properties in the past and had great successes. I've been away from REI for about 5 years and would like a mentor to work with as I shake the rust off. I've identified some lenders, have some good contractors, and have seed money to work with. (Please note: I am not interested in becoming a wholesaler or bird dogging for others).

Specifically looking to do 1-2 rehab/flips, with the intention of buy and hold rentals (preferably multifamily) afterwards. 

I do have some skills to offer the right person, including photography, web and marketing skills as well as property and project management skills.  

Please inbox me if you would like to speak more.

Cheers,

Darius

Post: North Minneapolis

Darius DavisPosted
  • Real Estate Investor
  • Minneapolis, MN
  • Posts 19
  • Votes 8
Bob Estler Unlawful Detainer, MN's name for eviction proceedings.

Post: North Minneapolis

Darius DavisPosted
  • Real Estate Investor
  • Minneapolis, MN
  • Posts 19
  • Votes 8
Born and raised in NoMi. Prices are low, but you have to search for value and cash flow. I don't see it as an area for appreciation at the moment, unless you look at 10-20 year city planning. Section 8 is popular, and you'll have to learn to deal with problems that come along with lower income areas. Best advice I can give, having owned 4 SFH in North is to screen tenants vigorously and to stick with a firm policy of low tolerance. I would also suggest to NEVER rent to anyone with a UD. They know the system and will use it at your expense. As a general rule, the further North and west you go, the better the neighborhood. NoMi is framed with a parkway, take note of how the home values are higher along this border. Cheers, Darius

Post: New to BP, but no stranger to investing, from Minneapolis, MN.

Darius DavisPosted
  • Real Estate Investor
  • Minneapolis, MN
  • Posts 19
  • Votes 8

Hello @Susan Gillespie,

Thank you for the compliments and the information. I'll be checking out some REI Meetups in the coming weeks.

Cheers,

Darius