All Forum Posts by: Account Closed

I was about to add value but @Marc Jolicoeur said everything I was thinking.

Hi Evan,

I don't know if a TISH is required in your particular area, but if you do a DC (Double Close) on a wholesale deal then the person who sold you the property would also have to provide you with a TISH. 

Simply provide that same TISH to the person who buys the deal from you since you know the exact same information about the property as was communicated over to you.

Hi @Anna N.,

The term for adding another floor is a "Pop Top remodel"

When adding brand new square footage, the standard cost to use is $120/square foot. That number only assumes horizontal addition, so adding an other floor would make the number higher.

Hi @Thomas Sanford,

Welcome to the forums! Welcome to Bigger Pockets! I started in the same spot you’re in and learned a learned a ton by just going through the forums and reading discussions.

Any idea how you want to get started investing? Lending, buying rental properties,…?

Hi @Sean Trevino,

You definitely picked a great time to get started in RE, as now is always better than later.

Learning and building a network is always good, just make sure to avoid analysis paralysis. A lot of calculating, analytically-oriented investors get stuck creating spreadsheets and running equations and forget they actually have to BUY something at some point.

Glad to have you here, and also utilize Meetup.com I found a lot of real estate groups on there (browser-based and iphone app) and you can get plugged in very quickly.

My dayjob is real estate investing, so let's meet up sometime and go over your ideas!

HI @Kraig Krueger,

Welcome to Bigger Pockets! I also started recently and have learned a ton by just going through the forums and reading discussions.

You definitely picked a hot area to invest, I live in the SW MInneapolis area too and understand the draw to the area (i/e/ 50th & France, close to Edina, Harriet + Calhoun activities,...) You'll have a hard time finding any rentals and making money purely off the cashflow since the prices there are too high to justify the rent amounts unless you go Multifamily, the more units the better.

Here are a few that I found on an initial search, but they all lose money when accounting for longterm capital expenses (roof, furnace, landscaping,...)

http://www.themlsonline.com/minnesota-real-estate/...

http://www.themlsonline.com/minnesota-real-estate/...

http://www.themlsonline.com/minnesota-real-estate/...

http://www.trulia.com/property/3228277669-5001-New...

http://www.themlsonline.com/minnesota-real-estate/...

Hi @Evan Uribe,

Welcome to Bigger Pockets! I also started recently and have learned a ton by just going through the forums and reading discussions.

Any idea how you want to get started investing in real estate? Lending, buying rental properties,…?

You could invest using our own money from checking/savings or IRA funds.

Hi @Davit Gharibyan,

You'll need to be more specific as to the kinds of Multifamily's you're pursuing. It's similar to asking, "I'm going fishing, which lake should I go to?" It all depends.

Landlords make and lose money from two activities: (1) Good/bad property management, and (2) Good/bad tenant placement.

Buying multifamily properties and St. Paul can either be a better or worser investing return depending on property management and tenant placement. Those two attributes are area agnostic.

I hate to say "it doesn't matter" but how the investor handles owning the property is more important to your returns than the geographic location where your property is located.

@Ben Kyes,

Welcome to the forums! There is a wealth of knowledge here on BP and the members are very friendly.

I work for a Turnkey Provider so I'm doing real estate day in and day out.

Be proactive when finding a member that you want to meet.

Glad to have you here!

Hi @Kyle Kipka,

Welcome to the forums! I would agree with @Pavel U., look for a duplex (or 3plex or 4plex), obtain homeowner financing (either 3.5% FHA or 5% Traditional)

I purchased my first home (duplex) and did 5% down, and the renters cover 60% of my mortgage. My property is in SW Mpls (on the edge of Edina) so I didn't get the optimal rent/price ratio but you could probably find a 3plex and the two renters cover your entire mortgage payment plus a little extra profit, and a 4plex would add even more profit.

Then whenever you're ready to move out, just backfill your unit with a renter and keep the property. Tada, and then things keep getting better and better.