All Forum Posts by: Account Closed

Hi @Daniel Mall,

Welcome to the forums! I live in the SW Minneapolis area and am glad to have another Twin Cities member on here! Speaking from experience, I've been learning tons from other the forums on here, both the threads other people ask as well as ones I start.

Out of curiosity, are you looking to invest in your proximity (southern suburbs, Twin Cities,...) or looking to invest farther away to achieve better returns? I've heard pros and cons for both and am curious what you envision.

HI @Ryan Grant,

Welcome to the forums, glad to have another Twin Cities member on here!

I'm in the EXACT same boat as you, I bought a duplex (this past summer) and am enjoying both being a homeowner as well as landlord-in-training. Not sure what kind of financing you used but I was able to do a 5% down FHA loan and am loving the leverage!

Look forward to hearing about your successes and I'd love to help in any capacity possible.

Keep up the great work, you're doing the right things!

Hi TJ Plotkin,

Welcome to the forums! Speaking from experience, there is a wealth of knowledge of both content and avid investors who know their markets.

Glad to have you here!

Hi @Karshonn Byirt,

Welcome to the forums! Speaking from experience, I've learned a lot just asking questions or even reading through other investors' questions and the wealth of responses.

Glad to have you on here!

Hi David,

I work for a Turnkey provider and are always looking to buy properties that could potentially be turned around a rental properties. We have all of those contacts and are actually looking to buy more properties that are under contract and in need of improvements.

Does that sound like a system you'd like to get plugged into?

Way to go, Dawn! Wow, I can't believe the price point, either! That's awesome!

The purchase price was $27,900 but is that also your All In price (no additional rehab)?

My company, Midwest Equity Partner, also provides Turn Key Rentals all through Milwaukee and would love to do business with you. If you're free this upcoming Saturday, we're doing a property tour for 4 properties  that are currently going through our rehab process (3308 N 48th St-broken, 4453 N 77th St-broken, 6918 W Birch Court- finished, 7903 N 55th St-finished)

Congrats on doing so well!

 David summarized it quite well.

I'll also recommend, should you invest here, be wisely cautious about investing in 55411 and 55412 as those zip code areas are currently more rough and affordable. The numbers for those properties always look great on paper but finding a headache-free tenant may be harder than in a more SW Minneapolis area. That's my opinion, haven't invested there, but almost did and am glad I stayed in the 55419 area.

Hi @Anthony Way,

Welcome to the forums! It's great to get connected to other like-minded investors and getting involved with people who are doing the kinds of things you also want to excel in.

I work for a company that provides Turn Key Rentals in the Milwaukee and are always looking to buy from wholesale deals in the area. Please reach out to me when you find a deal and I (and my firm) would like to be on your Buyer's List.

Go get 'em, and looking forward to doing business with you!

After the first 3 years of marital bliss inside a 394 square foot apartment, we were ready for more space. My wife wanted a backyard with green grass "for the dogs and kids" (neither of which we had) and I wanted a rental property.

We both agreed on our first home purchase; a duplex with 5% down FHA financing. After moving in, we finally had our own backyard (the tenants sometimes use it) and we now have tenants helping us make our mortgage payments.

Tenant nightmares? A total of 30 minutes over the past 6 months. I had to re-install some sliding windows after removing their window AC unit. We also pay them $50/month to handle all of the mowing and  snow removal. Sometimes they get paid for doing no work, other times they have to do a lot of work to earn the $50. If they decide to not do the necessary work, we don't pay them.

Our next property will be either a $60k-$80k rental or a Single Family home for ourselves and we'll simply find tenants for our current half of the duplex. Either way, we're not selling our first home (I call it our first rental), we're getting a Labradoodle puppy in April, and the first kids will probably arrive Spring 2017. 

Life is good.

Do you know anyone else who bought a duplex for a first home?

Hi Robert,

Nice, sounds like you know the industry pretty well! Glad to have you here!