All Forum Posts by: Nathan Platter

Hey @Rodney Reeves ,

Also, check out the local laws regarding rental licenses. Some cities (e.g. Minneapolis) require the landlord to buy a license both multi-units as well as renting out bedrooms. There are sometimes penalties if the licenses are bought after 60 days of closing.

Welcome to the forums, @Luke Duffney !

Starting Out: Definitely look at the  Education  Guides section of BP , there is a ton of information for you regarding finding deals.

Cashflow numbers: Utilize the  Bigger Pockets Rental Property Calculator to evaluate if a deal will work or not.

Twin Cities Inventory: I have to disagree, I'm currently looking at MLS deals and am walking several with my agent this Saturday. As of 4/6/18, I've identified at least 15 duplexes that positively cashflow (St. Paul + Minneapolis + 1st tier suburbs) I'm personally looking for multifamilies that need rehab (exit strategy = HELOC) so only a few of those 15 meet my criteria.

Realtor: If you're not seeing 15+ new deals a week, have your agent be less specific with the search criteria (pricepoint, property features, duplex + triplex + quadplex,...) If your realtor hasn't worked with investors, you may be their test run.

Partnering: Profits are shared in proportion to how you divide it (most often by equity contribution) If you and the partner are 50/50, then yes you'd 'only' get 50% of the total profits, but that's also a deal you'd otherwise not have without a partner.

Keep your head up, you'll land something!

Hi @Steve Martinez ,

What do you need help analyzing? The document looks rather self-explanatory.

Hi DJ,

The purpose of a Resume is to get an interview (in-person if possible). If investing in real estate makes you an even more appealing applicant, then, by all means, yes put it on there. 

If being a REI is more trivia about you and doesn't relate to the role itself, then I would leave it off. Only put things on resumes that get you closer to an interview.

Hi @Devon Martin ,

In my opinion, think of a contractor as a way to buy yourself time. For example, a contractor may cost $30/hour. They come with their own tools, experience, insurance, licensing, and continuing education. If job is done poorly, you can have them redo it the right way.

If you do the work, you're paying yourself $30/hour. If you're ever going to make big money, you need to earn more than that $30/hour.

I use contractors because I want my time to be worth more than $1,000/hour and everything below that rate should be contracted out. Do activities that generate the highest value possible, most often finding deals or selling yourself/your product.

Hi @Richard Rogalewicz ,

Check out www.thumbtack.com. It's similar to a Yellow Pages but you enter your job (bathroom remodel, install new cabinets,...) and contractors contact you for the job. They spend money to get qualified leads (such as you) so the site is free for consumers.

Hi @Brian Legg ,

If anything, I'd increase your cashflow per door requirements from $100 to at least $200, preferably $300 as a target. Having one surprise repair could steal 2 years of profits at $100/month a door.

The business plan looks good, time to go and do it!

Hi @Nathan Almond ,

I'd recommend going with the residential multifamily (2-4 units) since you'll be able to evaluate the property by either looking at Comps (market valuation) or based on Income ratios (a more commercial approach)

If you flip it, great! If you don't get the valuation necessary to sell it, hang onto it (BRRRR), but that's easier with a multiplex than with a single-family house.

Hi @Jacob Payne ,

There's a section here on BP devoted to investors like yourself, just now getting started. There are tons of blogs, articles, and a wealth of knowledge to get your first deal quickly.

https://www.biggerpockets.com/renewsblog/category/...

Hi @Tamara Smith ,

I'm partial to Tampa but @Jason Bobbitt might be able to help.