All Forum Posts by: Nathan Platter

Hey @Alex Mysinek,

Welcome to the forums! There is a wealth of information on here and you can find it practically anywhere. Be sure to add searchable words members can set up 'alerts' when certain words are mentioned, such as Airbnb, Minneapolis,...

What are you looking to accomplish in Real Estate?

I also vote no-go.

If everything goes perfectly, this deal on paper works, but we live in a world with vacancy, improvements, modernization, property management, and surprise issues (roof needing repair, needing a plumber, fixing the garage door,..)

If your goal is to buy an investment, I can help you find better deals in the Twin Cities.

if your goal is to buy something close to where you personally live at this point in time, you already have the answer.

Again, I vote no-go.

Dang, great work @Jordan Moorhead ! That duplex househack has done you well! 

It still amazes me how fast REI can multiply on itself so quickly.

Hey @Lynn Anderson,

I got started in REI 2 years ago and worked for a Turnkey provider. I took a small break to do some more work in the Corporate world but am back in the game, working with a wholesaler/flipper.

I've seen the most success in selling properties that fit the budgets of 1st and 2nd time homebuyers. They tend to want less-maintenance properties and sell faster on the re-sale side of the deal.

Hey @Lynn Anderson , 

Welcome to the forums! There is a lot of information on this site so definitely look around and read from other investors' wins and losses to learn through their experience.

The two realtors I've seen do the best are @Jordan Moorhead and @Sam Steadman . 

Buying a rental is a fast process in June 2018 so be sure to talk to a lender and pre-approved so you can submit offers quickly when viewing them!

Hey @Rosa Hopkins ,

Landlord laws are governed by the state the property is located, there is a plethora of information online once we know where the property is located. 

As it stands, you're essentially paying them to occupy your property. You pay the taxes and insurance and maintenance costs, and a profitable investment pays you to own it.

At the moment, you have 3 options.

1. Ask them nicely to pay you their 9 months of late rent
2. Initiate the eviction process and make time for getting them out
3. Do nothing and ignore their delinquency

@Michael Tempel is a professional Property Manager in my hometown Minneapolis, Minnesota. He's a great resource and could help provide some input to your situation.

I vote option 2 and initiate the eviction process. 

Hey @Bryan Cork , 

My mentor always went for a payback period of 3 years (36 months) for improvements to be worth it. If payback was bigger than 40 month he never did it.

Put another way, he'd invest $1,000 if it boosted rent $30/month. That's strictly a cashflow mentality since he seldom assumed appreciation.

Colorado is experiencing major appreciation, so you could lower your payback standards since your profits would come from appreciation.

Finishing the basement: Assuming $15,000 to get an extra $250/month, that's a payback of 60 months or 5 years. It's personal preference, but I wouldn't do it.

Adding A/C: Assuming $4,000 to get an extra $50/month, that's a payback of 80 months, almost 7 years. Again, personal preference, but an even worse idea (cashflow-wise) than finishing the basement.

Hey @Jessica Brewster , 

Try purchasing a list of absentee property owners.

Also, call the bandit signs (aka We Buy Houses on the side of the road), they all have wholesale deals

Hey @Sean Babischkin , 

If you have deals and are a GC that can fix the deal, it sounds like you only need someone to fund the deal.

If that is the case, you're in a great spot. Call the bandit signs (aka We Buy Houses signs on the side of the road), go to local REI meetups and tell people you have deals and will do the GC work for their profit, reach out to HML folks and tell them what you can offer their buyer's list, and someone will fund the deal.

If it's a clear deal with clear profits, the money will come running to you.

Hey @Chris Laino ,

You'll get the most profits by purchasing something under market value and then adding improvements/renovations. Buying something turnkey means you paid someone else a profit for getting the deal ready for you to own.

Units, 1-4 are considered Residential and 5+ are considered Commercial. It's a completely different process for appraising, loan origination, and ownership structure between residential and commercial.

Commercial is based off income the property produces, residential is based on comparable nearby properties.