All Forum Posts by: Nick Ritter

Looking for a licensed contractor that can do plumbing, electrical on a CAT 2 vacant building to complete a code of compliance report. Work mostly includes inspection and some new drains to be put in place. please reach out to me if interested (MUST BE LICENSED IN MN)

 I was told to work on the higher interest debt first luckily the higher interest rates are the ones with less debt they're around 10k or less of the makeup of the loan the majority of the loan is at a 3.5% rate.

 Definitely, I just don't like debt that is permanent if that makes sense, If I don't want a property I can sell it. student loans on the other hand are forever they'll never go away even if you go bankrupt. I just don't like that idea.

 Totally forgot to add that in.... super important, all loans very from 3.5% to 9% they average about 6.5% across the board there are some that were un-sub and some that were sub. reason for varying interest rates

Hi BP,

Recently in January I closed on my first duplex with a 10% conventional loan and im currently living in the smaller unit cash flowing $150 per month after all expenses ! Fixing it up along the way here and there remodeled the bathrooms etc adding equity/ BRRR basically. Anyways my question is I have about $38,500 in student loans (government) I have been out of college for about 1.5 years now good job as an engineer been saving money living frugal driving a clunker car etc. Wondering if I should go ahead and use the $44,000 I have saved (if I cash out refinance it will pull out 19k of that total amount) and start looking for another investment property with an FHA loan or another 10% conventional to help increase cash flow. My loan payment is $190 a month for 30 years I believe, no car payments.

I'm leaning on growing the portfolio more, on the other hand it would be nice to get my loans out of the way and be stress free in that department  

which would you all do and why ? if anyone has been in this situation before your advise is greatly appreciated.

anyone ?

Hi everyone, 

Ive been scouring BP and am in no luck of finding a proper guide to start an LLC in MN. However, i was able to find this https://howtostartanllc.com/minnesota-llc#franchis... wondering if this would be a safe bet to start and LLC with the intent of Purchasing 2 or 3 properties in ? I currently do not own any real-estate yet however it should be coming very soon i have managed to raise a significant amount of money in the past year along with some potential non MLS sales coming my way.

LLC. owners/creators in MN please chime in I've read miscellaneous information on BP in regards to similar questions followed by typical answers "consult an attorney" etc. any leads to put me off in the right direction ? Is it a bad idea to setup an LLC online for overall protection in the future ?

Id also like to say thanks to the active members on here after the year of research and following some useful guides these dreams are starting to become a reality.

Thanks, Nick

@April Molina for what its worth, when i used to rent this is how i did it. Electronic transfer, with damage deposit, Paid all of my rent up front before move in (i would get a receipt from landlord) then just covered utilities each month did that for 4 years. My landlord at the time loved it, he was an investor and buying up houses at the time (2011-2015) he would often throw in little perks if my roommates and i did this upfront such as waving the one time pet ownership fee etc.

The reason i did this ? As a renter/ student at the time it took a ton of stress of me every month knowing my bills were completely covered (At the time i had terrible money management skills, beer, books,concerts etc.)  She may be doing the same like stated above you might run into a problem after the first year but, that could be with any tenant.... not many are guaranteed long term. 

I knew multiple people whom did this as well, I would suggest to screen your tenant and do the typical protocols. 

good luck ! 

@Jim D. 

Hi James,

She's the only realtor I've spoken with so far, basically telling me now is probably not the time to buy etc. I can tell from starting out its hard to gather quality information and where to look for it.

I have 44k in subsidized loans at 3.76% if I remember correctly. I have not yet received any additional information on this since I am only a few months out of my undergrad with a diploma but I have read the payment plan can extend up to 30 years and payments are around ~150$ a month from information I have gathered.

@John Woodrich

Hi John,

The university I will be attending has a policy and states I have 7 years to complete 42 credit hours from the first class enrollment which I plan to start in September (2017) and would like to drag it out as long as possible to not have to pay any out of pocket costs.

I do realize experience is a huge factor in the grand scheme but I have intentions of leaving the company I am currently at there is a lot of opportunity to advance which is also preferred.

I do seem to find deals that look very appealing on paper until I realize they are in relatively "bad" parts of the town (areas of the east side of saint paul) and usually with that comes poor tenants. I would prefer a turn key home that needs cosmetic repairs only or none.

Hi john,

thank you for your advise, I am well aware of the FHA loan owner occupancy. I also mentioned my savings to reference the 20% even know im no where close...... but I am not sure what would be a better option. I already have had many internships and even a career before graduating from college as a design engineer at a small company. I should also note I have up to 7 years to complete graduate school. I was planning on taking 3 credits per semester which is one class so I can absorb as much as possible. should have went into more detail on this, I also have been looking at basic numbers from information I have gathered off this site using estimated values and 50% rule etc. thanks again I appreciate advise/ experience.