All Forum Posts by: Mark Turnbull

@Raj Gandhi 

Thanks for the welcome.

10 to 15 properties may seem tame to you, but to me it is Outrageous!

I'll set new goals when I achieve this one!

P.S. My family and friends think 10 to 15 properties is Outrageous! They think 3 is Outrageous!

@Pavel Sakurets 

Thanks for sharing. 

Everyone has to invest in real estate for their own reasons.  There is a time in life to get into it, and a time to get out of it.  You and I are just at different times in our lives.......I could wish to be in your situation, but if I did, I would miss the journey, the lessons and the pain, but I would also miss the dance -  the joy, the people and the LIFE experiences!

We use Appliance Smart for our appliance purchases - Scratch and dent, but usually it's tough to see the dents, on the sides - cabinets hide them!

We also used a local mom and pop store that repaired used appliances. Half the price of new, with a short warranty. 

Had some good luck with both sources.

I've seen good and bad deals on Craigslist - All I can say is Buyer Beware!

@Pavel Sakurets 

Thanks for the reply.

Too little $ and Too much work to one guy may be a lot of $ and little work to another guy, it's all about perspective!

After 14 years with 54+ properties, the getting out $'s have to be worth it!  

It's not necessarily about the dollars every week, month or year. It's about the means to an end.  For me it's retirement dollars, 10 or 15 properties will be just fine!

@Benjamin Biancini 

Hey Ben, I'm a new member too, but would recommend checking out the Podcasts

http://www.biggerpockets.com/renewsblog/category/podcast/

There are plenty of Podcasts that address your area of investing.  You may want to search the term "House hacking".   If I get this definition right - The concept of having your rent/mortgage paid by your tenants.  Check out Podcast 86 with Cory from Duluth MN.

@Brandon Turner 

Thanks for the welcome.

You and Josh promote the Keywords pretty well on the podcasts, so they are already setup! But Thanks for the reminder  :)

@David Moore 

Sounds like you have a blueprint in Albert Lea that you are "rinsing and repeating"!   I hope I can find a similar one!   I know rentals are a slow game.....slow works for me.

I wouldn't say Isanti County is "chock full of deals", but it has a small population, with a high percentage of foreclosures.  I'm finding 1 or 2 potential properties every couple of months.  it's just a question of finding the "right" deal and putting the financing together. Hopefully by the spring I'll have my 2nd rental!

@Jon Huber 

Thanks for the Welcome.  I've already started with the Podcasts....need to spend more time reading though.

@James Wise 

 Thanks for the welcome.

@Elizabeth Colegrove 

We bought the property in July of 2008, after the downturn had already started. In 2006 it would have appraised for between 200,000 and 250,000,  we bought it in foreclosure for 120000 and thought we had a deal!  The market kept going down, but the property was never under water.....We got lucky!

The property needed a total Rehab....We did it ourselves........Furnace, electric, plumbing sheetrock, paint, cabinets, flooring, roofing and siding to name a few.....took 6 months plus.

We rented it in April 2009 to the "Renters from Hell".  They left in the middle of the night owing us money.....we rehabbed again, and re rented.  We hired a PI to find them, after 1 year he came back to us and returned our money we had paid him to find them!  It was the 1st time he hadn't been able to find anybody!  We later learnt they had put all their bills into a minor kids name and social security number.   We did find them a year later on Facebook!  One is paid off, the other is reluctantly paying $50 a month!

Our intention is to be buy and hold investors, although a Flip wouldn't be out of the question if the right property came along.

Thanks for the tip about signatures...I did check out your website...Nice......I think I have some more reading to do!

@David Moore 

Thanks for the welcome.

I live in Isanti county, and that is where I plan on investing.......I know this area/market, there are a lot of Foreclosures, so a lot of potential properties and a lot of potential renters!

Isanti County was the fastest growing county in Minnesota before the housing crash, it was also the fifth fastest growing county in the United States at that time.  Plenty of underwater properties and people that have ties to the community that they don't want to leave.

I see from your website, you have properties in Albert lea.  How did you start investing down there?

Where are you investing now?

Hi, My name is Mark.

I've been lurking for a while, but have finally decided to post to Biggerpockets today.

I'm a construction guy with over 28 years of experience. We "fell" in to our first Rental in 2008.  It's been a learning process!  It's time to add a second property.   I'm looking to connect  with Wholesalers, Realtors, and Investors that work North of the Twin Cities.

Thanks for your time.

Mark

@Jamie Wooley

I've worked in Construction for 28 years, the last 17 in Minnesota, and have worked in houses with HVAC installed and running, or with Temp heat. if you install your new HVAC system, install a security system, then $200 to $300 will employ a guy to clean out the duct work after construction is complete.  Otherwise you can use temp heat.  Either propane, Kerosene or Natural Gas Temp heat.  However, Temp heat comes with it's own problems....it's not a "Set it and Forget it" heat supply!  Temp heat requires necessary Ventilation.  Combustibles need to be kept away from the temp heat.  It needs to be checked on a regular basis. Fuel supplies need to be monitored and filled. All of these have their own costs associated with them.

When everything is said and done, it comes down to YOUR decision......If it's a small rehab job, couple of rooms of drywall patch, paint, kitchen cabinets and flooring, put the HVAC system in and clean the duct work afterwards.  If its a whole house down to the studs remodel, use Temp heat and install the HVAC after the main work is done.