All Forum Posts by: Paul Palmer

Over the past two months we looked at some 40 months in SE Mpls, lots of options. The goods take some digging but we finally locked one down that had great bones and was built in 1945.

Nice, hopefully I can easily connect with all of Minneapolis, Twin Cities and Midwest Multi-housing posters. 

I agree with the utility trailer, a good 4 x 8 will get most jobs done. On bigger items like sheetrock and lumber just pay the delivery charge.

As I look at the back of the house through the deck, I would create a center entry point with new landing and patio to the back door. Give it a little character such as a semi circle to the expanded patio. Create some corner framed posts wide enough for some pots with flower accents, draping sweep pea vines are always great. Pull back the benches to just the corners with a table centered in each corner to create conversation and seating areas. Add some detailed to your railings so they match your house and you should be good to go.

@Justin Williams - Great strategy to keep yourself on task and accountable you get my vote for "Most Focused and Likely To Achieve Their Goal".

@John Andrews Hi John, Two things to dig into ASAP. 

# 1, Who is the decision maker?  in many of these estate deals there are the worker bees and then there is the queen bee who makes the final decision. Make sure you identify all of the parties so you can sit down with right person, eyeball to eyeball to get the deal done.

#2, Sweeteners,  Usually the best sweetener for any seller in an estate sale is to not have to lift a finger. That can be everything from taking the house as is (no contingencies and close immediately) to cleaning out the junk that is non saleable. Sometimes the cost of dumpster and some time can knock 1,000's off the price and lock the deal in. 

One final point, even though I'm a broker in MN (for the record, it was a great All Star game last night in my opinion) there are times that some seller's just want the deal negotiated in a one page agreement on terms and conditions before a full blown contract is written. I've developed a one pager that works very well and can even be used for exchanging personal goods (additional sweeteners) in a deal. If you want to see it, just fiire me your email or send a colleague request and I'll forward it. 

Glad to hear you found your first dream home - stick to the numbers though as you move forward.

if you allow pets then Allure has proven to be the best option but you do want to know what you're doing. Nigher end renters want to see wood and a quality carpet in the bedrooms is what I've experienced.

Hey Congrats, @johnblackman, it's always awesome to hear about investors who pull the corporate cord. I did it some 20 years ago. Never look back and build in increments, stairstep it and don't be afraid to hand the management. You need your sleep to run during the day.

Nice job, @philip williams, now as you begin to build some equity you can create a note on one of the properties and use it as a down payment. Having sweeteners available such as personal property: cars, boats, Karatbars or silver bars can sometimes be the final perk you can throw into a deal to lock it down. Learning more about the seller and their interests, wants and needs are the keys for success many times.

Hi @Zzigmunt Smigaj I have always had a simple rule of thumb that you always want to may sure you have owner financing out a minimum of five years. - (it still goes by way to quickly). Ways you can get there are to have extensions in place that will allow you to add a year or two to a contract with a lump sum principle payment. In essence you are buying some time but also working to get to that magical 75% LTV # with a principle payment. Also don't forget to insert a clause that allows you refinance the owner finance balance with a 75% LTV loan, based on an appraisal, with the owner agreeing to carry any amount above the 75% LTV. This would be a carry back 2nd or even secured by another property such as a sgl family home until the loan is seasoned some. Give yourself multiple options because the truth be told no one has a crystal ball when it comes to the future of REI.

Build from within, learn everyday.

Paul