All Forum Posts by: Parker Cermak

Investment Info:

Condo Buy & Hold Investment @ Giants Ridge Ski Resort - Biwabik, Minnesota. 

Purchase price: $80,000
Cash invested: $20,000

Purchased my third investment property at Giants Ridge Ski Resort in Biwabik, Minnesota! There's plenty of activities to do all year long, including skiing, snowboarding, golfing, fishing, water, skiing, disc, golf, biking, walking, snowmobiling, and four wheeling just to name a few! There are three restaurants and bars connected to the resort along with two lakes and miles of trails for whatever activity you desire!

What made you interested in investing in this type of deal?

Turn key, fully furnished and managed.

How did you find this deal and how did you negotiate it?

I knew a few other owners of condos at this resort, and decided to tour a couple and make an offer!

How did you finance this deal?

Conventional 20% Down, 5 year balloon, 5.5% interest rate

Investment Info:

Condo buy & hold investment in Spavinaw.

Purchase price: $80,000
Cash invested: $20,000

Purchased my third investment property at Giants Ridge Ski Resort in Biwabik, Minnesota! There's plenty of activities to do all year long, including skiing, snowboarding, golfing, fishing, water, skiing, disc, golf, biking, walking, snowmobiling, and four wheeling just to name a few! There are three restaurants and bars connected to the resort along with two lakes and miles of trails for whatever activity you desire! Many places to get food, beverages, and fuel on the snowmobile or four wheeler trail as well!

What made you interested in investing in this type of deal?

Turn key, fully furnished and managed.

How did you find this deal and how did you negotiate it?

I knew a few other owners of condos at this resort, and decided to tour a couple and make an offer!

How did you finance this deal?

Conventional 20% Down, 5 year balloon, 5.5% interest rate

Great idea! I did suggest that to him, but he wanted to go with the 10 year for his first. I think he mentioned he was going to just pay the rest of the $20K of principal possibly at the beginning of next year depending on his tax situation. He also said he's in the process of purchasing a another property for $5000 on a contract for deed in the same area! He's doing okay for buying two homes for $30,000 😂

Hello all! Thought I'd share one of my recent closings with a friend of mine that has been studying the BiggerPockets podcast and reading BP books for last few months. He was a UPS Driver like myself, and had quite a bit of time while driving to learn and take in content. A few months ago a 1 bed 2 bath home came on the market for $40,000 not far from my buyers primary residence in Cass Lake, MN not to far from my primary market in Bemidji, Minnesota. We made an offer at $20,000, and the seller countered at $27,000. After that accepted offer we went a head and scheduled the inspection, where the home it self was in great condition, however the roof and getting close to the end of its life. We negotiated $2000 off the purchase price, making our ending sale price at $25,000. My buyer has a renter lined up to pay $600/month plus paying their own utilities. At such a low purchase price we couldn't find a lender to do any more then a 10 year amortization. Cash flowing $245/month, at a 51% return. Not necessarily a smoke show amount of cash flow right away until paid off, but a good first deal to get his feet wet with a good return. Thought I'd share this story, thanks for reading!

@Terrell Garren "My Wife's Journey" was hilariously great 😂

Run the numbers, show what the income would be and return to your spouse. Compare returns to stock market averages. Explain the possibility of appreciation, and the tax benefits. As @Eric Goldman said, do a pros and cons list! Change isn't always bad!! Good luck!! 

@Kyle Mccaw thank you Kyle! Yes excited to serve more of them. I like getting people into homes, but helping people make money is much more fun!!

I obtained my real estate license in early 2021 in Minnesota. Since the beginning of the year, I've helped many people upgrade in personal residences. Being on BiggerPockets, obviously investing is of interest to me. About two months ago, I was referred by a family member to a client who was interested in flipping homes in my market. It just so happened that day he called me, there was an exact property he was looking that hit the market. At the time, I had my W2 job, and was on vacation from that job, and had plenty of time to get him in to see the home, write an offer, and get it accepted. Of course before hand I showed him ARV's of similar properties, and what I thought it was worth in the market we were in. We closed last week and I'm happy that I'm helping people invest in my market. Thanks for reading!

https://www.flexmls.com/share/...

Investment Info:

Single-family residence buy & hold investment in Bemidji.

Purchase price: $142,500
Cash invested: $5,000

Second buy and hold investment property in Bemidji. Purchased with a contract for deed.

Down Payment: 3.5%
Interest Rate: 5.75%
Rent: $2150
Cashflow: $580
CoC Return: 140%
Managed

What made you interested in investing in this type of deal?

One block from our university in town. No rehab except a new garage door. Esentially turn key.

How did you find this deal and how did you negotiate it?

Family friend off market.

How did you finance this deal?

Seller financing.

@Vern E. Awesome! If you’d ever like to connect, DM me! I’m also a real estate agent in town, I’d love to talk numbers!

@Mack Benson Appreciate it Mack! Thanks!