All Forum Posts by: Parker D.

Also wondering about the outcome of this. Do you still own the property? 

@Peter O. Any update on this? Looking to do something along these lines and am interested to hear about your experience. 

- Parker

What were the closing costs on this deal? Looking to do something similar. 

Posted before reading the whole post. Nice work!

Following this. 

@Mike Leybourne

I haven’t heard of using a home warranty to cover appliances. That’s sounds like a good idea.

Did you have to change your insurance at all?

Where do you like to market your rooms?

Do you use cozy or another PM platform to onboard tenants and manage property?

Appreciate the info!

- Parker

Hello Everyone! 

I have a property that I am currently house hacking in St Paul MN. I am looking to move out in the coming months and am thinking about renting the property by the room.

The property is a 4bd 1 Bath SFH with 4 almost identical rooms located in the Summit - University neighborhood in St Paul. We do have room to add another half bath which I plan to add before doing renting it out.

I am wondering if anyone on the forums does this and what your experience has been? What are the pros and cons? What are some things to look out for and systems you have put in place?

Happy investing,

Parker 

Thanks for the feedback @Mike Freske. Are there any particular metrics you use to come to that conclusion or mainly anecdotal? 

Looks awesome @Bruce Runn ! Will you be doing any more walk throughs at this one or any others? 

Hello everyone!

I am currently looking at a duplex in the Jordan neighborhood but I have some reservations...

Pros

- Property is in good condition and needs little work

- Great cash flow - based on my calculations I believe it would cash flow 700-900 for a <200k duplex. This would be 21-24% COC Year 1 with 5% vacancy and 5% capex.

Cons

- Neighborhood? I don't own anything in north Minneapolis and am concerned about the area given the state of Minneapolis

- Buying into a decline? I see there is a discussions on the state of rentals Minneapolis and see a lot of people that are holding off on buying. 

Are my concerns warranted? Does anyone own property in this area that would be willing to share their thoughts? 

Thanks!

I think @Miller McSwain is correct when it comes to sellers. Direct mail marketing is probably the way to go. Although I personally don’t have experience with direct mail marketing so do with that as you will...

I believe finding good deals is going to much more difficult than building a network of buyers. In other words - If you are able to consistently source good properties and the numbers check out, I don’t think you will have an issue finding buyers for those properties.

From my experience some wholesalers have an email list setup to blast properties to their network of buyers. They then set aside a time with the owner for an open house for people to come and take a look.