All Forum Posts by: Renee Munro

Minneapolis/St. Paul area flippers - I'm looking to get into investing and have a business plan in process, but I'd really love to meet with a few of you seasoned pros to get an insider's perspective on the business. Coffee (and a delicious muffin/bar/other sugarbomb) is on me - the good stuff - for an hour of your time. We can meet at a time and coffee shop of your choosing. Reply or send me a message. 

I've read that it's possible to work a full time job and flip houses on the side if you have a trusted GC. I am a single mom (I have my daughter 50% of the time) with a 40-45 hour/week job. Can anyone share their experience on whether or not this is realistic? If you've done it (or are doing it), any suggestions? How many hours every day do you spend on your investment business?

Thanks, J. Sounds like I need to move out of my comfort zone a little and consider some direct marketing.

I need some advice from my knowledgable Minneapolis peers. I'm looking to get into investing and have wanted to flip houses for years. I'm finally in a position where I can do this. However, more than one local investor has told me that starting off flipping right now in Mpls is a bad idea because its too competitive which results in it being virtually impossible to find a good deal unless you're an agent or contractor, and also means that prices are driven up, making them not so great deals in the end. I've also been cautioned that it's too risky right now for novices who are trying to do it part time (which I would be - I need to keep my 45-hour/week job). I'm not opposed to a buy and hold strategy, but I'm drawn to the quicker cash return on flips. And, well honestly I think I'd be good at it and enjoy it. So I need some honest advice - is it foolhardy to think that I can flip houses part-time right now in the current Minneapolis real estate environment?

Couldn't you ignore the Zestimate and just use Zillow's property info and similar sold properties nearby to calculate your own comps? Or are there still advantages to the MLS?

Zillow seems to have a tremendous amount of information about available properties. Looking for houses to flip, do you really need access to the MLS or is monitoring Zillow just as good?

Thanks everyone for the thoughtful responses. The houses I'm seeing have been on the market for multiple months, and I'm not clear yet on why. Maybe school district is playing into that. One in particular is in a pretty good location, 4-bed/1-bath built in 1918, has some nice features, but has been on the market for 150 days.

I'm just getting into looking at flips in the Minneapolis area. My question is, how important is school district when looking at a property? There are several potential flips that otherwise seem worth investigating, but their school ratings are terrible.

Thanks for setting this up! I'm greener than green to the business so hoping to make some connections and learn a few things. See you Wednesday!

Is it a good idea to set up a business entity before I buy or sell real estate? What are the pros and cons? Also, what do you recommend as the easiest and least expensive route? Thanks!