All Forum Posts by: Christian Rasmussen

Daytons Bluff isn't terrible. It's all about the risk/reward. Higher margins, a little higher of a risk. Nothing like North Minneapolis (from my experience). Although I'm the type to jump right into North as well (hey... the margins are there!). I have had minimal problems with tenants and tenant placing in the East Side, although, this is largely related to the personal relationships I keep with my tenants. Shoot me a PM if you have any questions. Otherwise, I may just have a couple good rentals in the area for you! =) 

Best

- C

Tschida Plumbing. Call and tell them Christian and Matt referred you! =) 

Travis is great, he runs a great business. 

Both of my electricians are out of town right now. I may actually be following up with this post to see any electricians that get posted as I am in need of a few. 

Best of luck,

C

@Keith Fjelsted 

Keith -Welcome to BP! Hard to find a good reliable GC now a days! I would absolutely love to connect. I'm an agent, investor, wholesaler, property manager etc etc... I have a business with 5 people (and a 6th and 7th who aren't in the core 5) that spans across three states, and ever expanding into others. Included in the core 5 is our Loan Broker, Closer/acquisition specialist/salesman, 'Money man', A MN General Contractor named Matthew Brandt (One Stop General Contracting) and myself (I find the properties, negotiate, work with Matt to figure out rehab so we can put forth a reasonable offer that benefits all parties/vet the properties, take care of the sale or refinance and property management etc etc...). We all work together for the assignment of the contract to one of our investors or one of ourselves depending on the situation. We then lend the money on the property if the investor needs funding. Matt (and his crew) does rehab on all the properties, and I take care of the sale or the refinance and property management. We're the bones, the foundation so to speak of the Minnesota branch of our business. 

The reason this post caught my eye so much - We have a fantastic team, everyone is moving forward quickly and efficiently. Everyone is doing well and everyone is eating and our teams are only getting bigger (each one of the 5 of us has one or two underneath us, constantly growing). Matthew Brandt, my business partner since I was 20 years old, is in a bit different of a position. He has 10 guys working under him, and he needs more! We have so much work for him constantly coming in that he's had to turn down jobs. We are looking for a 6th member. We're looking for a GC who is RELIABLE and HONEST an EFFICIENT! From what I'm reading it sounds like you are all those things! We constantly have houses coming up that need rehab and we'll have to connect our investors to GC's that we don't know entirely and aren't sure if they will complete the job on time or properly, at a cost that is reasonable (that allows everybody to eat!). This makes the lending process that much riskier too, which in turn requires us to charge more points up front (reasonable... when all deals are kept in house we lend much lower, if Matt is doing the rehab for example as opposed to someone we don't know, or if I am doing the sale as opposed to someone not in our circle. We minimize risk by keeping everything in house). I would love to see some of your work and see how you operate. We just might be able to make a fantastic team! I would love to connect, I would love to sit down and discuss what we do and how we can help each other. I have consistent work for a good GC. Send me a message! Let's get together and chat soon!

Best, 

Christian

@Josh V. Welcome Josh. The twin cities provide a great investment market. Things have slowed down a bit since the heat of the summer but I anticipate they will kick off again mid fall/early winter. Turbulence and adaptability is the name of the game! I am a Agent/Investor and I do Wholesales, HML, SF, MF, flips, rent and holds, property management, rehab, creative business strategies etc... I'm happy to put you on my list and/or meet for coffee do discuss goals and future plans. Best of luck in your ventures.

@David Dachtera North Minneapolis is a 'rough' area. There is a lot of crime and poverty. There is a high turnover rate and a high vacancy rate. The right property manager should be able to make it work either way, but this is the reason that the margins are higher. The margins need to compensate for the losses incurred by the risk of investing in high risk areas. 

Greetings BP!

I am beginning to undertake the formulation of a property management company in St. Paul, MN to manage my current properties (and soon to be properties), as well as to expand and take on other clients as we grow and as we network with other investors in the area. 

I am a licensed RE agent - but not a broker. I have been licensed for a year, so I don't meet the requirements to get a brokers license. I have looked into getting a Limited Liability Brokers License and I'm not sure if that is in the cards (if anybody has any ideas/suggestions on how to obtain a Limited Liability Brokers License, that would be greatly appreciated). Right now, I'm looking for somebody with a brokers license that is willing to take on a very minimal amount of liability, by partnering up with my business partner and myself (and my current holding LLCs). In return, we would of course negotiate a payout that is suitable for all parties involved. 

If you, or anyone you know might be interested, I'd love to hear what you have to say!!

Thanks in advance to any and all comments! Looking forward to your responses! 

Best, 

Christian

@Doug Thompson - I think a better way for me to phrase it, is investors that are looking to have their 'hands' in hundreds of deals in MN over the winter/spring. 

@Matt Taschner 

I'm interested in hearing what you have. PM me with your ideas. I'll do flips, holds, multi units, and small commercial.  Thanks

@Oscar Brooks

@Josh Hagen

Just for a bit of confidence come winter time. I'm working with a group of investors that are looking to acquire hundreds of properties in MN this year. They, for good reason (maybe reason I don't know 100%) are waiting until winter to really unleash the beast so to speak. If have learned anything from my days investing, it's that the big guys, the guys that do it right, are rarely wrong - and this year particularly, I feel that winter is going to be very busy for me, and for anyone willing to do those winter deals. Another thing about winter is half the investors drop off because they don't want to worry about getting a prop with foundation issues unknowingly (my first flip - I bought during winter and closed right before the melt in spring. The melt came and we had a lake in the basement. My first construction job EVER, on my first flip, was to dig a 7 foot deep moat around the entire house, and seal the foundation. 20k job if hired. We did it ourselves, 2 of us, in 3 weeks for 1k. BUT - this is a great example of why investors drop off during winter.). 

Best,

Christian

@Josh Hagen

Hey Josh. Winter time is when all the deals happen. Winter is always a good time to jump, if you know what you're getting into. That being said, full time investors (such as myself) can't get stagnant, so I can't rely on winter to bring me all my deals. I need to find deals throughout the year to maintain my business. I think that the 2% rule is great but it's not set in stone at all. Most important thing is to make sure you're cashflowing, and gaining equity in the property. Also important to have reserves for future repairs or deals . I say if your cash positive throughout then it's a reasonable deal. If you're interested I could take a peak at some of the deals you're looking at and show you how I analyze deals. Everyone has their own method and nothing is absolutely right or wrong. My business partner and I's motto is 'If the numbers works, we'll make it work'. 

MLS is a great resource but all the deals are getting picked up really quickly now a days. A good deal will be gone in 72 hours max. My partner just finished a property that had 12 showings and 2 solid offers in the first 4 hours on the market! When I go look at deals in the cities that have just been listed, I'm always there with 1-4 other groups of people looking at the home. So it's hot! Wait for the cold, or move quick in the heat!

Hope this helps, PM me if you have any questions or want to grab coffee sometime and discuss further. 

Best, 

Christian