All Forum Posts by: Christian Rasmussen

@Bryan Hanson 

Well, Bryan. That all depends on what you're looking for - What's your budget? How are you getting financing? How much do you want to cash flow? Are you having someone else manage the property or are you managing the property? If so is location important in relation to where you live? These (and many many more) are all questions needing answered before one could consider answering your question. And even once all my questions posed are answered, no one could give you a right or wrong answer. Ultimately, the best place to invest is wherever works best for you! The deals find you as much as you find the deals, so maybe a good question to ask is - which area/s are you drawn to? What feels right? What area is intriguing? 

Personally I've invested (in my rentals) primarily in the twin cities (cheaper to acquire, easier to finance, cash flow positive). Although I am looking into expanding into other markets as well. I am looking at a house currently in Brooklyn Center for instance. 

Not a very cut and dry questions and there are a lot of potential answers. Feel free to PM me if you have any questions! Or if you would like to get together for coffee and chat Real Estate - I'm always game =) 

Best, 

Christian Rasmussen

@Marc Jolicoeur @Brian Wagner

Thanks for your responses - I've done a bit more research into the market out there and I'm finding houses for $2,500 and under can have a quick turn around but I'm not finding much sustainability above that. 

Marc - It's a ridiculously nice house, although your point is solid and you're right.

Thanks for the input guys, 

It was an idea and the possibility was tantalizing, but not worth the risk. I'll stick to my off market multi families! =)

Cheers

Hey @Alexander Lang!

Thanks for responding! The deal isn't set in stone by any means, it's just an option right now. The purchase price would be somewhere between 310 and 340. We haven't discussed price or terms yet. 5 bedrooms and 3 baths, 4,000 square feet (approximate...). It's a huge house - so I assume the amount of qualified tenants would be slim. That being said, I think if I structured the deal properly I could have a monthly payment of 2,800 (taxes included). I also think the house would rent around 3,500. So the cash flow is there if I can structure the deal how I would like to. That being said I'm worried about finding tenants for a house that costs $3,500 a month. I would imagine most people who have the money to pay $3,500 a month would have a house of their own (although there are potential circumstances...). Have you found it easy to find tenants for this price range? Or do you think it could be difficult? 

It could cause me to lose the house if it stayed vacant for too long - and I can not have that happening. 

Thanks again for the response

Greetings BP. 

I recently found a property located in Savage, Minnesota - and after a couple days of talking with the owners, they agreed to the idea of seller financing (AWESOME!). Normally, I would go through with this deal without thinking too much about it (well, of course I obsess over every deal...) - although this house is a bit different than anything I've done before. All my rentals are rented for $1,200 a month and under. I haven't tried tapping into the higher end rental market as of yet - and frankly it scares me a bit. I don't want a property to be sitting vacant for 3 months while finding a tenant. I also don't want to have sporadic renters (people flying in to Minnesota for business for a couple months or something like that). I've asked a couple fellow investors/agents and neither of them gave me a definitive answer. They both said, as I had assumed, that the rental market for high end houses in the twin cities is very slim, and I could find myself in trouble pretty easily by not being able to find a renter for a few months at a time. That being said, I'm a determined man and I get what I want....... =) 

So BP - I ask you. Any members in MN that have had success or have been unsuccessful trying to rent out higher end houses? Or any members from other cities that maybe have been through a similar situation? Any input is greatly appreciated. 

Looking forward to your responses,

Best,

Christian Rasmussen

@Peter Kostka 

Hey Peter, welcome and god speed! I'm a fellow investor from Minneapolis (well... St. Paul currently). I really started researching on BP three weeks ago - and in three weeks I've expanded my portfolio securing a tri-plex with a seller financing strategy I picked up right here. A goldmine of information and a community of master minds. Send me a colleague request and let's talk strategies. Multiple heads are always good! 

Best, 

@Todd English

@Daniel Patton - you nailed

Todd - I've paid my lawyer anywhere between 400-750 to quitclaim a personal property over to an LLC of mine. No need for a title company. I've since learned that it can be done yourself VERY simply as Daniel outlined. As Daniel mentioned you will be charged a filing fee which will depend on the county. Other than that it's a very easy process, just takes a little time.

@Davit Gharibyan - Hey Davit. I'm looking for off market deals all over the twin cities. I'll go as far south as Lakeville, as far north as forest lake, as far west as Minnetonka/Wayzata and as far east as Oakdale/Woodbury. Connect with me and we can discuss what you have to offer =) . Thanks for the reply!

@Brandon M

@Shane Hedeen  - Thank you for your replies.

I think this question was taken differently than I intended. I'm not looking for advice necessarily, more so looking for contacts so I can find someone that fits this piece of my puzzle. 

I maybe didn't phrase my question properly. I'm aware of wholesaling and how it works, and being an investor for 5 years (and am also an Agent) I understand the inns and outs of finding deals, at least a little bit... What I'm looking for - is someone who already has an established direct contact network with people in my area. Somebody who is working with people that don't have their house on the market and would rather sell without the aid of a Realtor. I am looking for a specialized wholesaler, one that would fit my specific needs. My hopes with this post was to gain a couple potentials contact information to meet sometime soon to see if they can use THEIR business to fulfill a part of MY business that I don't necessarily have time for. OR, maybe someone who is interested in starting to reach out to off market owners and build up their own database for the benefit of 'the' company that employs them.  OR however else we can fill that puzzle piece.

I spend every day looking for deals. My goal with this post is to find someone to help me look more in depth, utilizing more avenues of possibility. 

Sorry for any confusion, I hope this clears things up. 

-Christian

Hello BP!

I am currently looking for a wholesaler to help me find flips. I'm in the Twin Cities (St. Paul), wanting to expand my network and looking to pay someone to find me good deals. Also looking to network in general, with lenders, investors etc... Lets grow our pockets together =) 

So grateful to have this space for the REI community to connect and network!

Greetings BP! 

My first question on these forums... =)

I am securing a Tri-Plex with seller financing (contract for deed - great deal - family friend) within the next couple weeks. This is my thirds rental, but will bring me up to 5 units as my other two rentals are SF homes. 

I have a company (with a business partner) that holds/owns the two SF rentals I have - and it is my hope to be able to have the Tri-Plex owned by the company. I would like to have my company sign the contract for deed immediately although there are some concerns and questions. 

The seller wants a larger DP if we decide to take title under the company. He said it like this, 'I trust you fully - I know you wouldn't default. However, I don't know your business partner and for all I know he could bring down your business.' So he wants a bigger DP if the company takes title. Which is fair - but I my not have the cash for what he's looking for. 

I'm also going to be personally paying the DP. If the property went into the company's hands I would 'Loan' the company the DP and have my company pay me back monthly with interest. 

Here's my question. If I end up needing to take title under my name, and I provide the DP and decide to transfer the property over to the business eventually - Is there a way that I can start getting paid back immediately for the DP even though the title won't transfer for 5 years (balloon payment)? I would like the payments to start immediately after paying the DP, and I would like all cash flow to go to the business. Can I keep the property under my name but show that all income and expenses from the property are received and taken care of by the business? Or will I just have to take everything personally and transfer to the business when I refinance when our balloon is due? 

One of the big things for me is the ability to get my DP back in monthly installments from the day I take title until I'm paid off (all my working capital is, well... working). I would really like to make this work.  

Keep in mind the company is a two member LLC. So I don't own the company outright - It is split 50/50 with my business partner.

Let me know your thoughts! How would you do it? Any similar experiences? 

Thanks so much 

-C