All Forum Posts by: Ryan Luthi

Loving this thread!!  I plan to invest in two syndications either local or out of state and buy another personal rental property in my local market in the twin cities.  Good luck everyone!

Investment Info:

Single-family residence buy & hold investment in Crystal.

Purchase price: $260,000

This beautiful, move-in ready home features 4 bedrooms on one level plus an office and a bonus room in the lower level which could be converted into a fifth bedroom. Other features include new kitchen flooring, updated bathrooms with tile floors and granite counters, gas fireplace in the living room, Corian countertops in the kitchen, oak hardwood floors, new carpet and much more.

@John Hanson great question(s)!  I completely agree with 

@Bruce Runn and his comments above.  With interest rates this low, you just need to know to look for, where to look for it and be patient and persistent.  If we had too much inventory or other factors that showed that things will soften in the soon future I'd say wait, but nothing indicates that will happen and rental occupancy is at 99% currently with only luxury being built so it is and appears to remain a landlord's market in my opinion.  With the right guidance and focus you can stay within the 494/694 corridor and even in city limits (Mpls/StP) and find deals in the 1% range for sure.  One tip, you need to do the work as Bruce said, optimize the property in the first year, with the focus on the potential for after that, then you will find many gems. Happy to grab coffee if you'd like help or just to tell stories.  Good luck!

Congrats on the decision to jump into real estate Michael!  This is a great place to be, let me know how I can help!  Happy to grab coffee or a beer when you are in town too.  

@Bilal A. my pleasure!  

Hi @Bilal A.,

I personally use Jeff Obrien at Chesnut and Cambronne in Minneapolis.  Great guy, easy to work with, fair on pricing and lots of knowledge and experience.  Oh, and he actually answers his cell phone!  Lmk if you want his contact.

I'm jeolous!!  Wish I was in Miami right now!  lol 

@Tyler Henry! I think all the ideas and thoughts above are great and education with books and online resources like BP and podcasts are excellent. I would add that getting connected to local pros in lending, realtors, contractors and other investors is really great too. Find people that have gone before you and successfully done what you would like to accomplish. They can give you tips and pitfalls to avoid as well. I find the relationships I've built to be some of the most valuable in helping me on my investment journey. Just curious, what market are you in? Lastly, generally speaking you can always buy and live in a multi family investment with low down payment options (using FHA as long as you don't have any other FHA loans) and like they mentioned above put 20% down (SFH) and 25% (multi-fam 2-4 unit) for non-owner occupied properties. If cash flow is good and you have the down payment, then you can do it this way or even do both. IOW, but something you won't live in as well and possibly simultaneously with something you will live in. Not to complicate or add more stuff to mix you up but there is also the AirBnB option which can be SUPER lucrative and fun! Good luck!

@BRIAN CUBERO I agree with much of what you said above but wouldn't rule out North Mpls or East St Paul...  All about finding pockets, and I've helped many (now quite savvy) investors make some serious cash in those areas with few headaches.  :)  Just a thought, let me know if you want to grab coffee sometime.

@Alyssea Sago Thats a great plan! "House hacking" and buying multi family and living in it is one of the best things you can do. I recommend a smaller down payment though, and then after a year buy another property. Since interest rates are low and rents are high (at least they are in most metros currently) I'd say save your down payment money unless you have tons of cash currently. I helped 37 clients buy or sell multi-family last year and in my experience from these and many other is that those people who want to build wealth and supplemental income through rental properties usually struggle the most with saving the next down payment, which is the true value of these live in loan options at 3.5% (FHA) and 5% (conventional).. Hope this helps, congrats and good luck! #minneapolis