All Forum Posts by: Sam Sharma

Go to the Ramsey County Property Tax website and you can look up by address. 

You can view the Propery Tax statement which shows the address and name of at least who is responsible for paying it, which usually is the owner 

Also a good website for structure descriptions and assessed values. 

I find it's a good way to verify square footage in listings. 

Good luck. 

@Javier Sanmiguel

Thanks for the offer. I will definitely hit you up for free labor if needed. @Sam Steadman is already being helpful, even on vacation

@Chris T. Thanks. It's actually a legal duplex, non conforming as it's in a SF zone. The ARV in then end would be essentially the same regardless of SF or multi in that area, give or take. My thinking is that there's a bigger pool of buyers for single family as opposed to live in investors or general investors.

@Account Closed  it's gonna be a flip, whether SF or Duplex. Your questions are spot on to consider for the future. Thanks for the info on the podcast, I'll definitely check that out. 

I finally got an offer accepted ( first offer, first accept) on a 2/2 duplex in Frogtown, St Paul. It's a CAT 2. Intent is to flip it, haven't decided whether to keep it as a duplex or turn it back to single family. Any thoughts?

I would also love to get bids from general contractors in the St Paul/Minneapolis area, especially if you've worked with the city on CAT 2. Or recommendations on GCs would be appeciated. Thanks. I'm excited.  And scared out of my mind at the same time. 

I see what you're saying. You want the whole equity out. Yes my understanding is that only up to 75% cash out if there is room. 

You already have everything I know. Maybe you can let me know how things are going with that, outside of the forum. I would love some insight on the process with the HML.

I don't think even a HELOC is going to help you. I d suggest finding some personal or business LOCs if what you need the equity for is more capital.

Good luck. 

@Cha Yang

I will be working with Sean Blomquist at Pine Financial. They work in conjunction with Kim Burke at LeaderOne financial. The BRRR strategy is their deal. Pine provides the 100% purchase and rehab loan up to 70% ARV. Flips or holds, non owner occupied only. Kim does the refi with cash out up to 75%. In fact, for holds, you pre approve with Kim first so that the HML is set up properly.

If you work with them, tell 'em I sent ya. Might be worth a point. 

Also, Pine does a 2nd Tuesday of the month networking happy hour at Grumpy's Roseville at 6pm. It's free and a good networking event. 

DM me if you have any questions. Good luck. I'm loving your strategy. 

@Joe Schaak, here is the contact info for the person I spoke to in regards to a Category 2 home I was looking at. He was super helpful and answered all questions. 

If Category 3 is anything like Category 2, you have to submit all forms and work orders and sources of financing and have everything approved BEFORE you can close on the property. And then of course follow ups to get the certificate of occupancy. 

Good luck. 

@Francis A.

You see the blue dot on the upper left. that's my house in South St Anthony Park.  This screen shot is essentially the neighborhood I m going to focus on for my Investments. 

@Sean S.

Northrup and especially Field are A neighborhoods because of the livability factor.  Because of neighbors, they're real neighborhoods. @Marc Jolicoeur is correct about Field Middle School. I m a sub all over Minneapolis and that school and those parents and kids are as good as it gets. That I believe has to do with the neighborhood. Fulton, Linden Hills, Kenwood, Lowry Hill are A neighborhoods in value only. Yes of course the value of your home goes up, you can charge more rent, you can tear down and build and get ridiculous returns on your money. If that's your intention. 

The drawback however is that there is an isolation in those neighborhoods. Also, you d be surprised at the number of property crimes in Sourhwest. Or roving bands of marauders going block by block mugging morning joggers. It's the type of isolation where your front door can be kicked down and your house looted and no one in the neighborhoods notices. 

But I digress. Happy hunting good people. Excellent thread. 

As far as St Paul goes, you cross the river on 46th and you're in Highland where the home prices and rents are similar to the Minneapolis side. Safe as it gets.  You re good pretty much everywhere in Highland. 

On the North side of University Ave you're golden west of Lexington all the way to Minneapolis. Lexington going east to Dale is coming up yet still safe. Further east from Dale needs help but still safe. The blocks south of Universitiy and one or two north of it have issues at times. 

New stadium coming in at Snelling and 94 so the home prices should rise in the Hamline/Midway and Frogtown areas. The homes are cheaper and rents are only slightly less. 

Areas north of these neighborhoods like Como Park, St Anthony Park, Falcon Heights, Roseville are about as safe and stable as any place anywhere. 

If you want info on any specific areas of St Paul proper let me know.  Good luck. 

Hamline/Midway, Frogtown area are great as well. Lower priced homes, comparable rent prices. Neighborhoods are getting better. New MLS Staidum coming in. 5 years out for the neighborhood to become hot. On the rail line and close to colleges.

@Bruce Runn's idea is much better.  I was unaware of 3.5- 5% conventional loans.  In my mind conventional is always 20%.  

@Eric Bate, I think the best idea is to talk to Bruce.