All Forum Posts by: Scott Hoefler

@Hunter Nelson, house hacking is the best way to get started, especially at your age. That's I began and still invest. There are many owner-occupy programs that allow for 3-5% down for your first handful of investment properties, if you play your cards right. PRO TIP: Talk with a conventional mortgage lender who specializes in investment properties about your real estate goals. That way they can help you purchase your first investment property with future rental purchases in mind. Congrats on setting yourself up for lifestyle and financial freedom in the future.

@Justin Tyler, the program works for both single family and small multi-family. Terms are most likely better for single family considering conventional banks find SFHs generally more attractive.

Hi @Justin Tyler,

I have experience in owner-occupying the BRRRR strategy and also was a lender of 2 years helping clients accomplish this exact goal. The program that I would look for in your area is a collaboration between a commercial bank and a conventional bank or find a bank that has both commercial and conventional in house. The way it works... purchase the asset using a commercial rehab program that tends to lend between 70-80% of the after repair value (ARV). This will cover the asset purchase and rehab costs, then use a conventional program to refi it into your name usually at 75-85% of the finished value, sometimes even 5%! Example: you find a distressed property for $80K. ARV = $150,000. Purchase using commercial rehab at 75% loan to value rewarding you $112,500 for the asset and rehab. Once project completed, you would then refinance into a conventional loan using the forced equity as essentially your down payment. Now you own a property with little to no money down. Call around to your local lenders to see if someone can help you achieve this. Happy investing!

The Dwelling Place does amazing things for victims of domestic abuse and may need assistance from a housing expert like yourself. I'd check them out.

http://www.thedwellingplaceshelter.org/

Thank you @Derek Paige for the introduction! @Tom Russo I sent you a PM and would love to discuss your investment goals. Talk to you soon! 

Thank you Brock! I think you hit it on the head. N.E. has seen a dramatic inflation even since the purchase of our current property last year. We will broaden our search parameters. Are you looking to purchase any additionals?

Good day BiggerPockets!

My twin brother and I are very interested in building our property portfolio in Minneapolis, MN. We are currently owner occupants of a N.E. duplex. We purchased the duplex a year ago and have been looking for a second one since. We would like to stay in the N.E. market, but it has been a battle acquiring a second one. Because we are new to the game, inventory being low and the demand high- we are having a hard time competing.

We have been listening to BiggerPockets podcasts for about 2 months now and we are ready to see where a little active participation can take us. If anyone has advise on the Minneapolis market, investment realtor contacts or want to say hi, please feel free to contact us!

Scott and Drew Hoefler