All Forum Posts by: Tim Swierczek

Is Minneapolis a good place to invest in rentals ?

Recommendations for legal counsel specialized in RE transactions? Financing fell through due to loss of job mid-transaction. Financing contingency in PA is checked and clearly states EM to be returned to Buyer. EM was sent to Seller broker's trust fund (eXp). Seller refuses to sign cancellation agreement. Served Notice of Declaratory Cancellation via service of process company to the address as stated in the PA. Seller no longer physically resides at the address. Seller's daughter currently lives at the address and was served. Affidavit of service provided by Server and was shared with eXp. Seller claims they never were served and Seller broker is not releasing based on Seller's word including saying they are seeking legal counsel (they have been seeking legal counsel since December). eXp MN state broker team has been unresponsive and very unhelpful throughout the process. Very slow to communicate, having to send multiple emails and voicemails without any response. When finally chased down to giving response, eXp broker is very evasive and pretending to not have been kept in the loop despite being copied on every email, texted and voicemailed to their personal phone. Looking for a lawyer to sue both Seller and Broker.

To be more clear, I just can’t edit my initial post. Had I been able to do that it wouldn’t read like I was trying to do something illegal.

I have my own down payment sorted out (now), but when I made the post I didn’t have that and was offering a 50/50 partnership with anyone willing to help. Doing ANYTHING illegal is not and was not my intention. 

As of now I will be using my own money for my down payment and bank money for the rest and i will not be accepting any partnerships whatsoever. 

My wife and I are exploring opportunities and trying to learns as much as possible.

 Hi Tim,

Thanks for the welcome.  

Most of my bad deals are with fix and flips strategy.  Both with my flips and others.  Unless you have a solid team and some cash reserved, too many things can go wrong.  Sometimes, it's 1 hiccup and you're scrambling.  The stress wasn't worth it.  There's vetting, planning, and executing.  But as an investor, you're totally depending on everyone on the team to do their job.  And of course, the market can change swiftly too.

I've learned to invest with seasoned investors with proven track record.  My return is in writing so I don't worry about it.

Feel free to reach out if you want to chat privately.  And I'm in Mpls.

Regards,

Hung

Hello,

First post as a newbie here. I'm an investor in MN who had some experiences (both good and bad) in real estate. I've been involved with several strategies (fix and Flips, Gap Funding, Rentals…). Currently, most of my investment fund is with projects/deals in FL for a minimum guaranteed of 20% annual returns. I also have a nice cash flowing 4 plex in IL that I'm planning to sell off market. I'm interested in networking with other investors. If you're private lender/investor who want to connect, feel free to DM me. We can partner up or share info. Would love to hear what the minimum expected % of ROI from the group.

Thank you, @Tim Swierczek. It's true that I may have been misled. My broker told me I should be able to refi in something like 4 and 1/2 to 6 months. However, I agree that it looks like the math will definitely not work to pay of my HELOC and have anything extra.. Perhaps I should wait a year or so or even look into seller financing. I don't currently have any partners.

Dustin