All Forum Posts by: Tim Swierczek

Hey @Fong Lee nice to meet you. Reach out if you'd like to meet for coffee.

Benjamin- you are correct. I'm in MN and I invest in MN and TN currently. I have a mix of flips, buy and hold, buy and sell on contract for deed, one vacation rental, and one current apartment syndication.  I'm also a mortgage lender.

 Hi Paul,

There is a way to get a loan if you are a 1099 worker with less than 2 years, if you meet certain criteria. 

*Your 1099 position must be common for the industry. That would be true of a traveling nurse position. 

*You must personally have 2 years in the industry. You can include your time as a non-traveling nurse)

*You must show a history of contract work. This means you can't be on your first contract.

After that, you will be analyzed by the lender for income stability and trends as well as job gaps. If those all work in your favor, a lender can get you a conventional loan. Note: these criteria do not work for FHA, VA, USDA, or all conventional loans. If you have specific questions feel free to reach out to me.

@Trevor Schmitt I'm happy to network.  PM me if you'd like to meet on zoom

@Carlos Ptriawan population declines impact rural areas quickly and often are irreversible.  When you look at large metro areas where housing is already undersupply and could be reversible you are more likely to see stagnant rent growth.  Minneapolis has a huge pool of renters and you still have to remember that your competition as a landlord of small multifamilies is micro.  You don't need to be the best place you need to be better than the other landlords in your market.  Think of the old saying that you don't need to be faster than the bear, you only need to be faster than the other guy.  People are becoming millionaires investing in Minneapolis.

@Wyatt Nauman there are proper ways to do this. As a lender, there are rules around using funds from a non-investor. In addition, hiding interest in a property from the lender on an FHA loan is loan fraud and is a felony. If you are interested in discussing it I'd be happy to jump on a zoom. PM me if interested.

@Kevin Kalligher I second doing it in stages. You won't be remodeling all four units at once.  Talk to all of the tenants and find out how quickly they want to move based on the new rents and customize the terms you offer to match when they could move. It will be easier for you to afford and a more present transaction.  Give the most flexible tenants the best deal.

@Andrea Mugisha Only St Paul has rent control as of now. The ballot initiative allows Minneapolis to institute it has not been approved yet. It did not pass the last city council vote in August of 2023, and will likely be taken up again this year. If it passes it must be signed by the Mayor who opposes rent control and if veto'd the city council would need to override the veto.  If that happens there is an implementation period.  

That's a long-winded way of saying.  Minneapolis does not have rent control today. It likely will at some point, but you have time.

Hey Spencer,

Nice to see someone who works with investors. Hit me up sometime if you care to meet for coffee and chat about investing.

Rental markets in the Twin Cities are more localized than city borders.  For example, Uptown has the highest vacancy and neutral to slightly negative rent year over year, but other South and NE Minneapolis areas have neither of these issues. There are reasons to invest in an area, but I would rarely pick a property based solely on the city, even though I would rule out cities based on regulations or politics. I would focus on finding a deal in an area that is acceptable to you. Bonus if you can house hack, but it's not necessary. I'd be happy to discuss it.  PM me if you are interested.