All Forum Posts by: Vickie A.

Thank you Brittany for starting this thread.  I, too, am already invested with my vacation house and am looking at picking up at least one more property hopefully by the end of this year.  I was seriously looking at Uptown but the new laws and of course we know nothing of how the police situation will be handled makes me sit on my hands for now - at least for the TC.

Thank you Danielle for giving me the info.  The property is pretty darn nice and has been updated throughout as opposed to when the current owner purchased it.  It's rental license is current and transferable.  The only updates I would put in would be new lockset and perhaps add ceiling fans.

Thank you gentlemen for replying. There is no HOA but a Jonathan Association because the property is located in a 220 acre preserve type of setting, with trials, a lake, woods/farmland etc and it borders Hazeltine Golf course. I have no idea was CAP is (foolish I know)….also because I want both appreciation and cash flow, would it be better for me to pick up a single family home (in an excellent school district) over a quick townhouse rental pick up?

I own 2 single family bungalows in the L.A Harbor area that both have great long term tenants.  I want to reach out for rentals in the state where I own my vacation property.

The downer is that there is no garage or even covered parking for my prospective townhome tenant.     

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*This link comes directly from our calculators, based on information input by the member who posted.

Sorry should post that I have a wonderful couple as tenants that keep the property up.  I am renting well below what the market calls for but the area is still sort of dicey.  My cash flow is $400 each month.  My mother and I manage it ourselves.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $287,900
Cash invested: $287,900

Ugly Duck foreclosed property along LA Harbor waterfront. Holding for LA Waterfront updating which is now in progress.

What made you interested in investing in this type of deal?

My sister purchased in a different (better) part of the city. I purchased this because of the crash of 08-09. Better to invest when market is down.

How did you find this deal and how did you negotiate it?

I drove around in a down and out area around waterfront that I knew would be revitalized within 10 years. My realtor rep stepped in and helped me buy from the bank.

How did you finance this deal?

51% owner, mother is 49% owner....both of us brought cash.

How did you add value to the deal?

Fix the outstanding permit issues, (fix leaking gas pipe, prove basement original/make it uninhabitable) update panel, FIGHT CITY TO KEEP BASEMENT. Paint, Roof, Fencing, add ac/heat and appliances.

What was the outcome?

Property is now worth approximately $500K. {Redfin $501069, Zillow $500559)

Learned about managing tenants - YOU ARE NOT IN BUSINESS TO MAKE FRIENDS

Learned about managing "contractors" - YOU ARE NOT IN THE BUSINESS TO ACCEPT CRAPPY WORK, LIARS OR EXCUSES.

Learned how to speak to City Permit Offices - YOUR POSITIVE ATTITUDE MAKES THINGS HAPPEN.

Lessons learned? Challenges?

Boundaries. No more renting to distant family members or NICE people. DO NOT hire or maintain business relationships because you think they are nice & friendly. They are in the business to get YOUR money - not be your friend. Realize that people are not 100% on their application, LEARN how to spot B.S & if you see it, mark it, give them paper notice and immediately FOLLOW UP.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My agent rep was wonderful, the realtor herself she worked for sucked. I told the rep and the agent to check the city for issues because I thought I saw one outstanding. Many reminder calls and email later, the agent said the prop was clear of city issues. It was not.
I received a notice about 8 days after I closed.

I am flying up to MSP next week for a sheriff auction and to check on my vacation house and would love to come home with at least 1 new property in my books. 

Hey All!

My name is Vickie and I am new to sheriff sales/auctions.  I own a bungalow at the L.A. Harbor in 2009 that is a solid rental but I now own a vacation home in MN and am looking at picking up a TH at the local sheriff sale.

My question is:  During the redemption period am I able to offer cash for keys in order to end the previous owner's redemption period?

This is my first real dive into expanding into rentals out of state and I am excited but anticipating issues that I know I will need to learn.

If the sheriff sale doesn't tick, then I am picking up a sf prop (the old fashioned way) in Rochester to turn out for student rent.  Any ideas, directions greatly appreciated.  

I am not going to finance as I am liquid.

Thanks in Advance!