All Forum Posts by: Dave Crussel

Thanks @Dmitriy Fomichenko.  I'll add pics soon.

Thanks @Sandra Roddy. The HOA is $140.

@Sandra Roddy

Thanks @Jaysen Medhurst, I used traditional 30 year fixed financing.

I'm a part time investor with a full-time career and all the trappings of life that come with 2 kids. Busy isn't the right term, perhaps neurotically time starved. This story is about my second rental (3/2 townhome) which I purchased in March of last year. This townhome was an REO property out in small town southwest of MSP. Found it by accidentally zooming out to far on a search. It had been on the market for a number of months and needed work. I couldn't imagine why until I entered the place.

The precious little angel girl of the former owners was clearly given a full box of new permanent markers and told to unleash her inner Michelangelo on any surface she could reach. Unfortunately there was no Sistine chapel at the end of that endeavor. I could tell it was a girl because of the cave painted pony drawings that were etched into the wall next to the “My petite horse” sticker.

The other consideration of this delightful endeavor was the urine soaked carpet on the main floor that had long since dried into an orange a crusty coral that quickly become sentient. The smell was eau de puppy or eau de chiot.

Appliances? Yeah right. Just gaping holes. There was a yellow CDC hood in the corner but I’m sure it was just a mistake… right? Guys?

Note to other new investors: If your spouse isn’t on-board completely with your investment properties, don’t show them these types of properties and say the following: “Wow, this looks amazing.”

Here was the potential.

Upstairs was all hardwood floors. I repeat. No carpet upstairs. There was only carpet on the main floor and up to the top of the stairs.  Appliances are easy.  Painting is easy.  Ripping out carpet, easy.

• New Carpet ($1500)
• New Appliances ($2500)
• Painting ($350)
• Marriage Counseling (Priceless)

The refurb took 3 weekends of work. We had people walking through on the 2nd weekend while the carpet and appliances were being installed. Rented on the 4th week!

Also an important tip: Paint before the carpet is installed. Oops!

I do use a property management company because of the distance from my home and time involved in tenant management.

• Purchase Price: $77k
• ARV: $94,000
• Renting: $1100

2 rentals down and loving it!

Chaska, Shakopee, Chanhassen, Victoria, NYA, Waconia

Can any local investors recommend a solid CPA that has experience with rental properties?  

Hi Emery, Leverage is a powerful multiplier for building your portfolio. Others have recommended the following approach if cash buying is an option for you, 1. Buy with cash. 2. Rent 3. Refinance to withdraw a portion of your capital. 4. Repeat. Cheers Dave I am looking for small multifamilies in southwest suburbs of Minneapolis.

Welcome to BP. Listen to the podcasts! They are incredibly helpful and inspiring. I'm in Chaska.

Pass.

@Nick Walker

Welcome to BP from another Minneapolisian.  This is a great place to learn, connect, and ultimately profit.  Market is hot right now.  I've seen more multi-families than single family units recently.

1. Define your 2015 goals

2. Write the goals down where you will see them daily.

3. Ask questions, lots of questions, than ask some more.  

Thanks all.  It took 3.5 weeks in total to hear back.

Congrats!