New future REI to Minneapolis

[Jared McKie]

Hey Everyone! Since joining a few weeks ago I've been reading many forums and discussions and there sure is a lot of information out on BP!

I joined BP to network with local investors, contractors or anyone with similar interests in Real Estate. I want to use Real Estate as an vehicle to accumulate long term wealth for retirement and some additional income along the way. Furthermore I think BP is a great way to gain knowledge about residential RE investing for the long term and potentially flipping sometime down the line (5 + years).

About me:

I'm a Minneapolis area resident and MN native with 3 years of experience in commercial real estate management. I have a degree in Real Estate and Business along with my MN Real Estate License with a brief stint in residential condo & association management right out of college in Rochester MN before moving up to Mpls.

My goal is to purchase a duplex within the next 12 months (before interests rates increase substantially) that may need some work for less than $200k, conventional financing and occupy on side while renting out the other. The intent would be the rental pays the mortgage and I can use those savings to improve each space over the course of 3 years, progressively increasing the rents and eventually move out and have a cash-flowing property. I'm currently looking in the NorthEast area or St. Louis Park (less likely). Beyond that knowing that RE prices are inflated in the Mpls market I also have interest in Eau Claire, Madison and Milwaukee WI. Those areas would need to be single family units-long term hold. 

I look forward to contributing more to BP discussions and hope to attend a Minnesota meetup sometime in the near future!

-Jared