From the BiggerPockets Blog

 BiggerPockets Blog »

Jump to Forum View All

Click a category below to view different forum categories.

BiggerPockets

General Info

BiggerPockets Q&A, Site Questions, & Announcements

1514 topics, 14412 posts — Last Post 04/24/14, 05:53PM

BiggerPockets Exclusive PRO Area

117 topics, 841 posts — Last Post 04/23/14, 08:28AM

New Member Introductions

11000 topics, 86734 posts — Last Post 04/25/14, 12:36AM

Real Estate Success Stories

400 topics, 6221 posts — Last Post 04/24/14, 05:13PM

General Real Estate

General Real Estate

Buying & Selling Real Estate

6008 topics, 47320 posts — Last Post 04/25/14, 12:14AM

Renters

651 topics, 5873 posts — Last Post 04/24/14, 03:20PM

Get Foreclosure Help - Help Stop Foreclosure Forum

317 topics, 2561 posts — Last Post 04/23/14, 08:28PM

Home Owner Association (HOA) Issues & Problems Forum

238 topics, 1611 posts — Last Post 04/23/14, 04:02AM

Do it Yourself

660 topics, 6334 posts — Last Post 04/24/14, 08:31PM

Reviews & Feedback

Real Estate Deal Analysis and Advice

3718 topics, 29817 posts — Last Post 04/24/14, 09:08PM

Real Estate Guru, Book & Course Reviews and Discussions

1140 topics, 11616 posts — Last Post 04/24/14, 08:58PM

Ask About A Real Estate Company

743 topics, 7348 posts — Last Post 04/24/14, 03:12PM

Real Estate Investing

Real Estate Strategies

Wholesaling

5647 topics, 44020 posts — Last Post 04/24/14, 11:32PM

Rehabbing and House Flipping

3354 topics, 31122 posts — Last Post 04/25/14, 12:15AM

Real Estate Development & New Home Construction

554 topics, 4696 posts — Last Post 04/24/14, 09:03PM

Innovative Strategies

705 topics, 6044 posts — Last Post 04/22/14, 04:06PM

Tax Liens, Notes, Paper, & Cash Flows Discussion

869 topics, 6706 posts — Last Post 04/24/14, 08:29PM

Rent to Own a.k.a. Lease Purchase, Lease Options

700 topics, 4961 posts — Last Post 04/24/14, 11:26AM

1031 Exchanges

143 topics, 1063 posts — Last Post 04/24/14, 11:10AM

Foreclosure Investing

General Foreclosure & Pre-Foreclosure Forums

1693 topics, 11322 posts — Last Post 04/24/14, 10:10PM

HUD, VA, and Tax Sales

416 topics, 3103 posts — Last Post 04/23/14, 02:29PM

REOs

1217 topics, 10604 posts — Last Post 04/24/14, 07:13AM

Short Sales

1539 topics, 13154 posts — Last Post 04/23/14, 08:25PM

Landlord & Tenant Forums

Landlord & Rental Property Questions

7260 topics, 71292 posts — Last Post 04/24/14, 10:48PM

Mobile Homes & Mobile Home Park Investing

639 topics, 5146 posts — Last Post 04/24/14, 05:13AM

Investor Basics

Starting Out

7739 topics, 60737 posts — Last Post 04/24/14, 09:18PM

Investor Psychology

434 topics, 6135 posts — Last Post 04/25/14, 12:29AM

General Real Estate Investing

4733 topics, 37341 posts — Last Post 04/24/14, 09:51PM

Real Estate Investor Marketing

1740 topics, 14165 posts — Last Post 04/24/14, 05:08PM

Commercial Real Estate

Commercial Real Estate Investing Forum

1414 topics, 9022 posts — Last Post 04/24/14, 04:12PM

Multi-Family and Apartment Investing

1125 topics, 9422 posts — Last Post 04/24/14, 11:32PM

The Business of Real Estate

Real Estate Technology and the Internet

Real Estate Technology, Social Media & Blogging

645 topics, 4913 posts — Last Post 04/24/14, 12:21PM

Business Basics

Goals, Business Plans & Entities

836 topics, 7599 posts — Last Post 04/24/14, 08:45PM

Real Estate Finance & Legal

Financial, Tax, and Legal

Tax, Legal Issues, Contracts, Self-Directed IRA

2806 topics, 20152 posts — Last Post 04/24/14, 08:36PM

Property Insurance

312 topics, 2059 posts — Last Post 04/24/14, 10:22AM

Personal Finance Discussion

330 topics, 2754 posts — Last Post 04/22/14, 12:06PM

Loans, Mortgages, Credit Lines

Private & Conventional Lending Discussion

2854 topics, 19852 posts — Last Post 04/24/14, 09:30PM

Creative Real Estate Financing

1222 topics, 8875 posts — Last Post 04/24/14, 10:28PM

Crowdfunding Real Estate

35 topics, 463 posts — Last Post 04/19/14, 06:24PM

Real Estate Professionals

Real Estate Professionals

Real Estate Agents

1219 topics, 8057 posts — Last Post 04/24/14, 10:08PM

Bankers, Lenders, and Mortgage Brokers

442 topics, 1931 posts — Last Post 04/23/14, 09:04PM

Contractors

268 topics, 1689 posts — Last Post 04/24/14, 05:05PM

Local Real Estate

Local Real Estate

Local Real Estate Networking & Recommendations

2023 topics, 11777 posts — Last Post 04/24/14, 09:52PM

Americans & International Real Estate

162 topics, 572 posts — Last Post 04/24/14, 03:31AM

Foreigners Buying in the USA

62 topics, 409 posts — Last Post 04/10/14, 06:27AM

Canadian Real Estate

66 topics, 442 posts — Last Post 04/24/14, 09:50PM

Marketplace

Real Estate Marketplace

Real Estate Marketplace

15103 topics, 54177 posts — Last Post 04/24/14, 11:00PM

Real Estate Events and Happenings

169 topics, 2630 posts — Last Post 04/24/14, 10:58PM

Off-Topic

Off Topic

Off-Topic

2909 topics, 32451 posts — Last Post 04/24/14, 07:22PM

Housing News & Real Estate Market

923 topics, 8398 posts — Last Post 04/24/14, 09:05PM

BiggerPockets Real Estate Investing Summit

97 topics, 1752 posts — Last Post 04/23/14, 04:51AM

BiggerPockets Resources

Forums » New Member Introductions » New Member - Minneapolis

New Member - Minneapolis

18 posts by 12 users

Signup

· Minneapolis, Minnesota


I am a brand new member in Minneapolis, MN. I am in the "learning" phase of real estate investing and look forward to gaining knowledge and making my first deal in 2013.



Commercial Real Estate Broker · Canton, Georgia


Welcome Angela,

What type of real estate are you going after?


Small_allworldrealtyJoel Owens, All World Realty
E-Mail: [email protected]
Telephone: 678-779-2798
Website: http://www.AWcommercial.com
www.AWcommercial.com 678-779-2798 [email protected]


Real Estate Investor · Squaw Valley, California


Welcome Angela,
This is by far the best place to learn all kinds of things to help you become successful! Best of luck!



· Minneapolis, Minnesota


At this point strongly leaning towards rentals, considering flipping.



· Minnetonka, Minnesota


Hello Angela,

I too am in the Minneapolis metro area and am in essentially the same boat as you -- looking to do my first deal this year.

It's tough to find a true 2%, 50% deal around here, so I'm looking into doing a mix of rehabbing and rentals myself.

Looking forward to seeing you around the forums.



Real Estate Investor · Milwaukee County, Wisconsin


Welcome,

Make sure you get familiar with Minnesota Real Estate laws
( flipping , wholesaling, buy and hold , etc )



Developer · Birmingham, Michigan


If you're having a hard time getting rentals to work, you'll have an even harder time finding a good flip. Where are you two looking for your inventory?



· Minneapolis, Minnesota


Jenkins - absolutely and thank you for the reminder. I have a legal background and have quite a few practicing lawyer friends - that portion of my "team" so to speak is great.

I should clarify my current position. I truly am in the educating myself phase. Real estate is something both my husband and I have been passionate about for the last 8+ years. I currently have the time and resources to get involved. My initial thought is to buy and hold multi-family rentals to build a portfolio. He thinks flipping would be more "fun". After reading more (and more and more and more!) I am intrigued by both wholesaling and subject to purchases. Looking to learn a lot more, solidify a plan and move forward in the next few months.

Robby - I have not gotten to the serious looking phase yet, just browsing available listings in Minneapolis (passively). Where are you focusing?



BiggerPockets Founder · Denver, Colorado


Hey Angela and welcome aboard! Feel free to jump in on some of the wholesaling and sub2 threads here on the site to help you get things moving. That said, make sure you and your husband are on the same page -- there's nothing worse than dealing with a spouse that has a different strategic path than you do.


Small_bp-squareJoshua Dorkin, BiggerPockets
E-Mail: [email protected]
Telephone: 877-831-4704
Website: http://www.biggerpockets.com
Check us out on Twitter: @BiggerPockets


Multi-family Investor · Duluth, Minnesota


Angela, Joshua makes a critical point. When I started out, my wife did not share my passion/vision and it ended up being a constant source of tension. Flips are basically second jobs. It sounds glamorous, like day trading stocks, but it's requires a large time commitment and the risk are greater. The tax aspects are onerous compared to buy and hold. Flippers are taxed at the dealer rate while investors are taxed at the lower capital gain rate. Worse, you can't benefit from depreciation deductions that can lower your personal tax liability. It's the difference between earned income and unearned income. Bottom line, begin with the end in mind and work backwards from there. Keep building a team and make sure your values are aligned with your financial goals. For example, if you value free time, you would try to create a passive income stream of buy and hold investments that are near your work or residence. Correctly positioned, you could retire in ten years or leas. If you value generating fast cash and don't want to deal with tenants, toilets and turnover, you would focus on flips. Just some thought as you get started. Good luck in MPLS. My favorite area is Uptown.


Cory Binsfield, Lake Superior Rents
E-Mail: [email protected]
Telephone: 218-720-6989
Website: http://www.lakesuperiorrents.com
Cory Binsfield Ten to a million [email protected]


· Minneapolis, Minnesota


Hi guys, I am in Minneapolis as well. As some have mentioned, its hard to find deals with CAP rate as attractive as others on BP are finding in other cities/states around US. I have been pretty serious for about 1 year. 3 offers i made in the last year on SF properties didn't win because other offers were higher. Finally, we closed on a condo in St Paul, last week. Its a 5 year old building. The condo was priced at 290K in 2007. I bought it for 145K. it was unoccupied for 3 of the last 5 yrs. The rent is around 1650..

It seems like the agents have deals that they give to their favorite clients. My suggestion is that we form a group and approach an agent. Please contact me on my email if interested.



· Minnetonka, Minnesota


I'm very much in the learning/education phase myself as I work on fixing up my own personal residence with the intention to sell this year. Once I free up the equity (and hopefully profit) from the sale, I will be a lot more serious about making offers on investment-oriented properties.

For now, I'm familiarizing myself with the types of properties that are available and what they tend to sell for using the MLS. I've been looking around pretty much anywhere in Mpls with the exception of North Mpls. I'm less familiar with the desirable locations in St. Paul, but I'm learning that as well so as to expand my potential search.

I've also been attending the MNREIA meetings to learn about our market and to meet other investors. This also seems to be a decent place to find non-MLS listed properties for sale by local wholesalers and other investors.



· Stockton, California


@Angela Maurer Green welcome to BP! Good luck in your REI deals!



· Minneapolis, Minnesota


Joshua & Cory - agreed 100%! We will absolutely be on the same page before jumping in. And I am confident we will get there.

Tarun - congrats on your purchase! Though I appreciate the offer to collectively approach an agent, I am not comfortable yet. I need a greater understanding of financing options, contracts, tax implications, and also want to fully explore wholesaling and subject to's. Once I do that and have a focused plan I would be interested in meeting and helping each other.



Real Estate Investor · 30906, Georgia


@ @Angela Maurer Green
Welcome. I would recommend that if you are looking to explore the flipping side of real estate, go ahead and start now getting a few good wholesalers on your team in your area. They will not only be able to send you multiple deals, but teach you a lot along the way.



Real Estate Investor · Montesano, Washington


Welcome to BP @Angela Maurer Green! I am originally from Minnesota - but couldn't handle the snow so I moved West :)


Small_bp-squareBrandon Turner, BiggerPockets
E-Mail: [email protected]
Website: http://www.BiggerPockets.com
VP of Marketing and Communication - BiggerPockets.com Follow me on Twitter! @BrandonAtBP


· Minneapolis, Minnesota


Originally posted by Robby McCabe:

I've also been attending the MNREIA meetings to learn about our market and to meet other investors. This also seems to be a decent place to find non-MLS listed properties for sale by local wholesalers and other investors.

Hi Robby, did you have to pay the annual membership of $179 to attend the MNREIA meetings ? Have the meetings been helpful ? (Not in terms of RE knowledge but in terms of finding deals that havent made it to MLS)



· Minnetonka, Minnesota


Originally posted by Tarun Kapoor:

Hi Robby, did you have to pay the annual membership of $179 to attend the MNREIA meetings ? Have the meetings been helpful ? (Not in terms of RE knowledge but in terms of finding deals that havent made it to MLS)

The first meeting is free, so I went last month to see what it was all about. When I went, they gave me an additional free pass, so I went again this month.

I'm not quite ready to pull the trigger on an additional property yet, so I haven't really analyzed many of the deals that have come up. That said, none of the deals presented by wholesalers piqued my interest enough to look into them any further either.

I'm not sold on paying the $180/yearly fee yet, but it's definitely worth going to one of the meetings (for free) to see for yourself. Additionally, they also offer an online-only subscription for $50/yr that allows you to listen to the entire meeting (including the member haves/wants) and download any presentation files.





Sign up