Hello! Greetings from a new MN investor looking to BRRRR
Hey there,
My name is Ben and I'm excited to meet many of you in the BiggerPockets community (especially those local to MN)!
After years of reading BiggerPockets books and listening to podcasts, it's time I get off the sidelines and start investing. As a first step, if you're an agent/lender/PM/contractor in MN, I would love to grab a coffee sometime to introduce myself and learn about your experience, goals, and what opportunities may exist to bring you value down the road.
For reference, below is my current Buy Box. Would appreciate your thoughts / feedback on this plan (i.e., is it even possible in this market?).
Buy Box
Location: Greater Twin Cities metro area (preferably western suburbs)
Investment strategy: BRRRR
Property type: Small single-family home (must have opportunity to add value)
Purchase price: $200K-$250K
Rehab costs: $0K-50K
Financing: cash purchase, refinance after rehab and renting
ROI (cash property before refinance): >5% cash-on-cash return
ROI (refinanced property): >0% cash-on-cash return, with >70% of total investment costs pulled out of the deal
Management Plan: PM
In best regards,
Ben