The joruney starts in Minneapolis, MN (Savage)!

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The joruney starts in Minneapolis, MN (Savage)!

Michael Buckland
Real Estate Investor · A, AB · Member since 2014 · 7 posts · 2 votes

My name is Mike and my fiancé Emily and I are diving head first into this journey.  We're starting with education and are trying to absorb no less than 60 minutes daily in Education. 

I work in Technology Sales and Emily is an Underwriter.  Our primary interests are Buy and Hold and Flips in the Minneapolis/St. Paul Twin Cities Metro area.  Future goals include expansion into Duluth, MN and the Southwest US.  Our primary goal is Education in all areas of Real Estate Investing.  We're willing to invest the time, effort and resources for the next several years knowing it will pay off 10X in the future.  Bring on Toilet Overflow calls at 2AM.

Knowing I only learn after I get burned, we are incredibly interested in learning from your experiences!

What do you wish you knew when you started your Real Estate Journey?

Mike and Emily

Savage, MN

Journey Started - December 10th, 2014

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Alan Mackenthun
Rental Property Investor · Englewood FL & Prior Lake, MN · Member since 2012 · 107 posts · 33 votes
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Welcome Mike.  You've come to a great place to learn.  I'm close by just south of Prior Lake.  I also haven't ever had a plugged toilet call, but calls do come occasionally.

As you said the best learning is doing.  Find some good templates to analyze properties so you can recognize a good deal when you see it.  Flips are really a different business than buy and holds.  Flips are really more another job than an investment since so much work is required for the rehabilitations.  I've done a few, but they always remind me how much time they require (that I don't have).  If you're managing properties yourselves, then I've learned to buy them close by.  I'm going to be selling one soon because I'm tired of heading up to Maple Grove.  If you're paying someone else to manage them, then you can expand your search.  There's a wealth of info in the forums so search them with any questions and then ask away if needed.  My wife and I are also in software and invest in RE on the side.  Good luck and Happy Holidays.

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  • David Moore
    Investor · Crystal, MN · Member since 2013 · 486 posts · 277 votes
    11y

    Greetings and welcome to BP!

    I'm an investor in Minnesota and I live in the Twin Cities.  You will find a lot of good advice on this forum.  Your comment on toilet overflow calls is funny...it is a common misconception from non-real estate investors.  I have three rentals, and I've never had a plugged toilet call.  I think the key to this is acceptance and learning.  Book learning is great, like J Scott's book on real estate investing.  But you have to jump in at some point.  My first deal?  A great house, and my worst investment.  Good news is 2nd was better, but 3rd was an absolute bargain.  Now I'm sitting on house #4 bid going after @Dawn Anastasi rates of return.  Like J Scott says, know your backyard and build your team. 

    Back to plugged toilets.  Screen and then train your tenants.   The right tenants will take care of the house for you.  You are in the right place to ask questions...keep asking away.

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  • Dawn AnastasiPro Member
    Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
    11y
    Originally posted by @David Moore:

    Now I'm sitting on house #4 bid going after @Dawn Anastasi rates of return.  Like J Scott says, know your backyard and build your team. 

     It's funny to think I'm a point of comparison!  :)

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  • Brandon SturgillBusiness Member
    Real Estate Broker · Columbus, OH · Member since 2013 · 3k+ posts · 1k+ votes
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    Welcome @Michael Buckland best of luck...I wish I actually knew how much everything cost...the cost of acquiring a property, the cost of money, the cost of rehab, the cost of holding, the cost of selling...there are so many unknown costs in REI that you really only truly understand after you have been investing. Sounds like you are a quick learner, though.

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  • Sean T.
    Rental Property Investor · MA · Member since 2014 · 420 posts · 213 votes
    11y

    Hi @Michael Buckland and welcome!  I am a software sales exec myself!  Good luck on the journey!

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  • Alan Mackenthun
    Rental Property Investor · Englewood FL & Prior Lake, MN · Member since 2012 · 107 posts · 33 votes
    11y

    Welcome Mike.  You've come to a great place to learn.  I'm close by just south of Prior Lake.  I also haven't ever had a plugged toilet call, but calls do come occasionally.

    As you said the best learning is doing.  Find some good templates to analyze properties so you can recognize a good deal when you see it.  Flips are really a different business than buy and holds.  Flips are really more another job than an investment since so much work is required for the rehabilitations.  I've done a few, but they always remind me how much time they require (that I don't have).  If you're managing properties yourselves, then I've learned to buy them close by.  I'm going to be selling one soon because I'm tired of heading up to Maple Grove.  If you're paying someone else to manage them, then you can expand your search.  There's a wealth of info in the forums so search them with any questions and then ask away if needed.  My wife and I are also in software and invest in RE on the side.  Good luck and Happy Holidays.

    1Reply
  • Michael Buckland
    OP
    Real Estate Investor · A, AB · Member since 2014 · 7 posts · 2 votes
    11y

    Thanks for the insight David Moore!  I'll be sure to pick up J Scott's book.  Is there a particular aspect of BP you find most educational or helpful?  The site is tremendous and I'm trying to narrow my focus to "key elements".

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  • Michael Buckland
    OP
    Real Estate Investor · A, AB · Member since 2014 · 7 posts · 2 votes
    11y

    Brandon Sturgill - Thank you for the tips on understanding the "hidden costs" associated with acquisition.  To plan for the worst case, have you found a formula or percentage that allows you to safely scope a deal and avoid those huge surprises?

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