Newbie from Minnesota

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Newbie from Minnesota

Pauline Misiak
Eden Prairie, MN · Member since 2016 · 116 posts · 12 votes

Hello Biggerpockets members,

I have been on this site for a couple of months but had not taken the chance to officially introduce myself. 

I have no real estate experience but I have been doing alot of learning through listening to alot of the BP podcasts, other podcasts like Rich Dad radio show, Jason Hartman's podcast and the real estate guys radio show. I started off this real estate journey by signing up for the rich dad real estate course last year July and one year later with credit card debts I still do not have a deal to show for it. I also got suckered into another guru's program, Marko Rubel and paid for the foreclosure explained course but without real life local mentors to guide me, I got lost and have no deal to show for all the time and money invested.

I am here to network and learn from like minded individuals. If a local mentor from Minnesota wants to take me under their wing, I will happily increase their bottom line. I can bird dog for them. I am handy with tools and not afraid to make my hands dirty. 

Sincerely,

Pauline Misiak 

2Reply
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Most Popular Reply

Suzanne Griffiths
Investor · Hugo, MN · Member since 2016 · 208 posts · 68 votes
10y

Hey @Pauline Misiak I would suggest broadening your target area, making sure that you are looking at distressed or bank owned properties.  If you are willing to put a little elbow grease in you can get a better deal and put a little work into it that way.  Visit the MNREIA meetings the first Tuesday of the month.  Lots of great market information, people to network with and great monthly speakers to help broaden your knowledge.  Lastly, take action.  Start making offers.  If a traditional sale look for something that has been on the market for awhile, they may be more willing to negotiate or do seller financing.  Think creatively, drive for dollars, look at the vacant home lists and mail directly to those people.  Finding something off market may be a great solution for you.  You can always message me if you have any specific questions.

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  • Joshua D.
    Investor · Columbus, MT · Member since 2013 · 1k+ posts · 1k+ votes
    10y

    @Pauline Misiak

    Welcome to the forums!

    What is holding you back from getting your first deal? Sounds like you have a good amount of information already. 

    0Reply
  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    10y

    Hey @Pauline Misiak, welcome to BiggerPockets! Definitely start jumping into the community here and feel free to ask any questions related to Real Estate investing!

    BiggerPockets
    0Reply
  • Rapy Narruhn
    Vancouver, WA · Member since 2015 · 98 posts · 46 votes
    10y

    Welcome to BP @Pauline Misiak! I have no doubt that you will find someone to work with in the Minnesota area with your type of mindset and work effort:) Till then, continue learning but also doing. 

    Best.

    0Reply
  • Pauline Misiak
    OP
    Eden Prairie, MN · Member since 2016 · 116 posts · 12 votes
    10y

    @Joshua D getting the right deal that has positive cash flow here in Minnesota and knowing how to structure the deal with no money down. I have been doing a lot of the deal analysis using the BP rental analysis calculator with the objective of getting a SFH buy and hold with $200 positive cash flow/month and 12% cash on cash ROI but nothing meets my criteria so far.

    @Dave Visaya, Thanks. I will keep asking questions. One of which, how do I make my mention of your name get hyperlinked to your profile so you get the alert? I use my android mobile phone alot and not sure if @someone's name works with mobile phones.

    0Reply
  • Pauline Misiak
    OP
    Eden Prairie, MN · Member since 2016 · 116 posts · 12 votes
    10y

    @Joshua D getting the right deal that has positive cash flow here in Minnesota and knowing how to structure the deal with no money down. I have been doing a lot of the deal analysis using the BP rental analysis calculator with the objective of getting a SFH buy and hold with $200 positive cash flow/month and 12% cash on cash ROI but nothing meets my criteria so far.

    @Dave Visaya, Thanks. I will keep asking questions. One of which, how do I make my mention of your name get hyperlinked to your profile so you get the alert? I use my android mobile phone alot and not sure if @someone's name works with mobile phones.

    0Reply
  • Elizabeth Sawyer
    Investor · Minneapolis, MN · Member since 2016 · 9 posts · 6 votes
    10y

    Hey @Pauline Misiak, do you have a local banker to work with?  Do you have a local real estate agent to work with?  It sounds like your brain is full of everything you need to know.  Now you just need to find local professionals to work with to get the show on the road.  Trust yourself.   Keep your standards high, but not too high so as to be unrealistic.  I'm in Plymouth, just up the street from you.  If you want to have coffee some time, let me know.

    0Reply
  • Pauline Misiak
    OP
    Eden Prairie, MN · Member since 2016 · 116 posts · 12 votes
    10y

    @Elizabeth, I have local real estate agents who send me lists for the 3bed 2 bath SFH max of 250K in 55347 zjp code criteria which does not seem to produce much for Eden Prairie homes. What would you advise since you are in my neighborhood?

    I am not currently actjvely working with a local bank fir investing portfolio, which ones do you recommend? Thanks for reaching out. I sent you a PM. Let's meet for coffee for sure.

    0Reply
  • Suzanne Griffiths
    Investor · Hugo, MN · Member since 2016 · 208 posts · 68 votes
    10y

    Hey @Pauline Misiak I would suggest broadening your target area, making sure that you are looking at distressed or bank owned properties.  If you are willing to put a little elbow grease in you can get a better deal and put a little work into it that way.  Visit the MNREIA meetings the first Tuesday of the month.  Lots of great market information, people to network with and great monthly speakers to help broaden your knowledge.  Lastly, take action.  Start making offers.  If a traditional sale look for something that has been on the market for awhile, they may be more willing to negotiate or do seller financing.  Think creatively, drive for dollars, look at the vacant home lists and mail directly to those people.  Finding something off market may be a great solution for you.  You can always message me if you have any specific questions.

    1Reply
  • John Woodrich
    Flipper/Rehabber · Minneapolis, MN · Member since 2016 · 1k+ posts · 1k+ votes
    10y

    Welcome to BP. It sounds like you are looking to invest in your neighborhood and that doesn't always work. I understand you would like the convenience, you like the area, etc but it is going to be hard to make a fully finished SFH work in that area. I have a couple clients who have picked up some cheap condo's/townhomes in EP but they had to look for them.

    Your real estate agents are likely sending you houses they think are good deals, for example the $250k house may be worth $280k.  That doesn't mean it would make a good rental though.

    The west metro isn't a cheap area to invest. It is going to be even tougher if you are trying to keep it in your zip code. I would recommend expanding your target location to include surrounding areas. Hopkins and Minnetonka are also hard to invest in however if you aren't looking in the areas you are never going to find anything. I had a SFH rental in Hopkins I purchased at a live auction for $66k, my brother now owns it and it has been a great investment. I would also recommend you get a good idea of market rent as it will drive your calculations.

    0Reply
  • John Woodrich
    Flipper/Rehabber · Minneapolis, MN · Member since 2016 · 1k+ posts · 1k+ votes
    10y

    @Suzanne Griffiths beat me to it!  Had someone come in my office and delay my post.

    I second looking for rehabs, it is hard to find investment grade properties by purchasing finished houses on the MLS.

    0Reply
  • Suzanne Griffiths
    Investor · Hugo, MN · Member since 2016 · 208 posts · 68 votes
    10y

    @John Woodrich great minds think alike ;)

    0Reply
  • Sam Steadman
    Real Estate Agent · Minneapolis, MN · Member since 2015 · 129 posts · 63 votes
    10y

    @Pauline Misiak,

    Welcome to the site and so happy you are here.

    It is important to network and connect with good people in your local area. Those "gurus" are often a waste of time and money! 

    Let me know if you would want to grab a coffee sometime. Hopefully I can help you in someway! Shoot me a PM and lets schedule a time to meet.

    Sam 

    0Reply
  • Pauline Misiak
    OP
    Eden Prairie, MN · Member since 2016 · 116 posts · 12 votes
    10y

    Thank you all for the great feedback and quick responses! That is awesome to know that I am surrounded by very supportive like minded investors. 

    @Suzanne , I will definitely broaden my target area. I am a MNREIA member and volunteer actually and I have done direct marketing to distressed sellers in foreclosure lists but no success yet. I will PM you for more pointers. Thanks!

    @John, thanks for the tip on including Hopkins. Don't auctioned properties need cash upfront which is challenging at this point. I agree I need to include rehabs. Thank yoi so much for the feedback. I need to make offers!

    0Reply
  • Pauline Misiak
    OP
    Eden Prairie, MN · Member since 2016 · 116 posts · 12 votes
    10y
    Originally posted by @Sam Steadman:

    @Pauline Misiak,

    Welcome to the site and so happy you are here.

    It is important to network and connect with good people in your local area. Those "gurus" are often a waste of time and money! 

    Let me know if you would want to grab a coffee sometime. Hopefully I can help you in someway! Shoot me a PM and lets schedule a time to meet.

    Sam 

    Hi Sam,

    I have learned it the hard way about spending money on gurus when I could have spent that money on deals! 

    Yes, let's network together.

    0Reply
  • Cha Yang
    Investor · St. Paul, MN · Member since 2014 · 48 posts · 14 votes
    10y

    @Pauline Misiak 

    Your ability to take action will determine if you can get a deal under your belt. Don't be afraid of making mistakes or losing money, because if you are you will never get a deal done. Kind of like not learning how to walk because your afraid of falling. One tip I give to everyone who is starting out in REI and want all the best deals is: Every day go out and tell three people that you are a Real Estate Investor and tell them about what you do. Don't try to sell them on anything, just talk to them and let them know what you are doing. Do that every day with three new people. If you do this the deals will come to you.

    0Reply
  • Pauline Misiak
    OP
    Eden Prairie, MN · Member since 2016 · 116 posts · 12 votes
    10y

    Thanks David!

    0Reply
  • Mark Nolan
    Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes
    10y

    @Pauline Misiak

    Welcome to Bigger Pockets.

    0Reply
  • Pauline Misiak
    OP
    Eden Prairie, MN · Member since 2016 · 116 posts · 12 votes
    10y

    Thanks Mark!

    0Reply
  • Brian Wagner
    Lender · Wayzata, MN · Member since 2016 · 26 posts · 8 votes
    10y

    @Pauline Misiak

    Welcome to BP.  If you are looking for a local bank in the EP area please look us up.  Best of luck as you work towards your first investment property.

    0Reply
  • Pauline Misiak
    OP
    Eden Prairie, MN · Member since 2016 · 116 posts · 12 votes
    10y

    Thanks Brian. I would like to know more about your services.  I just sent you a PM.

    0Reply
  • Bernard Smith
    Buffalo, MN · Member since 2016 · 9 posts · 2 votes
    10y

    Hey Pauline,

    we should keep in touch, so when one of us makes a break thru we can help the other.

    Bernie

    0Reply
  • Pauline Misiak
    OP
    Eden Prairie, MN · Member since 2016 · 116 posts · 12 votes
    10y

    Hey Bernie!

    Good to see you here on BP.  Definitely, we need to keep in touch. 

    0Reply
  • Sean Wait
    Wholesaler / Investor · Hastings, MN · Member since 2015 · 58 posts · 32 votes
    10y

    Welcome Pauline!

    It has already been said but I think is worth repeating to attend a MNREIA meeting, there are also sub-meetings like the Beginners lunches and things like that.

    I have learned a ton of stuff about all facets of the real estate investing world.  I am a loan officer by day so if you have any questions when it comes to things with financing feel free to reach out.

    Sean

    0Reply
  • Pauline Misiak
    OP
    Eden Prairie, MN · Member since 2016 · 116 posts · 12 votes
    10y

    @Sean Wait,

    Thanks for your input. I am already a MNREIA member and volunteer. I have been to one of the beginner’s luncheon as well. I look forward to connecting with you. 

    0Reply
  • Lisa Filiatrault
    Real Estate Agent · Zimmerman, MN · Member since 2016 · 44 posts · 10 votes
    10y
    Nice to meet another fellow Minnesotan!!
    0Reply
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