Motivated Newbie in Minneapolis Suburbs Looking for DEALS!!

Motivated Newbie in Minneapolis Suburbs Looking for DEALS!!

Delano, MN · Member since 2017 · 1 post · 1 vote

Hi Everyone! I am a newcomer to the real estate investing business and new to the site. I live in the Western suburbs of Minneapolis and am mainly interested in flips and possibly wholesaling to get some cash to eventually start investing in more longer-term rentals. My main focus right now though is getting my first deal. 

I have been working with a realtor and have a recommended hard-money lender on board. So far, I have put in offers on 2 separate houses, and lost both of them to other bidders. Supply is really thin on the MLS right now, so I suspect I may need to start some marketing to get some deals going. If there are any wholesalers in the Minneapolis area, send me a message, I'd love to get some deals going wherever I can get them!

I am highly motivated and already feel like I have learned a lot, but I have a long way to go and lot of experience to gain. My goal is to eventually be able to quit my job and do this full time. I would love to chat with anyone in the area to start building my network out, so feel free to respond here or message me if you are nearby and want a free coffee to chat. Thanks!

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Richfield, MN · Member since 2014 · 25 posts · 8 votes
9y

Welcome Eric, 

You are correct about the supply of homes. The Minneapolis Area Association of Realtors report for January said the months supply is 1.7, which is down 26.1% from January 2015. I work in a Real Estate office (not an agent) and see a lot of bank owned properties. One of our brokers has 13 listings currently active and another 13 under contract. It seems most banks are doing repairs like paint, carpet & appliances before listing the properties and pricing accordingly, which really eats into the flipper's profit. It is most definitely time to be creative. Good Luck to you! 

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  • Richfield, MN · Member since 2014 · 25 posts · 8 votes
    9y

    Welcome Eric, 

    You are correct about the supply of homes. The Minneapolis Area Association of Realtors report for January said the months supply is 1.7, which is down 26.1% from January 2015. I work in a Real Estate office (not an agent) and see a lot of bank owned properties. One of our brokers has 13 listings currently active and another 13 under contract. It seems most banks are doing repairs like paint, carpet & appliances before listing the properties and pricing accordingly, which really eats into the flipper's profit. It is most definitely time to be creative. Good Luck to you! 

  • Rental Property Investor · Carlisle, PA · Member since 2013 · 1k+ posts · 543 votes
    9y

    @Eric Starkey, welcome to BP.  Stick with it and you will get one of these deals.  Just don't get frustrated or emotional.  The numbers are the numbers and a deal works or it doesn't.  Good luck!!

  • Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes
    9y

    @Eric Starkey

    Welcome to Bigger Pockets. Make sure to read the Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing

  • Buy and Hold Investor · Alexandria, VA · Member since 2013 · 181 posts · 51 votes
    9y

    Buy a four plex in Fridley, move in and get owner-occupied financing.

    This one just listed: 7150 Central Avenue NE, Fridley, MN 55432

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