Hi, I'm Nikayla - a newbie in St. Paul, MN!

Hi, I'm Nikayla - a newbie in St. Paul, MN!

St Paul, MN · Member since 2018 · 8 posts · 5 votes

Hello everyone! My name is Nikayla Bautista. I'm a super newbie originally from small town, North Dakota, just learning & soaking up all the information I can from Bigger Pockets, especially while I drive around for work. I'm located in St. Paul, Minnesota now & I am a real estate photographer full-time. I grew up loving art, painting, design, music, etc. & always drew my "future dream homes" & pretended to create my bedroom into my own "house". I eventually grew up & went to college, where I got a Bachelor of Fine Arts with emphasis in Photography. Six months after graduating, I married the love of my life, whom I met doing missionary work and putting on Catholic youth retreats. I moved to St. Paul a few months before we got married & got a job as a real estate photographer. I've been having an amazing time analyzing homes that I get to walk into everyday (even before they go on the market!) and dreaming about what they will become!

The last several weeks, I have slowly learned that you don't have to have a million dollars to begin this journey of real estate investing, and I want in. As I learn more, it seems to become so clear before my eyes that this is what I want to do with my life! Although I haven't come up with the resources to make an offer quite yet, I am trying to analyze deals & watch or read at least an hour of podcasts or books on real estate daily. I want to begin with house flipping & eventually grow into doing rental properties! 

Thanks so much for even reading this. I am so excited to be a part of this community! If any of you are in the twin cities area, I would love to chat or go to a meet up. I drive all around the metro area (and sometimes even outside of that) every day for shoots. 

Cheers!

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Minneapolis, MN · Member since 2017 · 353 posts · 223 votes
8y

Welcome @Nikayla Snyder!  There is a lot of good info on here, and some I don't necessarily agree with..., but I think you will find it a good place to use as a free resource.  In addition to the resources on here, I think you should connect with some of the local groups to learn more about the local market as well.  I cannot speak to them from experience since I travel a lot for work, but many people are willing to share their experiences, what works for them, and give you advice.  Take advantage of that and make sure you really understand the numbers before diving in.

As you may already be aware, the twin cities market is tight from an investment standpoint at this time.  Good connections and understanding the market are important in ensuring you make a good investment so leverage the resources you have available.  

Good luck!

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  • Jordan MoorheadBusiness Member
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    8y
    Welcome! Let me know if you ever want to connect. I do host a monthly meetup in the area too for investors.
  • St Paul, MN · Member since 2018 · 8 posts · 5 votes
    8y

    @Jordan Moorhead Thank you - I would love to hear more about the monthly meetups for sure!

  • Minneapolis, MN · Member since 2017 · 353 posts · 223 votes
    8y

    Welcome @Nikayla Snyder!  There is a lot of good info on here, and some I don't necessarily agree with..., but I think you will find it a good place to use as a free resource.  In addition to the resources on here, I think you should connect with some of the local groups to learn more about the local market as well.  I cannot speak to them from experience since I travel a lot for work, but many people are willing to share their experiences, what works for them, and give you advice.  Take advantage of that and make sure you really understand the numbers before diving in.

    As you may already be aware, the twin cities market is tight from an investment standpoint at this time.  Good connections and understanding the market are important in ensuring you make a good investment so leverage the resources you have available.  

    Good luck!

  • St Paul, MN · Member since 2018 · 8 posts · 5 votes
    8y

    @James W. Thanks for the reply! I'm not super studied in this "area" yet, but have been realizing and learning that it's a tight market here. I'll definitely take your advice!

  • Minneapolis, MN · Member since 2017 · 353 posts · 223 votes
    8y

    @Nikayla Snyder Just take your time, understand the numbers, and meet some people to get their advice before making a buying decision.  You need to pull the trigger quick in our market to get a deal, but it is better to not pull it fast enough, than to pull the trigger on something you will regret for years.  

    I recommend running numbers on deals you wouldn't even be interested in to get an idea how it works so you are more knowledgeable when the time comes.  When looking at rentals, make sure you take into consideration the following:

    1. How are currents in line with market, or what can you get in rent?

    2. What is the supply of housing like in the area, and is this an area likely to see an increase in supply (new construction)?

    3. When it comes to utilities (gas, electric, water/sewer, trash, snow/lawn) make sure you understand what you might need to pay for as the landlord and what you can pass to the tenants.  This can be overlooked and impact your return.

    4. What are your goals (long term rental vs short term rent/sell)?

    5. How will the property perform in a stressed environment (lower rents/higher vacancy)?

    6. What is your exit strategy if things don't work out as planned?

    Real estate investing was easy when I started in 2007.  I could buy single family homes for cheap and get a 15% return in a decent neighborhood without factoring appreciation and using conservative numbers.  It is a different market now that the homes I was buying back then doubled in value in our market...  

    Real estate investing sounds sexy, but isn't what it was when prices were down and deals could be had every day.  It takes more work now and deals are tighter, so make sure understand the market before diving in.  

    Some of us on BP are more than willing to give you free advice on a deal if you post up the details.  Just don't post the address :).

  • Real Estate Agent · Minneapolis, MN · Member since 2016 · 361 posts · 296 votes
    8y

    Hey @Nikayla Snyder ,

    Welcome to the BP forums! There are a ton of helpful articles and fellow investors on here, so it's worth exploring as much as possible.

    Photography I'm going to disagree with @Account Closed on this one. Construction companies (or any company) often try to pidgeon-hole employees so they have stable expenses (salaries + benefits) while pursuing more sales. A salaried photographer in the Twin Cities makes $40k/year but you could make 2-3x if you go solo and add drone and Matterport to your offerings. That's all assuming you never hire out any of the work and do 1-2 photo shoots a day.

    First acquisition idea: One option you may consider is buying a 2-4plex, live in one unit, and rent out the others. It'll give you a chance to learn to find deals (with or without a realtor), analyzing the deal, making offers, conducting due diligence, finding/keeping renters, and property management.

    Taking action: At the end of the day, the successful investors take action. Most investors get stuck after analyzing and before 'doing' so make sure to 'do' when the next light is green. It's even better when your spouse is on board!

    You'll do great!

  • Jordan MoorheadBusiness Member
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    8y

    @Nikayla Snyder shoot me a PM and I'll send the link

  • Realtor · Minneapolis, MN · Member since 2016 · 245 posts · 107 votes
    8y

    Welcome @Nikayla Snyder ! 

    This is a great resource for new investors to learn and be a sponge of information.  If you hustle hard you can definitely still find deals in this market. Good luck on getting started. Listen to as many BP podcasts as you can. 

    I also have a couple monthly meetups I house. One is a real estate happy hour and another is a House Hacking group. Would love to have you and any guests of yours join. 

    Kurt 

  • St Paul, MN · Member since 2018 · 8 posts · 5 votes
    8y

    @Kurt Pauley yes! I would love to join a meet up. Could you give me more info on when and where?

  • St Paul, MN · Member since 2018 · 8 posts · 5 votes
    8y

    @Account Closed thanks for the comment! I think the team building thing is a good long term strategy (less about calling people you don’t know well and asking them to be on your team or something)! But I see your point. As far as construction goes, I actually rather like my photo job & wouldn’t mind staying in it for even several years while I am starting out in this business! At least until I make enough passive income to stabilize, or have a couple kids. 

    I like what you said about contractors though! Most people that I plan on having on my “team” are friends of mine or family members who are licensed in plumbing, electrical, welding, etc. Any cosmetic things (even walls, many types of flooring, etc.) I can do with my husband without hiring someone.

  • St Paul, MN · Member since 2018 · 8 posts · 5 votes
    8y

    @Nathan Platter thanks for all your help & being so clear and detailed! I would so love to get a small multi and live in it while renting, but my husband and I already own a house (and only have since November). It’s basically in 95% perfect condition & was when we bought it. We’re finishing the basement this summer & are hoping to make a little extra money out of it, but hardly anything major. 

    I would like to get into renting eventually as well, but we are planning on moving to Vegas (my husband is from there) after a year or two longer here & I don’t know if that’s a long enough time to even benefit from renting. That’s why I think I should focus on just a few flips first! And then maybe when we move, try to do the live in multi home hack! Any advice on all that would be lovely!

  • Lakeville, MN · Member since 2018 · 30 posts · 17 votes
    8y

    @Kurt Pauley I too would be very interested in joining your House Hacking group! Any information would be splendid.

  • Realtor · Minneapolis, MN · Member since 2016 · 245 posts · 107 votes
    8y

    @Patrick Olownia Hey Patrick, I will send you a message and colleague request!

  • St Paul, MN · Member since 2018 · 8 posts · 5 votes
    8y

    @Account Closed what is a NYET?

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