New Member - Minneapolis

18 posts by 12 users

Medium 1399668878 avatar angelamg Angela Maurer Green
Minneapolis, MN
7 Posts
0 Votes
0 Awards

Angela Maurer Green

from Minneapolis, Minnesota

Feb 05 '13, 09:06 AM


I am a brand new member in Minneapolis, MN. I am in the "learning" phase of real estate investing and look forward to gaining knowledge and making my first deal in 2013.



Medium 1448323178 avatar blackbelt Joel Owens
Commercial Real Estate Broker from Canton, GA
10235 Posts
5062 Votes
17 Awards

Joel Owens Verified Video Moderator

Commercial Real Estate Broker from Canton, Georgia

Feb 05 '13, 09:10 AM


Welcome Angela,

What type of real estate are you going after?



Medium allworldrealtyJoel Owens, All World Realty
E-Mail: [email protected]
Telephone: 678-779-2798
Website: http://www.AWcommercial.com


Medium 1399600260 avatar sabrinalaplante Sabrina Laplante
Real Estate Investor from Squaw Valley, CA
101 Posts
17 Votes
1 Award

Sabrina Laplante

Real Estate Investor from Squaw Valley, California

Feb 05 '13, 09:23 AM


Welcome Angela,
This is by far the best place to learn all kinds of things to help you become successful! Best of luck!



Angela Maurer Green

from Minneapolis, Minnesota

Feb 05 '13, 10:51 AM


At this point strongly leaning towards rentals, considering flipping.



Medium 1399657623 avatar nitrousflame Robby McCabe
Minnetonka, MN
9 Posts
0 Votes
0 Awards

Robby McCabe

from Minnetonka, Minnesota

Feb 05 '13, 11:19 AM


Hello Angela,

I too am in the Minneapolis metro area and am in essentially the same boat as you -- looking to do my first deal this year.

It's tough to find a true 2%, 50% deal around here, so I'm looking into doing a mix of rehabbing and rentals myself.

Looking forward to seeing you around the forums.



Medium 1448388867 avatar rei milw Jenkins Ramon
Milwaukee County, WI
3393 Posts
391 Votes
7 Awards

Jenkins Ramon Donor

from Milwaukee County, Wisconsin

Feb 05 '13, 03:53 PM


Welcome,

Make sure you get familiar with Minnesota Real Estate laws
( flipping , wholesaling, buy and hold , etc )



Jenkins Ramon, JMWPS Ventures, LLC
E-Mail: [email protected]


Medium 1438809572 avatar greenbaron Antonio Lombardo
Investor from Tampa, FL
16 Posts
2 Votes
2 Awards

Antonio Lombardo

Investor from Tampa, Florida

Feb 05 '13, 04:02 PM


If you're having a hard time getting rentals to work, you'll have an even harder time finding a good flip. Where are you two looking for your inventory?



Angela Maurer Green

from Minneapolis, Minnesota

Feb 05 '13, 05:55 PM


Jenkins - absolutely and thank you for the reminder. I have a legal background and have quite a few practicing lawyer friends - that portion of my "team" so to speak is great.

I should clarify my current position. I truly am in the educating myself phase. Real estate is something both my husband and I have been passionate about for the last 8+ years. I currently have the time and resources to get involved. My initial thought is to buy and hold multi-family rentals to build a portfolio. He thinks flipping would be more "fun". After reading more (and more and more and more!) I am intrigued by both wholesaling and subject to purchases. Looking to learn a lot more, solidify a plan and move forward in the next few months.

Robby - I have not gotten to the serious looking phase yet, just browsing available listings in Minneapolis (passively). Where are you focusing?



Medium 1448399064 avatar biggerpo Joshua Dorkin
BiggerPockets Founder/CEO from Denver, CO
16024 Posts
4119 Votes
23 Awards

Joshua Dorkin Verified Donor

BiggerPockets Founder/CEO from Denver, Colorado

Feb 05 '13, 07:30 PM


Hey Angela and welcome aboard! Feel free to jump in on some of the wholesaling and sub2 threads here on the site to help you get things moving. That said, make sure you and your husband are on the same page -- there's nothing worse than dealing with a spouse that has a different strategic path than you do.



Medium fbprofileJoshua Dorkin, BiggerPockets
Website: http://www.biggerpockets.com


Medium 1438292594 avatar jediinvestor Cory Binsfield
Investor from Duluth, MN
71 Posts
71 Votes
6 Awards

Cory Binsfield

Investor from Duluth, Minnesota

Feb 06 '13, 07:47 AM


Angela, Joshua makes a critical point. When I started out, my wife did not share my passion/vision and it ended up being a constant source of tension. Flips are basically second jobs. It sounds glamorous, like day trading stocks, but it's requires a large time commitment and the risk are greater. The tax aspects are onerous compared to buy and hold. Flippers are taxed at the dealer rate while investors are taxed at the lower capital gain rate. Worse, you can't benefit from depreciation deductions that can lower your personal tax liability. It's the difference between earned income and unearned income. Bottom line, begin with the end in mind and work backwards from there. Keep building a team and make sure your values are aligned with your financial goals. For example, if you value free time, you would try to create a passive income stream of buy and hold investments that are near your work or residence. Correctly positioned, you could retire in ten years or leas. If you value generating fast cash and don't want to deal with tenants, toilets and turnover, you would focus on flips. Just some thought as you get started. Good luck in MPLS. My favorite area is Uptown.



Medium 1399659709 avatar tkneo Tarun Kapoor
Minneapolis, MN
35 Posts
3 Votes
1 Award

Tarun Kapoor

from Minneapolis, Minnesota

Feb 06 '13, 08:48 AM


Hi guys, I am in Minneapolis as well. As some have mentioned, its hard to find deals with CAP rate as attractive as others on BP are finding in other cities/states around US. I have been pretty serious for about 1 year. 3 offers i made in the last year on SF properties didn't win because other offers were higher. Finally, we closed on a condo in St Paul, last week. Its a 5 year old building. The condo was priced at 290K in 2007. I bought it for 145K. it was unoccupied for 3 of the last 5 yrs. The rent is around 1650..

It seems like the agents have deals that they give to their favorite clients. My suggestion is that we form a group and approach an agent. Please contact me on my email if interested.



Robby McCabe

from Minnetonka, Minnesota

Feb 06 '13, 09:21 AM


I'm very much in the learning/education phase myself as I work on fixing up my own personal residence with the intention to sell this year. Once I free up the equity (and hopefully profit) from the sale, I will be a lot more serious about making offers on investment-oriented properties.

For now, I'm familiarizing myself with the types of properties that are available and what they tend to sell for using the MLS. I've been looking around pretty much anywhere in Mpls with the exception of North Mpls. I'm less familiar with the desirable locations in St. Paul, but I'm learning that as well so as to expand my potential search.

I've also been attending the MNREIA meetings to learn about our market and to meet other investors. This also seems to be a decent place to find non-MLS listed properties for sale by local wholesalers and other investors.



Medium 1399665654 avatar patricio1 Patrick Martinez
Investor from Stockton, CA
92 Posts
9 Votes
1 Award

Angela Maurer Green

from Minneapolis, Minnesota

Feb 06 '13, 12:40 PM


Joshua & Cory - agreed 100%! We will absolutely be on the same page before jumping in. And I am confident we will get there.

Tarun - congrats on your purchase! Though I appreciate the offer to collectively approach an agent, I am not comfortable yet. I need a greater understanding of financing options, contracts, tax implications, and also want to fully explore wholesaling and subject to's. Once I do that and have a focused plan I would be interested in meeting and helping each other.



Medium 1399433694 avatar delondon Delondon Dear
Real Estate Investor from 30906, GA
162 Posts
25 Votes
2 Awards

Delondon Dear

Real Estate Investor from 30906, Georgia

Feb 06 '13, 01:07 PM


@ @Angela Maurer Green
Welcome. I would recommend that if you are looking to explore the flipping side of real estate, go ahead and start now getting a few good wholesalers on your team in your area. They will not only be able to send you multiple deals, but teach you a lot along the way.



Medium 1448398348 avatar brandonatbp Brandon Turner
Investor from Montesano, WA
12472 Posts
2398 Votes
18 Awards

Brandon Turner Verified Video

Investor from Montesano, Washington

Feb 06 '13, 01:25 PM


Welcome to BP @Angela Maurer Green! I am originally from Minnesota - but couldn't handle the snow so I moved West :)



Medium fbprofileBrandon Turner, BiggerPockets
E-Mail: [email protected]
Website: http://www.BiggerPockets.com


Tarun Kapoor

from Minneapolis, Minnesota

Feb 07 '13, 08:43 PM


Originally posted by Robby McCabe:

I've also been attending the MNREIA meetings to learn about our market and to meet other investors. This also seems to be a decent place to find non-MLS listed properties for sale by local wholesalers and other investors.

Hi Robby, did you have to pay the annual membership of $179 to attend the MNREIA meetings ? Have the meetings been helpful ? (Not in terms of RE knowledge but in terms of finding deals that havent made it to MLS)



Robby McCabe

from Minnetonka, Minnesota

Feb 08 '13, 07:39 AM


Originally posted by Tarun Kapoor:

Hi Robby, did you have to pay the annual membership of $179 to attend the MNREIA meetings ? Have the meetings been helpful ? (Not in terms of RE knowledge but in terms of finding deals that havent made it to MLS)

The first meeting is free, so I went last month to see what it was all about. When I went, they gave me an additional free pass, so I went again this month.

I'm not quite ready to pull the trigger on an additional property yet, so I haven't really analyzed many of the deals that have come up. That said, none of the deals presented by wholesalers piqued my interest enough to look into them any further either.

I'm not sold on paying the $180/yearly fee yet, but it's definitely worth going to one of the meetings (for free) to see for yourself. Additionally, they also offer an online-only subscription for $50/yr that allows you to listen to the entire meeting (including the member haves/wants) and download any presentation files.



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