New Investor Plan Minnesota

[Luke Eckert]

Hey all! I'm just starting out located in the twin cities area (MN). I closed on my two bed one bath condo in April of this year and didn't stumble across BP until shortly after. I really like the idea of building a multifamily rental portfolio and I'm realizing I really should have tried for a duplex for my first property instead. Regardless, a duplex is what I'm looking at next and the way I see it I have two options:

1. Sell the condo, take the capital gains hit, and move into the duplex.

2. Wait until April of 2023, keep the condo as a rental, and house-hack into a duplex.

I'm leaning towards option (1), but I would appreciate any advice!

[Bruce Runn]

I'll continue to say, there are still deals out there to be had. You just have to work harder/find ways to create the opportunity to increase cash flow. I know someone that just closed on an off market triplex that has a great cash flow. I bought a 4 plex 2 months ago off the MLS that we did a meet up at that has an amazing cash flow off. You just have to be ready when the opportunity comes up and go into a properties to find the upside.