How cheap do auctions go in Minneapolis?

6 Replies

Howdy! I just moved to Minneapolis for school. I’ve got about $25k cash, $60k in credit lines, good contracting and industry experience (did multi-family portfolio management for a while) and no job (so no mortgage opportunities).

For you MN folks, what’s the bottom of the “crappy but not tear-down” bad? Would you even bother in my shoes?

I’d be down to grab a beer sometime as well with anyone in the area.

Thanks in advance!

If I were in your shoes I would talk to some hard money lenders and start looking for a flip opportunity.  Without any income you will find it hard to get into rentals in the area.  You could purchase something for $85k but it will be hard to do it without dipping into North Mpls.  

You could also consider buying a condo or looking for seller financing options.

@Nicholas Flatoff I think @John Woodrich 's recommendation of looking into alternative financing and seller financing is a great idea.

You could also partner with someone who has some income to get the job done. There are tons of local banks doing loans for flippers just like HML but at much better rates and cost.

Thanks both for the responses! @Jordan Moorhead do said banks lend based on personal income or projected value? I can whip up some pretty sick proforma’s.

I’m used to doing these at the corporate level, so aside from owner-occupied loans this is all new to me!

Thanks again. 

@Nicholas Flatoff you may want to network with some flippers.  You could partner on some deals and increase your cash.  Two guys come to mind that you should meet and see if there is an opportunity.  @Matt Tobler @Drew Tobler

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