Attempting BRRRR in north minneapolis or st paul
Greetings, I am a rookie investor with just one duplex which I am house hacking right now in twin cities. I am in process of completing David' book on BRRRR. Here are some of the points that I need some direction on
- Since Rehab cost in bigger cities is more, do investor shift their focus to smaller cities where they can drive back and forth within a day. How do you manage it with regular 9-5 job, until you find a reliable team there. Also I believe there is too much competition within the cities. I am planning to use my savings for entire project so looking for smaller project(<100k) which limits me to fewer neighborhoods. Should I change this and use savings just for rehab and use hard/private money lender and go with regular size project(150k-200k). Smaller project would enable me to damage control better in case something goes sideways but it would limit me to not so nice neighborhoods.
- With market delinquencies, do you think there is risk of ARV going down by the time I get done with the BRRRR which might be end of this year probably.
- Does anyone references in twin cities for rockstar investor friendly GC, wholeseller and hard money lender? Please feel free to direct message me. Also let me know if I can help with with any of your issues or can value add in exchange. I also want to get creative with rehabs so investor friendly aspect helps since they might know answer to most of the common problems.
- Does anyone know of a property manager who can manage the property where I plan to rent by room.
- Why do people prefer Minneapolis as compared to St Paul? Is it because of demand supply, more employers and higher rents? or are there other contributing factors like difficulty in getting permits, inferior city maintenance, taxes etc?
If you are inn twin cities area then I would love to buy you lunch/coffee and picking your brain on some of these questions.