First Duplex Closed in Minneapolis

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First Duplex Closed in Minneapolis

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

After finding BP a few years ago I have finally closed on a duplex in Northeast Minneapolis!

I've been wanting to invest in real estate since I was in my teens (I had odd interests as an early teen) and have been waiting to be able to buy due to owning a small business and needing to qualify for a loan.

The home was purchased for $177000 and needs around $10k worth of work. We are replacing the gravity heater and remodeling the lower unit.

I'm excited to really get started investing since I've been learning for several years, thanks BP!

[email protected]512-888-9122
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Heidi PliamPro Member
Attorney, Investor, Syndicator · Minneapolis, MN · Member since 2016 · 40 posts · 39 votes
9y

Congratulations Jordan!  Since funding is a frequent stopping point for many new investors, would you mind sharing with us how you found your way out of that roadblock?

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  • Oscar Brooks
    Minneapolis, MN · Member since 2016 · 62 posts · 29 votes
    9y

    Nice! Congrats. Hope it's the first of many successes in REI for you.

    0Reply
  • Danny F.
    Waianae, HI · Member since 2016 · 111 posts · 47 votes
    9y

    Excellent in making the beginning of your dreams a reality.  Best success to your future!!

    0Reply
  • Amber Gonion
    Real Estate Broker · Hugo, MN · Member since 2016 · 688 posts · 596 votes
    9y
    Great! What neighborhood are you in?
    0Reply
  • Michael Wilson
    Investor · Greenville, SC · Member since 2015 · 10 posts · 3 votes
    9y

    That's great! Good luck!

    0Reply
  • Jordan MoorheadBusiness Member
    OP
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    9y
    Amber Gonion Marshall Terrace, right down the street from Betty Dangers. Thanks guys! This first one was very motivating!
    [email protected]512-888-9122
    The Moorhead Team5140 Reviews
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    0Reply
  • Heidi PliamPro Member
    Attorney, Investor, Syndicator · Minneapolis, MN · Member since 2016 · 40 posts · 39 votes
    9y

    Congratulations Jordan!  Since funding is a frequent stopping point for many new investors, would you mind sharing with us how you found your way out of that roadblock?

    1Reply
  • Jordan MoorheadBusiness Member
    OP
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    9y
    Zeke Mohammod I'll consider anyone
    [email protected]512-888-9122
    The Moorhead Team5140 Reviews
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    0Reply
  • Jordan MoorheadBusiness Member
    OP
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    9y
    Heidi Pliam I'm old fashioned and want to get as many bank held loans as I can before I move onto creative methods. I'm self employed and can increase my income through hard work and strategy.
    [email protected]512-888-9122
    The Moorhead Team5140 Reviews
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    2Reply
  • Roderick Sandoval
    Rahway, NJ · Member since 2016 · 8 posts · 1 vote
    9y

    Congrats! All the best...

    1Reply
  • Matthew Lindquist
    Investor · Minneapolis, MN · Member since 2016 · 27 posts · 11 votes
    9y

    Congrats from South Minneapolis! Reach out if I can help in any way!

    0Reply
  • Michael Schmalzer
    Lender · Minneapolis, MN · Member since 2016 · 30 posts · 34 votes
    9y

    Congratulations @Jordan Moorhead! Best of luck on your endeavor. I lived about a mile east of there for a couple years; very fun & nice area.

    0Reply
  • Eli Sunderland
    Investor · Minneapolis, MN · Member since 2016 · 59 posts · 37 votes
    9y

    @Jordan Moorhead - Congrats on the purchase!  I'm currently in the market for a multi as well!  I've been looking in the northeast and south minneapolis areas.  

    Would you mind sharing a few more of the numbers on your property?  Such as beds/baths for the units, and your estimated rent/and or cashflow, etc?  

    1Reply
  • Tom Cramblit
    Investor · Minneapolis, MN · Member since 2016 · 21 posts · 2 votes
    9y

    Congrats Jordan! Best of luck with the updates.

    1Reply
  • Jordan MoorheadBusiness Member
    OP
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    9y

    @Eli Sunderland. Each unit is 2 bedrooms, the one I'll be renting has been recently remodeled. I have the top unit listed for $1195 a month. Cashflow with me managing it should be around $400 a month once I move out.

    Currently I have a buddy renting the other room of the unit I'll be living in so I'll just be living for free now. We are also converting another room in the lower unit to a bedroom so we'll see what that goes for.

    [email protected]512-888-9122
    The Moorhead Team5140 Reviews
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    0Reply
  • Eli Sunderland
    Investor · Minneapolis, MN · Member since 2016 · 59 posts · 37 votes
    9y

    @Jordan Moorhead - thanks for the info!  It's always interesting to hear about deals that people make in our market!  

    In a year, are you planning on moving out and buying another (since that's typically the minimum length of time you're required to live in the property with low-down loans)?

    0Reply
  • Jordan MoorheadBusiness Member
    OP
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    9y

    @Eli Sunderland yes, that's the plan. I've already talked to my loan officer to find out what I need to do to make that happen.

    It's not that simple since your debt to income ratio is affected by the first loan but we will make it happen.

    [email protected]512-888-9122
    The Moorhead Team5140 Reviews
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    0Reply
  • Shane Hedeen
    Real Estate Agent · Saint Louis Park, MN · Member since 2015 · 213 posts · 82 votes
    9y

    @Jordan Moorhead congrats! What an exciting moment. Keep that train rolling, and keep on proving great insight on the local forums. Well done. 

    1Reply
  • David BarnettPro Member
    Rental Property Investor · Cambridge, MA · Member since 2016 · 634 posts · 415 votes
    9y

    @Jordan Moorhead Congratulations on your first deal.  Please keep us posted.  I'd love to hear more about what that adjustment to add a bedroom does to what you can fetch in rent.

    0Reply
  • Scott Swennes
    Real Estate Agent · Plymouth, MN · Member since 2016 · 34 posts · 6 votes
    9y

    @Jordan Moorhead, 

    Congrats on the first deal,  good luck with the conversion to a 3rd bedroom and future deals!

    1Reply
  • John Newhall
    Real Estate Agent · Bloomington, MN · Member since 2015 · 87 posts · 30 votes
    9y

    Congrats on the purchase. NE Mpls is a hot market and a duplex for $177,000 sounds like a deal.

    1Reply
  • Jordan MoorheadBusiness Member
    OP
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    9y

    @John Newhall comps are going from $210-$225. It now needs a furnace and eventually siding but then it should be worth that.

    [email protected]512-888-9122
    The Moorhead Team5140 Reviews
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    1Reply
  • Craig Fitzsimmons
    Investor · Victoria, MN · Member since 2016 · 93 posts · 31 votes
    9y
    Awesome! Keep us updated on your post-rehab progress and rental status. Best of luck!
    1Reply
  • Michael Pendleton
    Truth Or Consequences, NM · Member since 2016 · 4 posts · 0 votes
    9y

    Congratulations! I am currently looking at a duplex for my first deal and this gives me encouragement towards that so thanks for sharing! 

    0Reply
  • AJ Haines
    Champlin, MN · Member since 2014 · 1 post · 1 vote
    9y

    Hi Jordan, this sounds like an amazing deal. I'm curious how you went about finding it?

    1Reply
  • Jordan MoorheadBusiness Member
    OP
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    8y
    AJ Haines it was on the MLS!
    [email protected]512-888-9122
    The Moorhead Team5140 Reviews
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    0Reply
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