7 Unit Under Contract
Friday, November 06
A shout out to all who believe in the power of prayer, and God. I was unsettled on the 7 unit building we didn't get. I kept seeing comps priced higher, good solid rents, and a good solid housing market in the Twin Cities. I kept thinking about upping the offer, to meet the seller at the $325K...
Another Narrow Miss
Monday, October 26
Had a good lead on a 7 plex in St. Paul where the owner was selling, but had not managed the property as well as I believe we could. I formulated an offer, prayed about it, and was quite certain we were on a good plan on this one. The building had a 14% vacancy rate, so I worked out my offer b...
Duplex Disaster
Thursday, October 08
A purchase agreement in Minnesota has specific terms. One, an Inspection contingency, gives the buyer a 5 business day window to do an inspection, and 2 business days to list out the issues, with a one biz day window after for the seller to agree to terms. These stipulations can save you. The...
Duplex Under Contract - No More
Thursday, October 01
Just got word our bid was accepted. That was late last week. Was that ever fun. The numbers looked great, I got the price I wanted. Rents are soaring in the area. But I paid $550.00 to have my inspector come in and poke around at it. He found little wrong...kept saying the place was turn ke...
Finding a Lender
Wednesday, September 23
Wanted to share that finding a good lender can be a challenge. In the Twin Cities, there are a number of lenders that seem to lend with their best interests in mind. I've spoken with commercial lenders that immediately say, 'we will lend 75% of value', for 15 year amortization, to portfolio loa...
Last Rehab
Monday, May 11
Estimating cost for a rehab is one thing. Estimating time spent on a rehab is another. My wife and I agreed after our most recent rehab to rental that we are not touching a house again. While it seems hard to shell out $$ for a contractor, the fact is they do the work many times faster than I ...