All Forum Posts by: Alyssa Strom

@Zack Klesch That property seems like a pretty decent deal for a Northeast Minneapolis house hack right now. The average price for NE duplexes this year is $353k. With the extra bedroom potential & office (more people are working for home so it's an added bonus), newer roofer, and low vacancy I'd jump on it. Make sure to get the sewer line scanned and good luck! 

@Huy Le Unfortunately I can't change it to a public event once it's been made private. If you join the group you'll be able to see it. I'll also work out a way to share with non-members and those not on Facebook. Will update the event as soon as I work that out. 

@Todd Ashley We are doing a Facebook Live for this one. Link is in the event details. It will be recorded for those not on FB as well.

Local investor and BP favorite, @Bruce Runn will be presenting his Minneapolis triplex remodel and conversion project. Bruce will cover project costs, challenges, working with the City, and future triplex plans. 

We know everyone would love to see the project in-person but due to COVID and interest, this will be a virtual tour. We'll be monitoring all of the questions that come in during the live stream and make sure Bruce answers as many of your questions as possible.

Welcome @Anthony Shaw! What return are you looking/hoping for?

@Micah Haworth A 1% deal will be a real win in this market! I'd recommend telling your personal story (introducing yourself and your wife) and why you want to purchase that property. That will go a long way and definitely stand out over any letter from a realtor or purely investor buyer. As far as which list, it depends on how many letters you want to send. There won't be many 2-4 unit foreclosures or pre-foreclosures and by the time they hit that list, everyone and their brother will have sent them a direct mail piece. 

@Jason Schaffer Networking groups are a great way to meet people in the industry. Those connections are what turn into future business partners and mentors. Obviously the last few months have made it difficult to meet in-person but some groups are still meeting virtually. Not every group is pitching something but that does happen often in real estate. I always think if I make one solid connection at a networking group it's been a success and worth sitting through the pitch. 

As you are getting started (and with in-person networking a current challenge) I would start reaching out to investors working in flipping and rehabs. Ask if/how you can help them and you may find one person who needs exactly what you can provide and will let you shadow them on a rehab project. One sure way to add value to an investor is to find and bring them a deal. If you do that, I guarantee most of them would let you be a part of that project.

@Caleb Petersen Awesome plan! There are some great 2-4 unit properties in the suburbs but much of the small multi-family inventory will be in Minneapolis and St. Paul. 76% of all the 2-4 unit properties that sold in the 7-county metro last year were either in Minneapolis or St. Paul so you may want to include them in your search. You'll find limited MF inventory in Golden Valley, Edina and Richfield (23 total properties sold last year) so patience is key in those areas. 

As you start your search you'll want to get pre-approved so definitely chat with @Tim Swierczek about financing and a strategy for continuing to expand your portfolio if that is your longer-term plan. If you don’t mind moving I would house hack until you get tired of it. 

You'll learn a ton by evaluating deals and running the numbers on different properties on the MLS. That will give you a good idea of what is happening in the market, where pricing is at, and how to spot a "deal".

@AJ Smith Agree with @Adam Tafel rent is optimistic. Current rents are $1100 and I know a few completely remodeled 2bed/1bath's getting $1200 right down the street. I'm not going to stay you can't get $2000/month but those numbers are more in line with Uptown rental prices. Also, FWIW the income statement the listing agent provided has the water bill at an average of $339/month (very high compared to other duplexes).

@Lucy Iburg I second the MNREIA WIRE (Women in Real Estate) group that @Scott Jensen mentioned. There's also a monthly InvestHER meetup and the Millennial Investor Focus Group has quite a few female members! PM me for more details!