All Forum Posts by: Alyssa Strom

@Jason Galli Welcome! There's always opportunity but it is a difficult market for SFH investments right now. Limited inventory and a ton of competition under $300k. There were 19 other offers on a St. Paul SF home a buyer of mine liked. I'd start trying to dig up some off-market deals through whatever strategy you like (direct mail, cold calling, etc.). Also, check out Fridley & Robbinsdale. Good luck!

@Will McInerney What @Tim Swierczek said plus I'll add some of the larger institutions have really tightened their guidelines so if you are starting your search some of the medium-sized local banks and brokers (like Tim) are a great place to start.

@Jordan Crockett Welcome! I second everything that @Adam Tafel said. Patience and creativity are key. Since most properties do receive multiple offers, stick to your numbers and be willing to stop at a price that no longer makes sense. Harder to do on some of those lovely turnkey duplexes you can find. 

As far as the property itself, knob & tube wiring is getting harder to insure. On a recent deal, 9 out of 10 insurance companies I called said they wouldn't insure an owner-occupied property with K&T. Obviously, if you get a great price anything can be fixed but the replacement costs of gravity furnaces, sewer lines, and major foundation issues can be a deal-breaker. You won't know about the sewer line until you get a property under contract but I'd highly recommend getting a scan done during the inspection period.

Best of luck to you! 

@Tyler Santos Yes! You can zap FB leads to Hubspot.

@Nathan Christensen Honolulu sounds nice but St. Paul is a close second ;-) Depending on what the market looks like in 2021, inventory is limited enough that it's not a bad idea to have your top preferences but keep your options open. You may find a great property and block in an area that you weren't considering. My husband and I are in Capitol Heights which we weren't even looking in at the time but we've really liked it.

@Tyler Santos That's awesome to hear! In regards to a CRM, I really like Hubspot. Free for nearly all the main features and also connects with Zapier. @Tim Swierczek is right, follow up is key. Are you looking to wholesale some or all of the deals you find? If so, I'd recommend having a few serious buyers lined up that can close. That way you know what price you need to get the property at to make the deal work.

@Hannah Krebs Good situation to be in! Market is great for SF homes under $300k and you would likely rent it quickly at the right price. I do think $2200/month seems high for that area plus tenants will need to factor in utilities so depending on your heating source that could be significant. There is a 4 bedroom, updated SF available for rent on Craigslist right now further east of your place for $1850/month so I'd think that's probably more in line with pricing. Two things I've learned with our 4 bedroom apartment rental: 1)Tenants stay longer but the units are more difficult to rent out when vacant 2) If you are not close to campus (less than a mile) you likely won't get students. We are less than 10 minutes from multiple universities and have never had students apply. So you'll get either families or maybe a group of friends. If you're open to it Section 8 does pay well for 4 bedrooms in Ramsey County. 

@Jacori Hayes Welcome! So many great meetups and investors around town. Once it resumes you'll love @Kurt Pauley's South Minneapolis Meetup plus he's a huge United fan :-)

Welcome @Christopher Kinnaman! I'll PM you a local wholesaling contact.

I just got back from a month in Cape Coral and I think Fort Myers might fit what you're looking for. The downtown isn't very large but the surrounding area has enough to keep you busy. Like many places in Florida, you'll find a lot of snowbirds & tourists in the winter which can change the vibe of a place.