All Forum Posts by: Alyssa Strom

@Account Closed You'll want to get your license while interviewing different brokers and deciding which one you'd like to work under. At the beginning I'd highly recommend working with either a mentor at a smaller brokerage or one of the larger brokerages. From my experience it's difficult to get started in a completely new industry, every deal is different and income is variable so having support is crucial. The real estate classes give you a broad overview of everything but not enough information to step right into being an agent. 

Separately, do you have any interest in investing in real estate? With a good W-2 job and some savings this could be a great first step into a real estate career. Plus something you could easily do on the side. As you build a rental portfolio, you'll have additional income each month which would allow your transition from W-2 to 100% commission to be more seamless.

Local realtor and designer Lindsey Johnson will be showcasing her recent duplex conversion. Lindsey took on the challenging task of turning an old grocery store into a stunning duplex. Learn about her process, zoning and the unexpected challenges of this project and check out the amazing end result. Millennial-focused, but always open to everyone! 

@Mitch Kennedy I'd stick with option 2 and just be patient in your search. Although no one likes paying PMI (myself included), it allows you to get into an investment property far more quickly. Like @Tim Swierczek mentioned paying rent while saving for a down payment on a future duplex seems to defeat your ultimate goal of house hacking now. It's definitely competitive out there but I've seen some decent options under $300k. I walked through two duplexes this week in the $230-$250k price range where it was mostly cosmetic work that was needed. Plus the potential to add equity given you're only putting a small amount down is an ideal situation.

@DeWayne Counce If you are interested in multi-family properties in the Twin Cities I'd love to connect. The downside of the Minneapolis/Saint Paul market right now: lots of competition and few "deals", but there are always opportunities out there especially if you are willing to be patient. Although those Vegas numbers sound really enticing!

As far as handyman services, the guys at Proper Upkeep do a really great job but they aren't the cheapest option.

Welcome @Sara Ring ! You're in the right place, so much collective knowledge here. One of the first steps I would recommend is talking with a lender or two about financing your first multi-family property. That way you can be ready to hit the ground running when you start looking since the best properties in this market go quickly. @Tim Swierczek is a great person to connect with to discuss financing options. 

@Ross Melby Love this post and everyone's feedback. I'm also a little (my husband might say super) OCD about my older property and also concerned about upcoming repairs. Hadn't considered selling since I'm trying to grow my rental portfolio but this gave me something to think about and at least run the numbers on. 

Welcome @Mario Russo ! I second what @Tim Swierczek said. With as competitive of a market as it is, it wouldn't hurt to expand beyond the West Metro. There are still MF opportunities out there but they go quick or off-market. Otherwise, it's figuring out ways to add value to a property that other buyers may have missed. Although most of the time if a property is sitting on the MLS for a while there are reasons why.

I recently did some research on condo investing since I realized I really like the idea of low maintenance properties. What I gathered is that a majority of BP dislikes investing in anything with HOA fees, however, if the price is right they can work. That being said, the most successful townhome/condo buy and hold investors I know bought during the downturn and paid under market value.

Join the Millennial Investor Focus Group this month to learn from a husband and wife team on how buying the ugliest home in the neighborhood can be a profitable venture. Private message me for the exact address.

@Adam Zach SF or MF rentals? The team I work with has a large number of buyers looking for MF rentals so would love to connect!