All Forum Posts by: Alyssa Strom

@Jonathan Treichler Welcome! I'm in a similar situation, biding my time before my husband and I qualify for financing again. That being said, 18 months of travel sounds like it's totally worth a slight delay in your RE goals. Becoming a W-2 employee is going to be your easiest route. You could structure a deal with your friends if it makes sense for everyone involved (a bank could be involved or not if you guys have enough cash). Private money is out there, but if you are planning to owner-occupy you probably won't find many people outside of your personal network that would want to partner on a deal like that. Also definitely check out all the awesome meet-ups around town! 

@Jackie Sladky I attend a wide variety of local meet-ups and I promise every type of real estate investor is welcome and encouraged to attend. There's always something new to learn whether you have been investing for one year or 30. Given the current market and lack of inventory, it's also a great place to let people know what you're searching for especially since good deals go fast or before they even hit the MLS. Look forward to seeing you around!

@Mitch Kennedy Yes, the third Tuesday of every month. Look forward to seeing you at the next one!

@Gavin Grady You definitely started in the right place. Most days, I can't believe how much value BP provides for free! As everyone has noted, there is a lot of competition for distressed SFH and any MF plus low inventory. That being said, you have enough time to be patient. Run some numbers, tour a few properties and start looking for ways to add value to the ugly ones. With your background, your Dad's expertise and your buy and hold plan you could definitely focus on finding a distressed MF. As @Jordan Moorhead mentioned a 2-4 unit building isn't much more difficult to manage than a SFH. Watch the MLS, start networking, attend meetups, tell people what you are looking for and you should have some luck. I'd also recommend expanding your search beyond the western suburbs. If you aren't planning to live there, determine what type of class of rental portfolio you'd like to build/manage and find the neighborhoods/cities that match metro-wide. I personally think there is still a lot of value in Saint Paul and would be happy to chat specifics if you're interested in this side of the river!

Join the Millennial Investor Focus Group each month at properties around the Twin Cities to learn about local RE investment projects! Millennial-focused, but all ages welcome! This month local investor, Margie Price, is going to showcase some dos and don'ts around attic build outs, which will be fantastic information for future up-zoning opportunities. Margie has been actively investing in duplexes for the last 3 years and has a unique investment strategy. Look forward to seeing you there! 

You could connect with a realtor and have them pull a list of duplexes in your preferred neighborhoods in Cape Coral then mail the owners a letter or postcard. Looks like the Cape Coral MLS uses Property Key which I think would make this task pretty easy for a realtor. You won't be able to determine the motivation of these sellers so it's not as targeted as certain lists but could be a good place to start. I actually just saw a Cape Coral duplex on the Minneapolis Craiglist (it was also listed on the MLS), looked out the window at all the snow and thought to myself why am I still investing in Minnesota. Have yet to come up with a good reason ;-) Best of luck to you!

@Will Hawkinson Welcome! My husband and I did the exact same thing. We used FHA financing and only put 3.5% down on a fourplex which was great on the front end, but the mortgage insurance we pay each month is definitely the downside of that. It's been a great (not always easy) introduction into real estate investing. Lots of lessons learned, but it has allowed us to live rent free for the past three years. Good luck in your search and definitely check out some of the local meetup/networking events!

@John Walter You have to do what is right for you and your girlfriend, but if you are interested in getting started in real estate investing a multi-family property is one of the best ways to do that. There is definitely competition for multi-family, but there's always opportunity especially if you are open to location. My husband and I purchased a fourplex and live in one of the units. It has been a great first step into investing. We've learned a lot and after a few years may finally be on the same page as far as real estate is concerned :-)

@Kyle Hlavac Welcome to BP! You're in the right place. Locally, there are also some great meetup groups (BP's being one of them) to join and meet other investors. Chat with @Tim Swierczek about financing options for a fixer-upper/foreclosure.

Thank you @TimSwierczek! @Chris Gottshall I'd be happy to chat with you about what we've learned locally. Very similar to what @Russell Brazil and @James Wise have mentioned.