All Forum Posts by: Alyssa Strom

@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. 

@Jeremy Mangen Congrats on the triplex purchase! I took a similar path and would be happy to chat over coffee on lessons learned. Bought my first rental, started working for a local investor helping with property management and bookkeeping, got my real estate license, and now working as a realtor full-time. Definitely check out as many networking and meetup groups as possible. Lots of variety and options for every personality type. One of my favorite resources is the Millennial Investors Facebook group. Open to everyone (not just Millennials) and a great local resource for Twin Cities investors. Cheers to a fun adventure ahead! 

@Justin Bauer I may have someone who is interested. I sent you an invite to connect and can send over their contact info via direct message.

@Garrick S. I helped a cash investor submit 25 offers over a few weeks earlier this summer. Started with low-ball offers and quickly ended up at over-asking (with an inspection contingency). Went 0 for 25 on the MLS. Generally what I found is that anything with real potential under $300k typically goes highest and best within a few days. Lots of competition and low inventory in the Twin Cities market for investors and retail buyers alike. If you're willing to pay more than the list price (and the numbers still work) and are comfortable with no inspection contingency you might be able to win a few from the MLS.

@Account Closed great info and advice! 

Hi Jon, we've used ROR Tax Professionals (recommended to me by another investor) and would recommend them also. They are located in St. Louis Park. 

www.rortax.com

Best of luck!

Hi everyone! 

First official forum question ... My husband and I are screening a tenant and I need some outside opinions. I've gone back and forth on this one. Married military guy who is stationed in town, but his family is moving back home (out of state). Sub 500 credit, makes 5x the monthly rent (brought his pay stubs), one great reference and one reference that said they had to move before their lease was up (military move) so he would never rent to anyone in the military again. The abrupt moving potential doesn't make or break the deal for me (except for in the winter) since vacancy rates are under 3% here. About the rental unit: basement studio (class C neighborhood, funky entry through the garage but sweet outdoor space and lots of light so not a total dive). Thanks in advance for any guidance!