All Forum Posts by: Alyssa Strom

Join the Millennial Investor Group and local investor and rehabber Glenn Williams in Brooklyn Center. Glenn will walk us through his team's most recent acquisition and discuss how he and his team are pivoting their rehabbing business as the real estate market changes.

About Glenn Williams (K&G Investments)
Glenn is a lifelong Minneapolis native who has been helping people with their housing needs in the Twin Cities Metro Area for the past 25 years. An experienced investor, rehabber, and wholesaler Glenn and his company's mission is to improve Twin Cities neighborhoods one house at a time.

@Connor Guinn I agree with Jeff on holding it unless you have identified a better investment opportunity or maybe you would just prefer to start building a portfolio back home. While the Airbnb income is variable it is still considered when determining cash flow. Given the location, price point and income potential, you'd be able to find a buyer but I'd stay on the lower end of your ARV and wait until the spring if you are considering selling. Not sure of your current life circumstances or equity but based on the details you provided I'd recommend not cashing out yet.

@Michael Teagarden Current interest rates are killing a ton of deals right now. One option to consider that might make a house hack pencil out is a 2/1 buydown paid by the seller. You'd be betting on future rates though because at year 3 it adjusts to the rate you lock in today. That being said many lenders think rates will come back down eventually so you could refinance at that time. I've also seen an increasing number of seller-financing opportunities. Not all of them make sense but if the seller is motivated there usually is some room to negotiate on terms. And lastly, if you haven't considered it already, you could rent out one side of the duplex as a short-term or mid-term rental. I know a few Twin Cities investors who are having success with converting long-term rentals to mid-term rentals to help increase their cash flow. What the next 6-12 months hold is anyone's guess but I personally think prices are going to remain stable locally since supply is still low. Buyers and sellers seem to be waiting on the sidelines to see what happens. 

@Rachael Beissel It really depends on what you are currently doing (i.e. currently using an accountant vs Turbo Tax) and your future RE goals. I've got a few local recommendations I'd be happy to send you!

@Christian Espana Northern WI is generally STR-friendly since cabin rentals are incredibly popular in these areas but always double check with the city/county. I'd reach out to a few current Airbnb listings for cleaning recommendations in the area you choose. I'd say the closer to the Twin Cities the better and you'll crush it the summer and winters will be slow. Happy to connect you with a few investors with similar properties if you'd like!

@Alex Shapiro Lots of great answers and you are correct the majority of multifamily properties in the Twin Cities metro are old. I personally wouldn't eliminate any potential properties based on age but like @Jordan Moorhead said you'll want to do your due diligence. Not every 1900's MF was built well and many times you can't tell from the photos. Some are legit money pits and some are more solid than today's new construction. Boilers are very common in Minneapolis and most tenants don't have any issue with window ACs. 1960's side by side duplexes tend to be very popular because they are considered "newer" and were generally built well. Regarding single-family rentals, numbers are tighter but peace of mind is worth something too. With the market softening you could find a motivated SF seller and try to negotiate the price down for better cash flow. If you want something newer than the 90's to keep as a rental you could look into townhomes in the 2nd and 3rd tier suburbs.  In Mpls, Northeast is a more popular rental market than Uptown right now. St. Louis Park/Hopkins are popular as well for rentals (both SF and MF) if you are looking to stay on that side of the city. In the end, you know best what you want to take on and what tradeoffs you are willing to make. If I can help in any other way let me know!

@Brian LaLonde Welcome! I live in White Bear Lake and really enjoy it. It was a town before it was a suburb so it still has a small town vibe. Lived in St. Paul the past five years also so happy to share experiences on both. Market is stabilizing (and cooling in some cases) but homes under the mid $300's are generally competitive since that is the median purchase price in the Twin Cities. Right now many sellers are just hoping to capture the tail end of a market where everything would sell for a high price and have multiple offers. Days on market is increasing and you're starting to see price reductions again so actually a decent time to be a buyer again.

Ashley Selle over at LendServ Title would be a good resource!

@Brian Sparks Biggest local networking group is going to be MNREIA where you will likely find a lot of wholesalers but I also host monthly investor events. Our next one is June 7th (on the BP events and meetup). Also happy to recommend a few legit wholesalers you can connect with if you want to send me a PM! 

Due to unpredictable spring weather we are moving this to June 7th from 6-8pm.