All Forum Posts by: Alyssa Strom

Welcome @Brett Roach - House hacking is the best way to start building a portfolio but if you're looking to get into wholesaling I'd recommend bird-dogging for an experienced investor. To save cash, start with a specific market or neighborhood and work it in all the ways you've read about (mail, calls, door knocking, etc). Inventory is at an 18-year low in the metro so nearly every city has opportunity right now. Pre-foreclosure lists are one of the easiest to get so there's a lot of competition there. There are quite a few title companies that work with investors and understand the wholesaling process. If you'd like a list let me know! 

@Rohit Kumar I'd recommend chatting with a few local hard money lenders since you will be very hard-pressed to find anything under $100k in the metro. @Sean Blomquist is a great person to start with. Since it's your first BRRRR and you have a 9-5, I'd recommend sticking closer to home and being patient in finding the right deal. I've got a few PM recommendations but any specific reason why you want to rent by the bedroom?

Minneapolis vs St. Paul was mainly about personal preference until the last year. Now more investors prefer the suburbs due to new rules/regulations on landlords and other dynamics in both cities. Although most investment properties in Mpls and St. Paul are still selling in multiple offers in a weekend.

@Seth Falcon Welcome! House hacking is the best way to get started especially if you need a place to live. Low down payment amounts for owner-occupants allow you to keep cash for future purchases and realistically any repairs that arise in the first year or so (something always breaks after you move in!). Inventory is scarce right now but letters can work. You only need to find one property so you can be far more targeted in your approach. Networking is the best way to grow your portfolio over the long term so definitely join as many groups as you can. Everyone is looking for a "deal" right now so even off-market opportunities (if priced right) have lots of interest. What areas are you looking in?

@Ashley C. I wish there was an easier way but I've found local investor/landlord groups are one of the best ways to keep up to date on local changes. I was personally aware of the Saint Paul changes because they asked for public comment (not that it mattered) about a year ago. If you've got a St. Paul property there are some other additional changes to be aware of as well. https://www.stpaul.gov/departm...

@Karli F. I'd keep it since it was part of the original agreement. Just an FYI if your property is in St. Paul, starting 3/1 you can no longer collect more than one month's rent as a security deposit (one exception to this) or use a credit score as a screening requirement. If they've been great tenants so far I'd try and keep them! 

@Moly Yang TitleSmart, Land Title, Ancona Title to name a few!  

@Tiana Towns Here's the link and a way to sign up to be notified when it reopens. Funds can go quickly! https://www.mnhousing.gov/site...

@Tiana Towns Welcome! Hopefully most meetups will resume in-person meetings this summer and that's a great way to connect with like-minded investors. As far as your tenant who isn't paying ... the MN COVID rental assistance program is starting up again in a few weeks. If your tenant qualifies you can apply on their behalf. Potentially an option to get the unpaid rent and help your cash flow :-)

@Robert D Wade III Great idea! I've got a contact I will PM you. It's a tough market to start wholesaling in but offering to help an experienced investor could be a great way to jump in. Also, don't forget about house hacking. Such a great way to start building a portfolio from a young age with as little as 3.5% down. Maybe not achievable right now but a great RE goal to work towards!

@Jesse Collins House hacking a single-family home is a great way to be get started. Do what makes sense for your budget right now. The plus side of purchasing a SF home is that you will have far more options to choose from. That being said, if you are open to duplexes double-check that the lender you are working with understands financing multi-family properties. Not every lender knows you can use the property's rental income to help you qualify for a larger loan amount.