All Forum Posts by: Alyssa Strom

Join the Millennial Investor Group and Bethany Nelson as she shares her current house hacking duplex project in Plymouth. 

Bethany Nelson is a local Twin Cities Realtor that often shares candidly how her poor money mindset not only kept her from investing in real estate for many years but put her into a large financial rut. With the help of a trusted lender, credit repair company and encouragement from fellow investor/Realtor friends like @Scott Hoefler Bethany bought her first duplex in 2018 and just closed on the second one. She hopes her story inspires others that they too can pursue financial freedom through real estate.

Please park on Zachary Avenue.

@Marcela Patino Northeast is great! Very popular area with lots of rental demand thus priced accordingly. The market for both SF and MF is very competitive right now but if you narrow down what you are looking for you'll eventually find the right property. As everyone else has mentioned it really depends on your investing goals!

@Dustin Williams Have been hearing from a lot of people about an increase in insurance costs this year. You could try Insurance Warehouse or Landreau Group. I'm using State Farm right now and got decent pricing for a fourplex.

@Rich Leone Unfortunately the eviction moratorium is still in place in Minnesota so you cannot non-renew at this time. Sounds like you've got a great opportunity for placing a tenant when the moratorium is over though! 

@Anthony Buccanero Welcome! Lots of great people in the Twin Cities market willing to share their knowledge and lessons learned. Highly recommend checking out a few local meetups and events now that things are opening up! 

Hadley Hornig of Renovo Capital will be discussing financing strategies in an ultra-competitive market. Hosted by the Millennial Investor Group, come grab a beer and check out what investors are doing in the Twin Cities and hopefully come away with a few ideas on how to level up your business!

Speaker bio:
Hadley Hornig is a naturally excitable Minnesotan (no caffeine needed), who has always been drawn to real estate through hands-on and intellectual experience. Working for Renovo Capital, he and the company currently help over 50 active investors get the financing they need for their flips and new construction. He is passionate about helping your business grow. Most importantly, he is a self-proclaimed awesome husband and a proud puppy dad.

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...