All Forum Posts by: Amy Ranae

@Chris K. This is super helpful! 

I like having my license because of the access to information I can get. I have the option to earn a commission on my own purchases and I save some money when I sell. Also, it's a good way for me to earn cash for projects or downpayment. It works for me but it's not for everyone. If you only had it for your own projects you may look inexperienced when you put offers together to submit and some agents won't work with you. It may be more expensive than it's worth if you're only doing your own deals too, depending on your brokerage.

Alex Winder what city though? Not really a fix and flip, just a fixer upper that you can rent out when your year is up. If you can refi out of the fha loan you could then purchase your next place w fha at the end of your year.

Ps Alex dont quit your job anytime soon, I just read your profile. You'll need it for a few years until you have enough rent and tax returns showing it in order to get financing.

Last insight, people pay as much or more for a townhouse in rent as they do in sf around here. A condo is tougher to rent bc people may be trying to avoid the apartmentfeel or have dogs or kids or whatever and want more outside space. Condos usually have a higher HOA than townhouses too. Less cash flow there unless it's in a really cool part of town.

Alex Winder where are you living now? Are you renting? You could buy a live in flip townhouse or single fam, put 3.5% down. Fix it up for the year. At some point refi into conventional loan. At the end of your year, shop for your next live in flip w another fha loan and 3.5% down and do it again. Save cash on the downpayment where you live and possibly buy an additional property w a conv loan (15% down for townhouse or 20-25% down for sf). Also, pine financial does good hard money classes around town for free. And they now will allow financing of townhouses and condos if they are 65% arv and they do 70% arv on sf.

Alex Winder let me know if you want to coffee and discuss!

@greg multi 3/4 plexs are tough to find in he price range he is hoping for around here. They exist but a 4plex is 500k in most areas. There are lots of duplexes that would affordable if he wants to live in these areas. I haven't heard terrible things about Minneapolis as a landlord. I think if you aren't trying to be a shyster it is fine. North Minneapolis gets a bad wrap but I've got a ton of young family first time homebuyers moving to the area and I believe it is an adorable up and coming neighborhood. Lots to chose from there too since people get obnoxious about it being unsafe or whatever. There are coffee shops and arts warehouses and all kinds of cutesy stores popping up. Payne/phalen and greater east side of St. Paul is in the same boat.

I have a townhouse for my first rental, the HOA is $309/mo but it has a pool which helps it get rented more quickly. For me, I like that I don't have to worry about a roof (one two units under each roof in this development), siding, shoveling, mowing etc. Also it kept my rehab costs down bc I only had to worry about the inside. This particular unit is on a slab as well, basements seem to be the place where all goes wrong so I'm dodging a bullet there too:) As far as appreciation goes, I'm not to worried about that. The key is getting a good deal in a development that allows rentals and isn't anywhere near capacity. I bought mine for 113k and I knew when I was done w my rehab it would be worth about 160k. It rents for 1575 so after my 650 mortgage payment (you can put 15% down on a townhouse!) and the 300 HOA i cash flow over $600/mo on this one. I've seen many properties around town that would fit this model if you're interested. I saw one yesterday actually in St. Louis Park. I'm not ready to buy again until after my taxes so If you're interested I'll happily send you the details.

Look up Maria Smith and see where that takes you! 

I haave a similar property I've had a crush on for 3 years. It's tax forfeited but not up for auction yet. I've tracked down a phone number for the owner but he never answers. I've sent mail and left messages but no response. I'm dying to have this building but can't get ahold of this dude. I believe he is almost 90 so he's not accessible through the usual routes.