All Forum Posts by: Bryon Andrews

In my experience with mixed use buildings, banks don’t want to touch them. However, I have done a couple with low downpayment like you are talking about, but I had to utilize a seller carry back as a second mortgage. For example: 5% down cash, 15% second mortgage (Seller Carry), 80% bank financing. Interest rate was higher than everything else and amortization was 20 years. 

Hey @Jack Gardner I have helped a handful of clients purchase duplexes in NE. In my experience, it depends on which part of NE you are located. Like any neighborhood, some areas bring in more rent than others. Also, some areas call for higher quality finishes than other. Lots of investors utilize rentometer.com. I also like to cross-reference that data with Facebook marketplace, craigslist, Zillow and apartments.com listings to get a really good idea of expectations for rent in a specific area.

Hey @Jason Proulx There are a lot of factors to consider here. However, I am an investor and agent here in Minnesota. I am a huge proponent of buying and holding. If you are able to make it work and it fits into your lifestyle. I think holding is a great long term plan. Now, if management is too difficult, or the numbers do not work for you, I am all for moving on and investing elsewhere. 

Hey @Brett Riemensnider Hopefully you were able to get this taken care of. Reach out if you still need someone.

Hey @Tyler Loebertmann What size multifamily are you looking for? In my experience, there is not a ton of small multifamily in the west metro like there is on the East and NW. If you are looking for larger multifamily, there are some specific brokers that you will want to connect with. 

Hey @Liz Zack I will start off by saying that I am not an attorney and this is not legal advice.

I do not know all of the details here, but it sounds like you are going direct to seller on this deal. When I have done that in the past, we had a purchase agreement written up by a lawyer and the seller reviewed. I am not sure if they used an attorney to review. I am not sure what the pushback is other than not wanting to pay attorney fees.  

Hey @Quentin Shaurette there are a number of local meetups here in the cities that you could definitely benefit from! 

@Amirah Fattom You can look up specific crime maps for particular cities or neighborhoods that you are interested in. Should just have to Google the name of the neighborhood or city followed by crime map. As for a information to specific grades for neighborhoods, you may struggle to find that as it can be fairly subjective. I know people have used Niche.com to help with that. 

Hey @Matthew Christofferson Welcome to BP! You have a few options depending on what you have saved up and what strategy you are interested in. I do primarily buy and hold with value add. Sounds like you have some skills in that space. 

Reach out to Nate Olson in Stevens Point. He is an agent and may know someone.