All Forum Posts by: Robert Kretsch

@Sharad M. Thank you for the analysis Sharad!

@Mark S. Thanks Mark - I appreciate the analysis. I will have to look harder....

@Matt R. Thanks for the input Matt! The house was built in 1968.

Hi all,

Any input would be appreciated. Looking for first SFR property and here is one I am currently looking at:

I would do property mgnmnt.

SFR property in Crystal, MN. (NW suburb of Minneaplis)

Cost = $120k. Rehab= $13k

Rent= $1400

Tax= $2200

Vac/credit = $1400

Repair/Replacement=$1500

Insurance=$1200

30 Yr conventional at 5% with 25% down payment

Thanks,

@Rolanda Eldridge Thank you for the input. I will keep that in mind.

@Tyler Child Good luck with your investment!

@Brant Richardson - Thank you for the input Brant! That makes sense. Now to find a property.

Hello,

I am just starting to look for my first SFR property in Minneapolis area. My question is best way to finance it. I own some land that I could take a loan out on. ( $120k is max I could get at 6% for 20 years) Would it be better to take the entire amount and pay cash for the property? ( I have been reading that best deals are with Cash) Or, should I take out only what I need for down payment and then get conventional mortgage on the SFR? I am looking for a property somewhere in the $100K range. I am looking for buy and hold property. I have been told that another option might be to buy property with cash and fix it up and then take out Rate and Term Refi for 80% of property value. (would then have to pay back most of the land loan with that refi money)

Either way it looks like I would not have down payment money for buying another rental property after getting the first one.

Thanks

Hi @Brian K.

Thanks. I tried to send you a message but it won't let me because you are not a colleague. I am interested in talking to anyone who can help me get started with SFR in Minneapolis area. I sent a colleague request so we can pass info.

Thanks Ilya! I will check it out.

I read my post and I didn't make it real clear that I am looking to buy a home in Minneapolis area and possibly renovate and then rent it, or a smaller apartment complex.

Thanks,

Hello,

I am a new investor who is looking for help in finding a rental in Minneapolis area. I was hoping to find a Realtor who specialized in Investment property. I am also looking for someone who specializes in renovating properties to get them ready to rent. I am interested in SFR homes or apartment building (4-10 unit). Any help would be appreciated!

Thanks

Thanks Susan! I have never been to a meeting but will try to attend. Going to check out their website now...

@Thomas S. and Dan Verdick

Thank you for the info guys. I appreciate the input. What I have been seeing agrees with what you are saying.