All Forum Posts by: Robert Kretsch

Bryan,

I was talking with realtor about offering 143k. Thanks

Michael,

Excellent question. My gut feeling tells me you are correct and that I may be better off looking in Minneapolis, but I would love to hear anyone's input on that.

Aaron,

Thanks for the input! The interest rate and term you used are correct. I live in Buffalo, Mn so this place is only 8 miles from my house. I would love to get this place for 100k. I doubt it is possible as the houses that appear to be a good deal are gone as soon as they are listed so it seems they are starting to raise prices.

Thanks,

Susan,

Yes - I am looking at MLS listings with a realtor, and there are not that many houses available right now. I think it is basically the same as the Minneapolis market right now for supply/demand with houses and rent. Yes the interest rate is 5% on 30 yr fixed. The ones I have looked at need just cosmetic work -- cleaning and painting. ( I could do the work to get them ready)

P.S. I live a mile from Lake Polaski! We have friends with a cabin there and it is a great lake, clean and now you have me thinking of sitting on the beach with a cold beverage......

Hello,

I am looking for my first SFR property in the Monticello, MN (30 miles NW of Minneapolis on I-94 freeway). I have been looking at properties with a realtor and I am looking for some help in analyzing the deal. I have looked at about 10 places and they all seem to be about the same as far as cash on cash return. (5-8%). I am reading about people getting 25% cash on cash and I am not sure if I am looking at the wrong type of property or in the wrong area. So here is one I looked at yesterday:

Property built in 1996

list price= $159,900

25% down pay=$39,750

rent=$1300

tax=$1800

insur=$1200

Replacement/Repair= $1600 (is this realistic)

Vacancy=$1300 (is this realistic)

I would do the management

I came up with Cash on Cash return of 6.8%

All of the houses I have looked at come out about the same as this. When I look at houses that cost less then they need new windows are much older or are in older type of neighborhood where it might be hard to rent or the rent would be so much lower the numbers come out the same.... Any help or advice would be appreciated...

Thanks,

Bryan,

Thank you. I have gone through the beginners guide and it is very useful. So you are enjoying our weather too then....... Maybe if I have a question sometime you could help answer it. I am looking for my first house to buy and hold as a rental property.

Hi Paul,

Thanks for the info. I am not sure about the self-directed IRA. I will have to check with Verizon. I listened to the podcast with Ken McElroy and it was excellant. Thanks for the book recommendations also, I will check them out.

Hello All,

My name is Robert (Bob) Kretsch. I was really excited when I found the BiggerPockets website. It has so much information that is fun and informative. I own 120 Acres that I rent 48 of to a farmer. I have bought 2 houses that were for our family so first was starter that I sold to make the down payment on the new house that we currently own and live in , in Buffalo, MN. As far as investment homes I am a NEWBIE. I am currently looking for a Single Family home in the Buffalo, MN or Monticello, MN or St. Michael, MN areas. I would like a home in the $150k range that will rent out easily. I am just trying to learn all I can right now so that my first investment property is a good experience. I currently have a full time job with Verizon Wireless as a Network Technician in Bloomington, MN. I look forward to meeting others who are involved with investment properties. Just a side note: I have a feeling that Denver will win the Super Bowl.... Hope to be talking with you soon!