All Forum Posts by: Brandon Plombon

Hi @Amy Feller I'll send you a message. I have several great resources!

Quote from @Jack Goin:

Good morning. My name is Jack and I am based in the Twin Cities area of Minnesota. I am preparing myself to find my first rental. I am specifically looking in the Alexandria, MN area for that property. I am wondering if anyone on Bigger Pockets is involved in any groups or investing in the Alexandria area. I look forward to meeting you!

 Hi @Jack Goin I've got some investors that are purchasing in that area. I'd be more than happy to connect you with them! 

I always recommend independent agencies as they have access to write policies with many carriers that they can do the shopping for you saving time and money. Definitely ask questions and make sure you understand your coverage levels. A good agent will be more than happy to sit down with you and explain the differences between replacement cost and ACV among other things such as deductibles; for example the difference between 1% or $1,000 deductible levels. As @Jeff Schemmel mentioned most carriers prefer to have all the lines which will get you the best pricing. More than likely you will be looking at a dwelling fire policy which covers the building itself but may not include the contents of the building which is why it is important for your tenants to understand that and encourage/require them to have renters insurance. If you have any other questions feel free to ask or if you'd like a quote I'd be more than happy to provide you one.

Sounds like fun. I can't wait, I'll be there.

I agree with @Christian Ehlers. You seem to have the right idea by house hacking. What are you plans for the duplex in Minneapolis that you currently have rent out both sides now or sell?

Hi Eric - I would love to hear more about the situation with your house as well to hear how it is structured and why you can't access equity. You could perhaps get some sellers to take a carryback as that is more common with commercial properties. Hard money or partners may be an option for you as well. Anyways I am in Mankato, MN and I travel to the cities often. I would love to connect with you and perhaps grab coffee sometime.

I just replaced a system and all in including labor and a brand new unit was just under $4,000. It was $3,940.00 exactly and the specs are below.

Lennox, Merit series, 13 SEER, 10.5 EER, 2 ton
condensing unit
Model # 13ACXN024-230A27

Model # C35-24A-2F-20

Stop in to hang out in person and network with local real estate investors at the Mankato Brewery. As always, come by when you can. There is no set schedule, so you can come and go as you please. All experience levels are welcome to come, share your knowledge, and meet amazing people.

@Kate Glassman creating a network of trusted individuals. Attend networking events in your community and you can typically filter out the ones that are disengaged or unreliable fairly quickly. The professionals that consistently show up to these events build a great reputation. Through conversations you can tell if this is someone you would work personally with. I would only refer clients to someone I am comfortable with and would use them personally.

Quote from @Kostadinos Pehlivanis:

Hey everyone, I'm newer into the real estate investing world. I had some questions about buying portfolios. I don't see as many people , that i know of, buying portfolios. This makes me think the cons outweigh the pros. Is it better to find individual deals/ small package deal? It sound like a good deal if the numbers work and if your due diligence shows that the properties aren't being held together with duck tape and hope. So what is your  guys opinions and how would you approach buying a portfolio. 

Also for my second question, how to you go about financing this ? Can I get a normal commercial loan with a 30% down?

I think most people would prefer a portfolio but they aren't as widely available. As other stated the cash down would be large that most wouldn't have in their checking account and would have to get creative on the financing. I also believe in this market the seller could get better values selling each property piece by piece but some may have medical, legal, retirement, ect other items occurring in their life that requires them to sell all in one go. I would make sure to ask for some seller carry and yes financing with commercial loans would take on a portfolio at 70-75% LTV.