All Forum Posts by: Brock Y.

I am posting this property here before putting it on the open market. I am the owner of the property. Details such as address via PM. 

Property is located in Columbia Heights MN (Just north of NE Minneapolis). 

$235,000 OBO

$25,740/year annual income, $2,145/month income

$372/month Taxes and Insurance

Fully Rented

2 Bedroom 1.5 Bath / side, 1300 sq ft / side, Attached garage, Washer/Dryer in each unit, New Roof 2011, New windows 2014, New Boilers (both sides) 2014, New electric 2014, Stainless Steel appliances / laminate flooring throughout. 

price? I assume less than the zillow

@Dave Krage What do you consider "cash flowing well?" Quick numbers on my duplex at the price I would sell it for today would still cash flow 600/month. I assume there are a lot of others in this price range too. 

@Eva Salas Unfortunately my experience with lenders has always been transactional. They send me to their little portal where I fill in some info to prequalify me. I am the one pursuing them as opposed to them trying to win my business so I thought I would test my luck here. Based on your response it is looking like more of same. 

I am a novice with the commercial lending side of things but saying I have:

1. 25% down payment

2. Credit (From what I read this is not as important)

3. History of being a landlord

What am I going to need extra? Money left in the bank for first 6 months, assets as collateral, etc. etc. I have read and read and cannot find a template as to what the expectations are going to be walking into the lender. I hate to be wasting my time and sitting on money if a commerical loan is unobtainable. Thanks in advance. 

@Account Closed I will be contacting you soon.

@Account Closed I have never developed a property. Just rehabbed. There are a lot of reasons for waiting but in a nutshell grandparent lives in the SFH and I would need to find a replacement home first. The other reason is right now I am in the middle of purchasing some properties and I do not have unlimited funds. It is not an immediate need but I assume new construction will be near 2 million so I need to save for the down payment if it's feasible. I would like to know soon if I should be saving for it or just buying other properties. Hope this makes sense.

I own a good piece of land in St. Paul Minnesota just north of downtown off i94. Currently it has a SFH on it. The plan is to put an apartment complex on the property. It is already zoned for commerical so that is one less hurdle.

Questions:

1. I have never done new construction nor do I know how many units can fit on the land (I know St. Paul's guidelines for density). What costs can I assume just for feasibility of project? I would just like to get a few quotes on rough costs for a 2 story 20 unit building, just as an example. 

2. Where do I go to find builders, designers, architects? I am not local so I have googled and pulled a few names but assume there are a lot of national companies. Is there a good link to a directory of builders? Any one have one they recommend? 

3. If anyone has experience with cost of an apartment complex build I would be very appreciative. This project is 3 years away so I need to start saving :)

@Jared McKie  good luck! Definitely some good cash coming out of properties in NE Mpls. I own properties in Minneapolis (just outside of Mpls NE) and Eau Claire. Happy investing.

message sent