All Forum Posts by: Corey Hawkinson

@Brian Leland Welcome to BP from a fellow Gopher and real estate investor. I believe that there are many great networking opportunities in the Twin Cities. Feel free to reach out and I can help point you to a few of my favorites. Others on here will also be great resources.

@Andrew G Montoya Maple Grove is a nice area, but those numbers just don’t work. This one makes more sense for a non investor that’s looking for a place to buy for themselves. That’s my 2 cents.

@Andrew G Montoya From that information it does not look good. Too expensive of a purchase price for only $1,500 per month rent. Do you know what part of Minneapolis? Maybe, just maybe a flipper would be interested but those numbers wouldn’t do much for a buy and hold person like myself.

@Alexander Griffith To piggyback off what Nicole said, if you have not already I would recommend that you set up keyword notifications on Bigger Pockets for words in your market such as Fayetteville, Fort Bragg, North Carolina, NC, and whatever else is specific to that area. You’ll find investors on those threads for networking. 9 times out of 10 they will be willing to help and will know WAY more about Fayetteville than someone like me.

My first investment property purchase was a 3 bed, 1 bath condo for $49,000. It was a foreclosure. It has gone very well. I have owned it for 8 years now. If the right opportunity came I would consider selling it and doing a 1031 exchange. However, it cash flows very well (mainly due to the purchase price) which means that I'm fine holding it longer. 

It is located in Newport, MN, which is south of St. Paul. I can't think of anything that I wish I knew at the time. I'm glad I made the decision to jump into real estate investing. I wish that I was more aggressive over the last 8 years both in terms of expansion and how I handled the properties I have owned. I have been too relaxed about increasing the rent amount. 

Now I am at a point where I have to decide how to expand. I have 7 "doors" now. 

@Brian Tome “It wasn’t a home run by any means, but we considered it a good start and very educational.” That is my favorite line from your whole post. So many people sit in the dugout because they want all of the knowledge in the world. They never pick up a bat. Congrats on taking the walk to the plate. The first one is rarely a home run, but the knowledge you gain from each experience keeps building.

Working on my own journey.

@David Bowles It sounds like a red flag to me. Not necessarily a deal breaker if the price is good enough to justify that issue. It shows that the tenant is either struggling financially or very unorganized. Sometimes a landlord can “train” the tenant that it is ok to pay late. Then it just becomes normal for the tenant to pay whenever they want.

@Derek Rhodes The FNMA limit is 10 mortgages. Many banks hold a limit of 4. People can still own more than 10 properties that are financed though. Above 10 and you would switch to a mortgage on multiple properties.

I am also an introvert. When I first started going to networking meetings I was overwhelmed. I was also putting too much pressure on myself to meet everyone. I have changed my mindset. Now when I go to a networking meeting my only intention is meeting 1 person. Not only is that easier for me, but it is also better. I have learned that it is better to make 1 good connection instead of going home with 30 business cards. 

@Hector Asencio I agree with Nathan, don’t pay for a mentor! All of their knowledge is available for free and that money could be used towards your first property.

My opinion is that you will have trouble finding a “mentor”. However, when you go to local real estate events you will meet several people that will help you out. You’ll likely find 10 people that each teach you 1-2 things over time instead of 1 person that teaches you everything you need to know about real estate investing. People will help you for free if you attend meetings. I can tell you that from experience.