All Forum Posts by: Corey Hawkinson

Great question. In relation to BP / Real Estate, I’m very thankful for my wife and the support she provides towards chasing after my goals. I was nervous that she would want me to dial things back a bit as she is currently pregnant. Instead, she has been incredibly supportive as we just closed on a 4 unit property earlier this week.

@Danielle Lindblom I’m sort of house hacking in the Twin Cities. We own a home in non-prestigious Central Bloomington that has a studio space attached. I added a fridge/microwave so it has a wet bar kitchen. Basically, I’m renting out a room but this is not true house hacking.

Our tenant pays $800 a month. We pay all utilities. Finding a tenant was very easy in my case. I believe it was a little easier for us to find a tenant because we live on an acre in Bloomington that is all fenced. We allow a dog. Finding an acre in Bloomington for anyone that owns a decent size dog to rent is difficult.

My 2 cents if you are house hacking... find the right tenant, not just the highest paying tenant. That advice can also apply to any landlord, but especially a house hacker.

@Trevor Morgan I prefer to think of these “rules” as starting points. I do believe in the 1% rule (more in line with what I would be purchasing than 2%), but that’s not the end point. The area has to make sense, the potential to match up to my goals, etc.

In many cases, I prefer the 1% property over 2%.

@Jacob G. Each investor is different. In no way am I saying that my way is the “correct” way. I wanted to start out by saying that.

Personally, the largest units that I would want to invest in would be 3/2. I love the 2/1 places because the younger generation seems to appreciate smaller homes. I believe those homes are set up to hold their value as the millennial generation ages. (That’s my opinion, no one can 100% predict the future)

They also typically require less maintenance. If the numbers work, go after 2/1 properties.

@Yomato Ugo Did you ask them why you got rejected? Did they say anything about what you could change to eventually get approved? That’s where I would start.

You can also talk to several banks. Others might have a different answer. What loan amount are you seeking?

@Obinna Ikechukwu Iwuji Welcome to Bigger Pockets. This doesn’t work well on the mobile app, but from a desktop if you access Bigger Pockets there is an events tab that will get you started.

There are also groups in the Twin Cities including Minnesota Real Estate Investors Association that might be worth checking out. They have a lunch this Thursday, as well as several other events each month.

@Matthew Johns Welcome to BP! I am a real estate investor in the Twin Cities, but I don’t meet your criteria because you used the word good and I’m far below average. I only have 3 rental units at the moment after being in the game for years. Hopefully getting to 6 units by the end of this month though. Maybe in a few more years I could be considered good and knowledgeable, at this point “below average” and “stupid” describe me better.

In all seriousness, the Twin Cities offer a few great organizations. I would recommend looking up Millennial Investor Focus Group on Facebook and joining that group. Technically, the name does not say Minneapolis or Minnesota, but the majority of the members are from the Twin Cities. They also have networking meet ups, which I need to actually attend.

I would also recommend MNReia, Minnesota Real Estate Investors Association. You can try out meetings with them prior to joining.

@Jack Plantin I live in Bloomington, MN. That’s all I meant by me being biased.

@Daniel Volk what is the end goal with the property? Does it cash flow well after you pay off the loan? Is that what you’re going after? The reason for my questions is that you mention that it is selling for $23k and it won’t appreciate in value and won’t cash flow now. I’m trying to see the upside on the property.

Are you house hacking it and that’s why it doesn’t cash flow?

@Mitchlyn D. If the numbers work, go for it. It can only get better from here, right? Meaning, maybe they move. Maybe the city/county/whatever closes them down.

The down side is that you might have tenant complaints about the pit bulls, for various reasons.