All Forum Posts by: Daniel Anshus
Daniel Anshus has started 17 posts and replied 409 times.
Post: I'm Unsure of my Next Steps
- Realtor
- Bloomington MN (bloomington, mn)
- Posts 443
- Votes 260
@Jesse Meyer congrats and welcome to BP! Where in MN are you? Would love to connect and help you formulate a plan of attack.
Post: Looking for Advice - Adding an Owner, LLC vs Trust
- Realtor
- Bloomington MN (bloomington, mn)
- Posts 443
- Votes 260
@Stephen Dropkin for #1 you and your brothers could be equal partners in your llc. I would make sure and tell the bank your plan beforehand. Different rates and terms.
For #2 talk to a real estate attorney for best answers.
Post: Minneapolis multifamily investing advice?
- Realtor
- Bloomington MN (bloomington, mn)
- Posts 443
- Votes 260
@Alyssa Strom be careful with the letters l. Nar has stated that it is infringing on fair housing
Post: Sell Current Rental SFR for More Rentals Faster?
- Realtor
- Bloomington MN (bloomington, mn)
- Posts 443
- Votes 260
@Jason Jones you could sell off market and pay a smaller amount. I'm working on an off market single family in Saint Louis Park. Save on paying buyers agent commissions.
Post: Sell Current Rental SFR for More Rentals Faster?
- Realtor
- Bloomington MN (bloomington, mn)
- Posts 443
- Votes 260
@Jason Jones you should be able to finnd a lender who will do heloc's. I got a heloc in April, when the world was on fire. Banks are doing them, just maybe not Bell. You could speak with bridgewater they are a good investor friendly bank.
I would say that cash flow on a single family in uptown is really good. I would suggest taking a heloc or refinance (if you want to hold the property). As far as 8% fees it sounds like you have a realtor looking to charge you 6-7% to sell it. No need to pay that these days.
Post: Contract for Deed Offer on a Duplex
- Realtor
- Bloomington MN (bloomington, mn)
- Posts 443
- Votes 260
Originally posted by @Mariquita De Mira:
I live in the Twin Cities and have been looking at duplexes to move into and house-hack to get started with real estate investing. I made a 6-Month Contract for Deed offer on a duplex located in a B/C area with 3 bedrooms and 1 bath in each unit priced at $290k. It appears it is in solid condition and move-in ready. The bottom unit has been occupied for 6 years by the same tenant who gets some assistance to help cover her rent at $1600/month which about covers the monthly mortgage. She just recently signed a new lease and is a good tenant. When I move out, I could potentially collect $3200/month in rent from both units.
The reason my agent and I arrived at a Contract for Deed offer is because I still need to sell my house before I can buy my next property due to my DTI ratio and I need more time to prep my house for sale. However, the seller of said duplex already has an FHA offer but was willing to consider mine. Our offer was $290k, $20k down, 4.25% for 6 months. He countered with $295k. But after my agent and I started to review what I need to bring to the table, it appears I need another $5k for closing costs, inspection, etc. I have exactly $20k and no more unless I want to move some money from my brokerage account or borrow it. However, if I were to do the former, I will have no money for reserves or emergency funds and I keep thinking how the worst can happen like a furnace going out, I get laid off, etc. and now I have no net to fall on or umbrella to cover me.
As much as the numbers seem to work I don't have all the money on hand to do this deal. However, I'm wondering in this hot market with most rents not meeting 1% rule and in this case it is more than 1%, am I letting a good deal pass me by or will there be more deals down the road, I just need to be patient. This is a huge financial decision and I'm terrified of making a mistake: spending money I don't have to buy an investment or passing up a great investment opportunity, hence it's worth moving heaven and earth for an extra $5,000.
Sorry for the long post and appreciate any guidance on this major decision. Thank you very much in advance!
if you're going to sell your house won't that cover your emergency fund? Could you take a heloc or refinance your property? Or make an offer subject to you selling your home? This sounds like a pretty good deal so I would do anything to make it work.
Post: Group home rental in Minnesota
- Realtor
- Bloomington MN (bloomington, mn)
- Posts 443
- Votes 260
@Ajay Sharma can be quite profitable but can also be a lot of work. I know an investor in Minneapolis that specializes in this feel free to dm me.
Post: Creating LLC in Minnesota
- Realtor
- Bloomington MN (bloomington, mn)
- Posts 443
- Votes 260
@Lisa Oman feel free to dm me and I'll give you his email.
Post: Business Expense - RE Exploration
- Realtor
- Bloomington MN (bloomington, mn)
- Posts 443
- Votes 260
@Anthony Vargas talk to a cpa like @John Woodrich. Dont take anybodys word who isn't a cpa that specializes in this field.
Post: 70,000 Heloc... now what?!
- Realtor
- Bloomington MN (bloomington, mn)
- Posts 443
- Votes 260
@Danielle Dickens I replied to you several months prior and never heard a response. I would say if you are wanting to meet with people and get advice from others you should reply to them when they message you. Not being a dick just saying that I did message you twice and never heard back until you wanted something more from me.