All Forum Posts by: Daniel Anshus

@Stephanie Pinto there are very few newer small multifamily anywhere in the minneapolis market. Minneapolis/ saint paul proper will almost all be exclusively 1920 and older. Even the stuff in the suburbs is going to be older than the 90's. The 2 small multi family I own in the suburbs are both post war build but nowhere near 1990. The cost is too high and the land/zoning for small multi family is hard to get. If you are a builder and can cut that portion of the budget out then you might be able to find something but dealing with the city is sometimes a nightmare. Which I get that happens anywhere, but just adds to it.

@Lorenzo Sannibale the most important thing you can do is surround yourself with a team of people who can help you. I own 8 units and still ask a lot of questions to people a lot smarter than me. Feel free to message me and we can chat about what you have and what I would suggest you have/ do as well. I look forward to speaking with you

@Forrest Holden 1 months rent is typical in this market. I do know a good PM service that charges a flat rate but for a lot of properties it is actually more than 1 months rent. Thankfully in the minneapolis area it is super easy to place your own tenants as vacancy rates are so low you will usually have multiple people trying to rent your space.

Hi @Steve Sorensen I know a couple good local lenders that will do HELOC's on multifamily. Message me and I will give you their emails

@Mike Hjermstad I can recommend some good Facebook groups and meetups for you to attend. Message me and I can connect you with them

West title in st louis park is the best investor title company

message me and I can provide my attorneys email. BP won't allow us to post emails here

@Connor Guinn I would dig into what the cost of holding it is. If you have months in the airbnb were you are vacant (december-february) and you are losing potentially $800/ month that is a concern to me. Also, have you factored in cleaning costs, repairs, vacancy in your $1,300 airbnb income? Do you have a property manager that will manage the short term and long term units? I do not know any that will do both (and do it well). 

Another thing to consider have you lived in the property for 2 years yet, or even 1 year? If you have not, consider capital gains tax in your equation for the buy VS sell. 

Obviously, at the end of the day this is an extremely personal choice so you will make the best decision for you. I do not think we have enough information to truly suggest one way or the other. 

@Michael Teagarden if the property is on the MLS, more often than not it will not pencil out with todays rates. What I tell my clients is we need to also look at off market properties as well as look for value add properties. There are a lot of value add properties in the Minneapolis area. Doesn't always mean they pencil out tho. Also, a lot of new investors underestimate rehab budgets, rents and future value rents. Are you working with an agent that can do these estimates for you? I see a lot of new investors trying to do it themselves and their budgets are skewed terribly, their rents are off and their anticipated vacancy is off as well. Just some food for thought

@Michael Helman there's not really wholesalers in BiggerPockets. I would suggest joining some local REI Facebook groups and networking groups. Message me and I can recommend some