All Forum Posts by: Daniel Okon

Awesome! What type of property was it? Any more details about it? That's pretty impressive, MLS seems to have few and far between deals.

They meet at this location: 7040 Lakeland Ave N, Minneapolis, MN 55428

And I am in the beginning stages of closing a duplex in Golden Valley!

Welcome @Matthew Badheartbull! There are a few local REIA clubs to go to. The MN REIA meeting is the first Tuesday of every month, so it is coming up in a couple weeks. There is a Pine Financial meeting that meets the second Thursday of every month. We just had a meet up for Bigger Pockets local area people which was great. Looking to do another one in October. This is a great place to ask tons of questions, one thing that I found out is that many of the questions I have thought of have already been answered. You're a bit ahead of me concerning the rentals, hope to be closing on my first duplex soon which is exciting.

Good luck and hope to see you around the BP community!

How realistic is this? Here's the situation. The home is currently a 3 BR and 3 BR home with 2 bedrooms including a master with a private full bathroom connected to it. Finished kitchen and everything is set up on the main level. There is an entrance that essentially could be used as the initial entrance and one door could lead downstairs and the other lead to the main level. 

For downstairs, there would need to be a kitchen added but there is one bedroom with a room that could be added with an egress window. So essentially a 2 BR 1 BR downstairs. All the utilities are set up as one unit, how expensive would it be to essentially make the downstairs into another unit? There is enough floor space to make things work and I believe the hookups for the oven and everything for the kitchen could be done. But is it worth it? Here are the numbers.

List Price: 274,900

Bed/Bath: 3/3

Garage: 2

Year built: 1976

Total Fin SqFt: 2,235

I would only offer about 250k, it's been on the market for 47 days.

The upper could rent out for 1,500/month

The lower could likely rent out for 950/month

Very desirable area. 

Is this worth it? I would do FHA and live in the lower level and rent out the upper while working on some of the cosmetics on the lower level.

What is this being rented out for?

Hi @Cory Schwalbe! Welcome to the community! Too bad you missed out on a BP meet up last week! Hoping to do some more of those but feel free to connect with me. I just started with all this a little over a month ago and am working on my first deal which is a duplex. Exciting but scary for sure. So you are looking to find distressed homes that need to be flipped and sold? That's great I'm sure there are many people in the Minneapolis area that you could connect with. I am more into buy and hold, but that's my opinion. 

One guy who has done a bunch of flips in the Twin Cities is @Todd Blank I'm sure he may have some advice for you starting out. Subscribe to the sub-forum for Minneapolis and hopefully we will meet in September and you will be able to network with many local BPers. I know you've probably gotten this advice but also check out local MN REI groups. The main mnREIA meets the first Tuesday of every month I believe.

Good luck!

I have no advice but I lived in Bakersfield at one point! Seems like it would be a great place to get rentals, if you get the right area you could get some pretty good cash flow there. 

Welcome to the real estate investing world. I have only been involved the past few weeks but there is a wealth of knowledge and connections to be had through Bigger Pockets. There are also plenty of people throughout the Twin Cities that you can connect with. A couple things you can do:

-Connect with the local mnREI group. Unfortunately they just met this past week and only meet on the first Tuesday of every month. There is also the Pine Financial meeting in Roseville. This one just happened yesterday (second Tuesday of every month I believe). I liked it but there are a TON of people there and I wasn't too keen about it due to not being able to network as much as I wanted

-Good news for you is that @Matthew Berry organized a Bigger Pockets get-together and you are right on time for that. We are meeting tomorrow night at 6 pm at O'Gara's Bar and Grill in Saint Paul. Hopefully we see you there. 

I am a newbie but I think it is important to start reading the books that are provided here and follow some people who have quite a bit of posts, usually those are the people who have been doing this for a while and also know what they are talking about. I am learning about Joint Ventures and already have met with a few people and have talked about doing some deals together in the near future.

Feel free to connect with me and hopefully I will see you at the networking meeting tomorrow night!

Welcome to the Bigger Pockets community. There is a wealth of knowledge here to get. I am just starting and have made more connections through Bigger Pockets than I have through so many other avenues. Good luck with everything @Jason Griffin

This makes me so excited and inspires me so much. Wow. Hopefully I can say the same thing as many like J Scott and others in the next few years. Just getting started so nothing yet but hopefully something soon.