All Forum Posts by: Dan Manion

Do you mind sharing who you plan to have manage the property? I'm curious to know who is doing a good job on the communications front serving out of town investors and I always appreciate learning more about how the local PMs are working to improve service for the out of town landlords as this represents a healthy percentage of our client base.

Yeah! At least to start, I plan on doing it myself. I spent most of my life in that area so I'm pretty familiar with it and have a lot of family and connections there.

0 Votes

Quote from @Tim Swierczek:

Hi @Shawn Frost. Welcome to BP. There are regular meetings of investors in Duluth. There is a meet-up that I've spoken at twice. I can send you the meetup link if you PM me. I can't post it here due to BP rules.

Would you be willing to send that my way as well? I'm new to real estate investing and my first property is in Duluth.

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Quote from @Adam Tafel:

Congrats, man! What part of MN?

Duluth, MN! West Duluth specifically

1 Vote

Apparently this is a thing that should go in the classifieds? What? How does that make any sense.

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Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $150,000
Cash invested: $10,000

Found a duplex about 2.5 hours from where I currently live in Minnesota. The rents should be around ~1900-2100/mo when fully occupied. There's potential for a basement unit, but that's not something I'm considering currently. I'm focused on making sure the foundation stuff gets fixed for the long-term (excavation on the outside and doing the work to prevent the water from getting in) before considering anything in the basement.

All comps I had around the area were between 180,000 and 200,000

What made you interested in investing in this type of deal?

I wanted to start real estate investing

How did you find this deal and how did you negotiate it?

I found this on the MLS and negotiated through a realtor. The roof needs to be replaced within about 1 year or so. There was also a large stair stepping crack on the foundation with a small bow. Had a basement company check it out during the inspection period, give me a quote for installing braces + excavation. The seller and I agreed on the company to fix it and bracing portion of the fix will be paid for by the seller before closing.

How did you finance this deal?

Conventional mortgage for an investment property

3 Votes

All Forum Posts by: Dan Manion

Dan Manion has started 1 posts and replied 5 times.

Post: Closing my first rental property at the end of this month!

Post: Hello from Duluth, MN

Post: Closing my first rental property at the end of this month!

Post: Closing my first rental property at the end of this month!

Post: Closing my first rental property at the end of this month!