All Forum Posts by: Dan Vleck

Better would be to bird dog for investors. I’d happily pay a fee for a off market deal brought to me.

Hey MN real estate pros, I just got a letter from Hang Your Hat Properties LLC offering to buy a small parcel of land that I've been letting go tax forfeit. Anyone heard of this company? Are they legit? It is a low offer, but is more than we'd get if let go tax forfeit.

Thanks for feedback

Patrick, you had posted previously that you were looking for investment properties and now you are just looking for covering the payments. An investment pays dividends in cashflow. I am curious what areas you are looking in for the cabin. My coworker bought a cabin up the north shore to air bnb. He hoped to have payments covered by renters in the second year.  It’s not for me, I prefer to buy good cash flow properties and then use that money to take summer and winter vacations anywhere in the world.

Read millionaire next door if you haven’t. Read other money books if you haven’t, before buying this liability.

I’ll never understand why people sign leases while a property is on the market for sale. Who wants to inherit tenants?

Congratulations on your pending purchase.

You have a whole year to decide about that tenant while you rehab and rent one and rehab the other unit. Don’t sweat anything that far out. Best to focus your energy on what you can accomplish in the coming days and weeks.

On your other questions, I think the best way to learn to run numbers is keep practicing.  You get better with experience. Insurance is tough at first, but easy to get quick quote from an agent. Key is to keep track of estimated numbers versus known costs, and try to get them more precise before closing your first deal.

For my first property, I bought one that just needed cleaning and painting. Now I do my own flooring, sheet rock, and many repairs. You’ll learn as you go. 

Good luck

I’m curious how you intend to invest with your girlfriend. Seems like a bad idea.

I paid off debt first.

In MN you don’t need an attorney, just pick a title company and they’ll do all the legwork. I wouldn’t even pay for an inspection, but if it would ease your mind, not hard to schedule that without an agent.

What I did is put stuff in garage for a month and discount rent for new tenant by $50 for first month to compensate for no access to garage. Then after the month and notification to old tenant, loaded all into trailer and disposal at landfill.

I can't answer the first part about IRA's. For insurance I strongly recommend an insurance broker. Saved me a lot of money compared to the good neighbor. My bank picks the appraiser. Not sure why you would pay for an appraisal for a flip. I buy and hold, but I'd think all you would need is a realtor to help value and sell your flip.

My insurance only hastles me about solid fuel heat, meaning wood or pellet. You’ll be fine with anything natural gas. Go for it.