All Forum Posts by: David K.

@Davit Gharibyan, I think all around the 494/694 loop has good potential. Living in Bloomington, I see a massive amount of opportunity around the south and southwest metro. But I would analyze each deal individually. You can find gems anywhere. Have a conversation with a couple property managers to get their perspective. And join MnREIA and some of the other local groups to increase your networking. People in this business love to talk about it! 

Personally, I would just stay out of the highest crime areas. (Check the crime maps.) I like far south Mpls and Bloomington, because I'm close, and there is a good mix of people. They also have a lot of post-war bungalows, and I like that type of house. (Not too old, and efficient use of space.)

My advice would be to have your accountant help you decide what form of business organization you should have. (I think that's what you're looking for.) To set up an LLC or any other kind of organization, you need to register with the Secretary of State's office, and follow the rules for that type of org. Since you are both new to this, I would strongly recommend professional help to get things going properly.

Good luck! This is a pretty good real estate market.

Wow!  Good luck!  Someone on here will know how to help get rid of the squatter.

@Oscar Brooks, @Pavel U., @Shane Hedeen - I sent you notes.

David

@Jackie Sladky, I emailed you a spreadsheet I use for analysis of rental properties. It factors in cash flow, loan reduction, tax impact and appreciation to help you decide short and long-term ROI. Good luck with the property!

David

Thanks folks!

Hi,

Looking for a good property manager to manage a sfh rental in Mesa. I'm in MN, so not down there often.

Any suggestions?

Thanks!

@Spencer J. If you are looking for a company that SELLS turnkey rentals in that area, try Return on Rentals. I know they deal in Buffalo. I have a couple duplexes in Buffalo, and their numbers are pretty good.

I use Affinity. I had my local Farmers agent (whom I've used for over 20 years) quote on flips and rentals, and he wasn't competitive at all.