All Forum Posts by: David K.

@Steven Eitreim and @Bruce Runn, I'm in the Twin Cities Also. I have found a couple good rentals in the last few months that beat the 1% rule. One house in Blooomington that I'm rehabbing now. When it's done, my total cost will be about $140k and will rent for $1,650. One in S Mpls for 99k that is renting for $1,350. That one will need a rehab when the renter moves out, but she loves the place. 

Both of these are 1-1/2 story houses, post-war, and have 4br, 2ba. They are not large considering the 4br's. That's probably what pushed them over the 1%.

I look at appreciation and reduction of mortgage as well as cash flow when doing the analysis on these.

Congratulations Jesse! Good to see someone in my local area having success! I'm working on a rehab right now in Bloomington, that I will hold and rent.

If you've got a million in a retirement account, a lender will count withdrawals as income. You need to show some history to get it to count. My current deal they asked for six months withdrawal history, plus want to see me set up a regular withdrawal, which I can cancel after the loan is closed. If it's not in a retirement account, then I don't know the answer!

Are you selling, or holding for rental? I've thought about them as rentals, because of the low cost of ownership. But I've never found anybody else locally to talk to. I know lot rents are pretty high in the better Twin Cities parks.

Welcome! I'm also from the TC.

Same experience. I have multiple emails. Whenever I give an email to someone selling something, I always use on of my junk emails.

Welcome to the Twin Cities investment community, and good luck to you! This is a very competitive environment, but there is room for all of us!

This does become a pain! My LLC's are in Minnesota. I was buying a property in IL, using a bank in IA, across the river. To do this I had to register both in IL ($500) and IA ($175). Decided to just buy it under my own name!

Welcome Andrew!

Throw if out at the MnREIA meeting next Tuesday, and see if you get any takers. There are a lot of people looking for deals.