All Forum Posts by: David Moore

@Justin Smith

And everyone, forgive me if I missed this in someone else's post, but aren't you all missing the most important fact?  I'd say 80% of the posts on this thread have advised Justin to not buy the house.  Most point to the racist neighbor.  Some point to low rent for the price.  I see another perspective.  Justin, assume 80% of the people seeing this house are scared off by the guy next door.  Now, you have a big bargainning chip with the seller.  Print out this thread and show them.  Instead of offering 40 to 45K, tell them you will offer $25K cash, close in two weeks.  Now you have a house you paid $25K for, and a weird neighbor yes, but you will get a renter, and have that sucker paid off in no time flat.  Talk about a big cash on cash return.  Don't let feelings rule you....fear and greed are to be avoided.  Let the numbers dictate.  

I will try it again.  Cut out the middle man.  Thanks, @Nicole A.  You should read my blog post about 'Duplex Disaster'.  I don't know if anyone reads these, but it helps me feel better.

@Nicole A.

It can be exhausting, though.  I think I might get my license after the latest debacle with an agent.  I still haven't found even one RE agent worth their salt.

When I was considering getting my license, I chatted with the owner of Fish MLS in Coon Rapids. He said they are very investor friendly, and will just do the fee per transaction. Very few meetings. Plus their signs are really cool looking.

@Kevin Milton

Good question, first of all.  I've recently purchased a multifamily (duplex), and there is some stuff to share.  First, getting your license isn't tough, and it could be worth it.  I've thought about it.  Kaplan has an online course that is very reasonable, and I know some realtors very investor friendly.  The advantage is you can call up the listing agent and see properties without going through another layer of realtor.  The downside is most of these require 24 hour notice to the tenants, so that advantage goes out the window.  There is an advantage to writing up your own PA's.  Then you are calling the listing agent, negotiating a little more directly.  And you get part of the cut.

I've prayed about it, and through that process realized I'm too busy to do it.  Let someone else do it.  

The next thing to share is most realtors are not worth much, IMO. You need someone who will really listen to you. You need to do nearly all the work yourself, or you may get saddled with someone else's idea of a great deal. Some bring you deals and great lenders (look up Jay Lohn in bigger pockets). Jay will give you great deal analysis as well. I will do a deal with Jay at some point, I believe. i also work with a guy at Keller Williams who gives me direct access to his MLS. I can send you his # if you are interested. He is very good to work with....he is not impatient with investors, and actually gives me stuff like comps when I ask him for them.

@Matt Lennander

I've had two RE attorneys thus far, and the one I really liked moved onto another area of law, so I'm now looking for a new attorney as well. I do know Virtus Law LLC is well connected to Real Estate, but the lawyer I liked left the firm, and I'm not a fan of Virtus right now.

@Ashley Gaudette

First, welcome to BP.  You will  find a lot of good advice here.  Bigger pockets has a guide on landlording that could prove useful.  I have a couple bits of advice.  

1)  Learn to screen your tenants - I use Minnesota Tenant Screening (TVS).  It gives you access to the applicant's credit score.  Very helpful.  

2) Treat your duplex like a business.  Pick nice tenants, sure, but these people are not friends...they are our customers. Treat them fair, and train them.  

3) Have a lease written up for you by an attorney.  I hated shelling out the $800.00 bucks plus I did for mine, but it has me covered for any eventuality, and I use it over and over.

Welcome again.

Anyone coming to the MN REIA meeting tonight? First time visitors attend for free. Here is a link. I hope to see some of you. I'll be the tallest guy there, likely. BTW, please understand some of the guys who present give you a taste of their expen$ive class course the following week. The REIA meetings are about more than that.

https://www.mnreia.com/Events.aspx?ID=Tony-Youngs-October-Meeting-10-10-6-2015

@Ariana Rivers

I've been working with a realtor at Keller Williams.  Most realtors who claim they are good for investors are completely unreliable, and a pretty big disappointment.  I have a new one I'm using, and we got #1 under contract with him.  He was quite patient, was negotiable on terms, and was not rattled at doing research.  We plan to use him again in the future.  Want his name and #?

Definately interested in finding cash flowing duplex in the suburbs of Minneapolis and St Paul, primarily Crystal, New Hope, Robbinsdale, Brooklyn Park, Mounds View...just to name a few.  I've been coming very close, but no deal completed yet.  I have financing all lined up.  Okay if tenants still in property...close to turn key if possible, but will consider rehabs too.