All Forum Posts by: Eli Sunderland

@Alex Winder - I agree with Multi's being the best property class for starting out.  No better way to live rent free and get your feet wet as a landlord.  I'm currently in the market for my first property and seeking a 2-4 unit as well.  

According to my lender, I will have to live in the property for a minimum of 1 year before I can move out, buy another property to use as my primary residence, and transform my original property 100% into a rental.  This is all assuming you use a low-down first-time home buyer loan. 

My lender that I'm working with is @Conor Hesch. I'm sure he'd love to talk to you if you want more information! He has a loan that you can use on a duplex that is 3% down and has no PMI attached to it. Only downside is you can't use it on a 3 or 4 unit property.

@Jordan Moorhead - thanks for the info!  It's always interesting to hear about deals that people make in our market!  

In a year, are you planning on moving out and buying another (since that's typically the minimum length of time you're required to live in the property with low-down loans)?

@Jordan Moorhead - Congrats on the purchase!  I'm currently in the market for a multi as well!  I've been looking in the northeast and south minneapolis areas.  

Would you mind sharing a few more of the numbers on your property?  Such as beds/baths for the units, and your estimated rent/and or cashflow, etc?  

@Matthew Schroeder - thanks man!  I'm currently in the process of getting in contact with the zoning department.  

@Dale Lotts - Thanks, I'm going to try to put an offer on it as if it was a duplex, and see how it goes!

@Matthew Schroeder - those all seem like good questions!  Do you know how I could find information about the possibility of a variance or it being grandfathered in?  

Thanks guys!

Hey everyone! 

I found a property that is labelled as a triplex and zoned as a duplex, but has a non-conforming 3rd unit that the owner has been renting out.  My question to you is, how do these kinds of properties work?  I don't want to buy it as a triplex, then be unable to legally rent out the third unit.  

Do any of you have experience in this kind of situation?  

Thanks!

Hi @Javier Sanmiguel!

I'd also throw a recommendation out there for @Sam Steadman!  He's currently helping me find my first property, and I'd echo what @Ryan Hangartner is saying!  So far, the process has gone very well.  He's very flexible, willing to work around your schedule, which is huge!  Also, he's got some solid strategies he uses for the negotiation process that can help you get better deals!

@Karli F. - unfortunately I don't have any good contacts for you, but I was wondering if you're willing to spare some details on your project!? I'm just starting out in this market, and would be very interested in hearing any information about the deal you are willing to divulge, like how you got the lead, ARV, estimated repair costs, purchase price, etc. You said you have a hard money lender set up, are you using pine financial? They seem to be one of the more popular HML's in this area.

Thanks!

@Account Closed - How do you normally go about finding motivated sellers?  Do you use the methods I see a lot online, such as direct mail?  Or is your agent usually able to find these off market deals for you? 

Thanks!

also, @Dan Coleman, why do you say the properties in the multifamily space do not fit FHA guidelines? They are too run down?

Thanks,

-Eli