All Forum Posts by: Gavin Grady

Investment Info:

Single-family residence fix & flip investment in Edina.

Purchase price: $85,000

900 SF condo currently in the rehab phase, performing all of the repairs ourselves. Installing new laminate wood flooring throughout, new SS appliances, new granite and marble countertops, updated cabinets, new plumbing and electrical fixtures, fresh paint, new closet shelving and closet doors.

See the before and after photos!

Getting ready to put this property on the market!

What made you interested in investing in this type of deal?

Wanted to get started in real estate investing and jumped at the opportunity

How did you find this deal and how did you negotiate it?

Off-market from a co-worker

How did you finance this deal?

private money and personal cash

How did you add value to the deal?

self-performed all of the rehab

What was the outcome?

uncertain yet, just preparing to put it on the market

Lessons learned? Challenges?

learned a lot about the acquisition process of an off-market property since I purchase this deal without an agent. Also, dealing with HOA can be frustrating at times...

@Alyssa Strom I agree, there is so much great info here and even better to eat insight from local active investors! I am definitely open to exploring other areas around the metro in order to find more opportunities. 

@John Woodrich I grew up in Hopkins/Minnetonka area as well so I realize this area is not the easiest place to find a deal right now. I figured this would be where I started to look based on familiarity and would continue to expand into other areas as I got a better feel for the market. Thanks for your insight!

@Bruce Runn I appreciate the honesty! That’s what I was coming here to get!

@Jordan Moorhead initially thinking SFH to get some experience before shifting into Multi at some point

@Bruce Runn that is a fair point, no doubt and absolutely something to keep in mind. More or less just trying find the smallest leg up I may have compared to other new investors with less construction experience or access to trusted subs. I have no doubt I have a lot to learn which is exactly why I am here seeking advice from those with more experience!

@Jordan Moorhead this makes a lot of sense and reinforces some of the ideas/strategies I have been focusing on. I fully expect to put in a significant rehab in a property in order to make the numbers work. I'm not afraid to get my hands dirty and put in the sweat equity starting out to give myself a better chance against the bigger guys out there using a GC. in order to accomplish this, would have to keep my target market close to home. Areas I've been targeting are primarily west burbs - SLP, Hopkins, Golden Valley, Plymouth, Maple Grove, etc. thoughts on these areas?

@Tim Swierczek you make a lot of good points. I am absolutely looking to continue to network in order to find that could help me out and hopefully I could provide them with some value as well. Any suggestions on Realtors? I definitely plan to continue to monitor the market closely while analyzing deals for multiple strategies. 

@Todd Dexheimer I do get more concerned with the idea of moving further out in order to find deals, just wanted to see if others were having success with it. Starting out I would like to stay closer to home (west suburbs) in order to stay more hands on and I have a lot more familiarity with the area. I am definitely going to exercise patience and try to find opportunities for off market deals as well. 

PS - thoroughly enjoyed and learned a lot from your podcast!

@Matt Higgins I appreciate the response! Sounds like you focused your original market in your own backyard and have continued expanding as the market increased. I give you credit for venturing into North MPLS, sounds like there are definitely some additional challenges there. Would you say that recently you have been able to make more deals work as a flip compared to hold due to lower cashflow rates?