All Forum Posts by: Geoffrey Serdar

@Bruce Runn, dummy proofing it a great great idea.

Especially because the basement is a meter I'll be paying for. 

Do you have a go to brand for timer lights?  I was also thinking motion sensor lights for the basement, so they can't be left on, plus added security.  Thoughts on that?

Hello all,

Both bathrooms currently have vents, I was planning on adding timers to the vents, connecting them to the light is a good idea, however I've heard you always want the vents to run after the shower is through, for about 20 mins, so I'm going to make the vent connected to a timer - thoughts?

@Jake Serdar,

Do you know your family history?  One of our Aunts did an extensive family tree for our Last Name - Serdar

My First Duplex - Winter 2016

Any feedback, advice, stories, or jokes are well appreciated...

Hello, my name is Geoffrey Serdar, intro post located here.  I am closing on my first duplex acquisition in a few weeks.

The first duplex, listing here,  is in the Near North neighborhood of Minneapolis, or, as most would call it, the southern part of North Minneapolis.

• Negotiated Purchase Price: 
  • $149,000 
• Seller contributions towards buyer's closing costs:
  • $4410.00
• Taxes
  • $4,359.00
• 3 bed/1 bath/unit
• 2,964 total finished sqft
• 1913 built
• Many electrical updates
• Separate Furnaces
• Separately Metered
• Separate Water Heters
• Lot's of new windows
• New Roof

Property is a foreclosure, listed by Fannie Mae.  I visited the property on numerous occassions as soon as it came on market, a few days before Christmas Eve, I then submitted my offer on Christmas eve - late (around 11pm), I proceeded to negotiate on Christmas.  Best Christmas present I've ever received, and I still didn't get the deal done.  The negotiations was the only present I needed in 2015.  7 counters back and forth, Fannie Mae barely moves the first few days and every counter takes at least a day, Fannie Mae doesn't move quickly, and they barely gave into any of my negotiations.  To help my negotiations I paid for an overly-time-consuming homeowners course that took me three hours to complete, I wanted/needed to pay less than asking, I wanted Seller Contributions, and thus I did everything I could to get as much off as possible.  A list price of $151,900 - Purchase Price of $149,000 - $4,410 in contributions = a lot of money to me, that's an entire $7,310 I won't have to spend, yes I know that's pennies to some of you long money guys, but this is my first duplex and I'm very proud of that savings.

I purchased the property on a 203kFHA mortgage so I could roll into my rehab into the purchase.  Updating projects include:

• 2 x new kitchens
  • 2 new sets of appliances including plumbing for dishwashers (didn't have dishwashers)
• Building out washer/dryer laundry rooms off the kitchen, so tenants will have separate systems
• All basement windows will be replaced with glass block that can open (for venting)
• I'm tearing out all the gross drywall and crap in basement and starting fresh
• Updating bathrooms
  • Installing Glass Block in the bathroom windows
• Fixing a few windows
• Paint the whole damn thing inside and out
• Ripping off (and capping) the unused crumbling chimney
• Water management
  • Gutters installed with drain pipes so I get the water away from the perimeter
• Ripping out the carpet and refinishing the original hardwood - everywhere (if it's salvable)
• I am rebuilding a stairway making it safer
• A few other projects

Total price after all Rehab/Fees is approximately $210,000

I don't know what my rentals will be, I am going to begin marketing it @ $1,500.00/unit I believe I will be able to lease there, or at the lowest $1,300.00/unit (as is market values on craigslist and other sources)

The neighborhood is considered the good part of the rough area, lower owner-occupant, lot's of section 8 in surrounding areas.  This duplex is next to a Baptist Church, which I believe is a positive.

I'm very excited with this acquisition and believe I have the right mentality for land-lording.  I believe I am putting the updates into the right areas to achieve quality tenants, to secure high rental amounts, and to keep property mostly maintenance free.

What are your thoughts?  Any pointers?

- Geoffrey Serdar (The phonetic pronunciation of my name is JAh`free SIR-Dar)

 (hello.)

Noob from Twin Cities/MN

1st Year Investor, 4th Year Real Estate Agent

I have been a Realtor® since the beginning of 2012, focusing on the real estate markets of Minneapolis, Edina and the surrounding urban areas. I attended the University of St. Thomas with an emphasis in Entrepreneurial Studies.

Residential Real Estate sales is my career, it took me a solid 4 years for me to call it a career. These last four years have been extremely difficult, yet exciting, and I have kept up my focus throughout every failure, now, I'm very proud of my professional capabilities and can take on all sorts of residential real estate projects. This past fall I brought on my first assistant, and that has allowed me to focus on more listing opportunities, servicing my clients at a far more superior level. I spent a solid 4 weeks breaking down my entire workflow before my first hire, and then spent a solid 4-8 weeks training, and evolving my processes, I continually have Monday meetings where we discuss how we can do better.

2015 I took a managerial/partnership role in two condo flips, my business partner took a giant leap in me:

http://spacecrafting.com/npwc <--- my first flip

http://www.spacecrafting.com/cx1d <--- my second flip

I worked diligently for my partner so we could get these at bottom barrel prices, I hired and bid out all the help, demo, design, electrical, cabinetry & carpentry, etc. I generated $32,900 and $23,000 for my partner & I, this was risky but the comps made sense. I'm very honored and appreciative that he took the chance in me, especially because neither of us ever flipped a property before.

One of my contractors left my 1st flip's patio door open over the winter and the condo's pipe burst, flooded out the 2 units below, I was terrified of how much damage it caused, I brought the neighbor below flowers on three occasions as a way of apologizing, then asked if I could buy her unit, I acquired it, so I was working on two flips at the same time - which was a managing/learning experience, now I know I can do this constantly.

Thus, 2015 is the beginning of my investing experience, at 31 years old, I'm here to learn more from you (members @ bigger pockets), to read and educate myself, to be like you, and to one day, give back and advise others.

I recently paid off my student debt, I have been miserable trying to accelerate that worthless debt's payoff, I have so many friends with 50-150k in student debt, it's NOT an asset, it doesn't create security. I am student debt free, it's powerful.

I'm closing on my first 100 year old duplex in a few weeks, I am using FHA203k, I'm more excited/scared about the duplex than anything else in my life, I will be more proud of that than any other achievement thus far, I'm buying it for 149k and putting 65k into it, updating it and making it more solid, better water management, finishes, I will always try and make my buildings solid.

My duplex is in a high minority area, and everyone is telling me I'm crazy but all people are people and I do not see color, I only see opportunities and I respect everyone as long as they respect themselves.

I hope to earn the respect from the members of this site, learn from your mistakes, and learn how to more intelligently take business risks. I am an amateur investor, I will not always be so. I am an awesome real estate agent.

-Geoffrey Serdar (The phonetic pronunciation of my name is JAh`free SIR-Dar)

I am also a member of the Minneapolis Club, 

Life Member of Minneapolis Lodge #19, 

attended Trinity School @ River Ridge,

I have a funny immigrant family, and I appreciate that I was born in 'Merica 🇺🇸