All Forum Posts by: Hal Cranmer

I hope this fits into the right forum area. I have just had an REO offer accepted on a duplex in Minneapolis for $104K. It last sold for $261K in 2004 and the tax value is $250k. It needs about $15K in work and the comps look like I could sell it for around $180k. I am trying to set it up as a 3BR unit upstairs and 2BR downstairs, which I could rent out for a total of about $2100 per month.

So here is my question. I would like to flip this and pay off some loans I have for downpayments on other duplexes in the area that I am renting out. I want to make it really easy for another investor to come in and buy it fully rented, then collect money. So I thought I would rent it out and then put it up for sale. How will the tenants take to putting a 'For Sale' sign in the front yard right after they move in? I've never sold anything that had tenants in it. I would think it would be good to be upfront with the tenants at the time of rental and tell them the lease must be enforced for the full term. Any ideas?

Also, any tips on marketing this place for sale would be much appreciated. Obviously investors would probably be much more interested than homeowners, but someone might want to live on one floor and rent out the other? Just curious if there are ideas out there besides the MLS? I was going to advertise it at my local REIA too, but would appreciate any assistance about marketing it on the web, youtube, newspaper etc. Thanks.

Ryan,

I'll send you a colleague request and 'PM' you with my contact information. We can meet and I'll bring my realtor who has also been somewhat of a mentor for me. He is really laid back and doesn't pressure anyone. I will be out of town next week but should be around the rest of May and June.

Thanks,
Hal

Kelly,

Definitely send me a colleague request! I'll try to do the same to you. If I can 'PM' you, I'll send you my contact information.

Thanks,
Hal

Vinayak,

I have been talking with a broker who seems very honest and been in the mobile home business for 20 years+. She said you need a dealer's license (the pain in the butt one) to sell them, but you can sell through a dealer and just get a financing license for $250.

Could I get in touch with your contact who says you only need a $140 license? I have called several state agencies about this and they all give me different answers. Nobody seems to know!

Thanks.

I want to get involved with the web as well, but I don't have much experience. I am looking to flip a duplex that I am bidding on and would like to use the web to sell it.

Is there any courses/books/websites that I can use to learn quickly how to sell a house on the web? What about using it to find other properties to flip?

Any help would be much appreciated.

Thanks,
Hal

Kelly,

I live down in Lakeville but have several rental properties in Northeast Minneapolis. I also have a sister-in-law who is an interior designer and has given me great advice on my rentals and a house that I flipped.

Any chance you would like to get together and network some time? Maybe I could bring my sister-in-law along?

Thanks,
Hal

Ryan,

I live just south of the twin cities and have been investing in real estate for about 3 years now. Maybe we could help each other out? I have 5 rental properties (mostly duplexes) and have flipped one house.

I work full-time for a major aerospace manufacturing company and still manage to do this. I would not advise quitting your day job until you have at least matched your salary in monthly income after ALL expenses.

I am putting offers on other places to flip but none of my offers have been accepted (yet).

Maybe I can help show you the ropes a little in exchange for some IT advice. I want to do more advertising/buying/selling on the web and it sounds like you might have the skills to do this.

By the way - I'm not originally from MN - where is Victoria?

Thanks,
Hal

The company 'Window World' is advertising any white double hung window replacement installed for $189. Has anyone had any experience with them? Do they honor this price? If not, do people have a good place they go for replacement windows?

Thanks.

Whoops:

http://www.marketwatch.com/video/asset/2790C7FF-0640-430D-A887-3D7F07AB1F96

Jim,

How's your search going? I'm not real handy myself - more of a finance guy. But I have some great contractors that do a lot of the work for me at very reasonable rates. You really don't need to know plumbing and electricity to do very well in real estate. I'm meeting with another BP investor tomorrow night, but maybe we could meet sometime and discuss real estate - it sure beats the stock market!

Hal