All Forum Posts by: Jedd Braunwarth

@Patrick Allen @Jerry Houk

@Ben Lenger

@Jim Martin

If you all, and others I may have missed, are interested we have an informal, free, and no sales pitch meeting that meets (mostly) monthly. We have a Google Groups email list for communication and updates on the next meeting which will probably be mid January. Sometimes we get great turn outs and others just a handful all with all different backgrounds. We've tried a few places but have been meeting at the Caribou Coffee on Ingersoll. Send me a PM with your emails if you want to get added to the list.

@Deanna Bennett completely agree with you. I moved here 3 years ago from Minneapolis. Everyone thought I was crazy, including my parents. Now when friends and family come visit they say "I never knew Des Moines was (insert positive word)"!

@Deanna Bennett curious on what you are seeing in DSM vs. other areas when you say it is under rated? Are you finding lots of available cash flowing buy and holds or great flips? I am just not seeing them anymore. The best buy and holds sell for ask or higher with multiple offers the same day they hit the market. Prices are defiantly less than larger cities such as Minneapolis but competition is still high.

@Scott L. you are doing all of the right things. Getting started with the first few is the hardest part, which is good as it keeps most people away! You have a few options but the best being save up for the next down payment, and then repeat. Eventually you have a handful of cash flowing properties and you use that money to buy the next. Basically it starts snowballing from there and you can expand much faster.

Other options would be to find a partner to go in on the next property with (your giving up potentially 50% but better than 0%), find an investor willing to loan you money at an interest rate and pay them back with the cash flow plus whatever else you have left, or do the BRRR method (still requires money up front but you can use it over and over).

Your challenges are common for most in the beginning. Good luck!

Alb Rod nobody will be able to give you a good idea on what to offer without knowing the rest of the financials such as rent roll and expenses. Get these first then we can help...

Ayodeji Kuponiyi did the prior tenant damage the property beyond normal wear and tear? Do they know they damaged it? I just had a turn over but won't be charging the prior tenant anything even though I am fixing and replacing a few things such as touching up paint, fixing a storm door and some screens, one door handle, etc. All in all to get it rent ready to my standards with my handyman doing most of the work it cost about $250. Not a lot but I do not feel like I could charge someone for normal wear and tear. Blatant damage is another issue but if many of the repairs I see in my rentals that may happen to me in my personal residence I will not charge for that.

Besides real estate what does everyone do for hobbies? We all are so immersed in RE that we all still have to take a break from it from time to time, right? Family, sports, eating, knitting? I am curious to hear what everyone does to relax or take a break from the day to day of your full time job and/or RE Investing.

Christopher Hunter can you be more specific? Returns depend on market and whether you have a partner or not. I am assuming you have a partner or two if you only have $10k to invest in a flip? Me personally, I want at least 10-20% CoC but want higher if I am doing most of the work myself. I have been finding it harder to get good deals as of late so margins are much slimmer than I'd like.

@Benjamin Allen I have a spreadsheet that my wife and I have used for a few years. It helps track everything to the dollar. Shoot me an email and I will send it to you if you are interested.

@Shane Nelson do you know anyone else that would partner with you on a property or two? That way financing may become a little easier, especially if the partner is older and has great credit. It is great to own a a property by yourself but at your age getting started with a few partnerships may turn into you being able to get many more properties much faster in the future.

Where are you looking to buy in MN? I grew up in Waconia, just west of the cities!