All Forum Posts by: Jeff Schemmel

Grigory Gorshteyn - ALGO realty

@Kurt Pauley any words of wisdom for our friend here? I swear I heard you had STR plans up there last year. I'm curious to hear about it myself if that's still the case.

Good story!  Thanks for sharing.  what was your first deal like?  I'm curious what your stepping-stones were if you don't mind sharing a bit.  

@Jordan Moorhead or @Adam Tafel have either of you used Evolve, or have a better recommendation?

sounds like you may have read The House Hacking Strategy?? maybe not, if not you should read it!  Here's a link to the Minneapolis STR registration, where you can read about what the city cares about and what may be "between the lines".  The way I see it is, it's your house.  One of the many benefits of house hacking is there are so many ways to do it, and you should experiment to see what works for you.  My recommendation is to be OK with the returns without doing that, but reap the benefits of renting your side by the room whether that's long-term or short-term because it will amplify your returns.  One of the first questions I ask all of my clients who want to house hack is "are you willing to rent by the room?"  I specifically ask because you can get a real jumpstart in real estate investing by doing this - you have a great thought, and I think you should explore it but not rely on it to make a deal good.  Reach out anytime, i'm happy to help remove any hurdles for you to get started - mental or otherwise.

I am of the belief that picking up the phone is a pretty effective, and free, method to generate listings for clients - especially in the multi-family space.  From the little I've had to do to see results, It speaks for itself as a numbers game.  I think there's also something to be said for doing a great job and working with excellent partners in your sphere of business and deals will come.  Starting from near zero as I did was just a matter of picking up the phone, though.  I'm new to it and it took some confidence, but it's growing on me.

The name I constantly get in this business is Bradley Schaeppi.  I've never personally needed his services, but whenever I inquire about it I get his name, and I have actually had clients work with him successfully.  He's a real estate-focused attorney, and I'm sure could give you good guidance.  @Jordan Moorhead have you worked with Brad?  @Tim Swierczek?

I have a few options.  I like to use Greg Indlecoffer at the Kirwin Group.  PM me if you'd like some info or a few options.

 i pay 175, and I always do it before the general inspection in case there's something deal-breaking.  I also allow an extra hour when I book the sewer tech in case the drain needs to be snaked (tree roots clog the pipes and won't allow the scope to be finished in some cases).  The need to snake a drain to finish a scope is rare, but it happens and you don't want to get caught having to go back again in a competitive market.  I usually will either book scope day 1 and then come back day 2 for general inspection or at least try to make it clear to the general inspector there's a chance the deal stops there in the worst case.  Occasionally, I will work with an inspector who does scopes who I can just agree ahead of time with whether i'll do both.  A buyer doesn't want to get caught having to pay both if the scope already has them feeling bad about the deal.