All Forum Posts by: Jeremy Mangen

Awesome deal! Loved reading it. The story stresses several important points in my mind:

Always be telling others about what you do.

Always try to find ways to turn problems into opportunities.

Be sure to get accurate rehab estimates before committing to a price. That’s the piece I could see a lot of newbies skipping in their excitement to have a great potential deal.

Hope everything turns out well with this project!

Personally I would ask the tenant to leave if they aren’t being cooperative. One more olive branch, giving them another 30 days or something just to give them a solid chance, but say you will sue for damages if they don’t leave. Feels like that solid potential for a lawsuit gives you great leverage with them and ultimately it’s a win for everyone if they just leave.

Normally I’d suggest cash for keys but with the lawsuit leverage doesn’t seem necessary. The eviction shouldn’t be either but if so, just handle it in a 100% business professional way and try to recoup your losses via lawsuit.

Thanks everyone! This was a ton of great information. I hired some professionals for a reasonable price and so far everything seems to be turning out ok. 

Hey there! 

I'm a huge believer in references so I'll throw this out here. I'm a Minneapolis/Twin Cities investor looking for the following contractors:

- Electrician

- Tile installer

- Handyman

- Cleaning Service

If you're from the area and you've worked with any fantastic contractors in one of those fields, I'd love to get their contact info.

Thanks!

Wow that's a lot of amazing extra information. Thank you guys so much!

@Al Pat Yea I'm just further convinced I need a professional. Thanks guys! Fortunately I do not have any tenants in it right now and I want to make sure I get ahead and stay ahead of this problem before I get anyone moving in. 

Thanks everyone!!!

Thanks, that's what I was leaning towards. I had some non-investor homeowner friends recommend I just bug bomb it because pest control is expensive, but they aren't landlords so they aren't thinking big picture like you guys do.

I'll get a professional in there. 

Just bought my first duplex, walked into it and noticed a crack in the molding on s countertop in the kitchen. I pulled up the counter top and it popped right off and several roaches crawled out. Ew. This is the only place I’ve seen them. Haven’t found dead bugs or signs of roaches anywhere else in the house. Now I’m aware this is very normal and just part of the fun of home ownership, but I’m trying to decide if I should hire a professional or just bug bomb the whole place myself. It’s a very old home in a older part of town, C class neighborhood in Minneapolis. I won’t be pulling A or even very many B class tenants, just FYI. Regardless I need to provide a decent product for whatever tenants move in and I want to ensure I’m not fighting a huge roach problem down the road. Any tips are super appreciated, thanks!

Seems pretty straight forward. You said what the problem was, and you know the solution. Why not do it? 

If the realtor is the bottleneck, then fire them and get a more investor friendly agent who understands the need for speed and availability. 

This is brilliant. Definitely something I will start thinking about and looking into for future investments. I do have a friend who when I met him he was just a poor aspiring musician in the heart of Minneapolis. We were best friends for two years before he told me his dad owned over $100 Million in farmland, with most of it in South Dakota and a large chunk in Brazil. That just blew my mind. Shows that land plays are obviously very lucrative when done right. Thanks for the suggestion!

Right off the bat, I saved multiple things you said in this forum. Some of your business practices seem extremely smart to me and I'm definitely going to be replicating it, so thank you ahead of time for that. Specifically how you calculate your numbers conservatively and you keep those reserves, and that tip on finding private money lenders through your network is just brilliant. Thank you man.

There's a decent amount of people warning about the dangers of scaling fast and getting hit by a down market, but it doesnt sound like you're unaware of those risks, and of course BP members wouldn't be following the values of BP if they didn't mention those risks, so its awesome that theres members on here willing to challenge others on their success in the hopes that they don't lose their success. 

That being said, I'm like you and I can't do the tortoise thing. And there's plenty of people who have shown that you don't have to take the tortoise route as long as you're a smart hare and have a healthy respect for the risk you're taking. I dont think there's a right or wrong answer to the tortoise and hare question, I think you have to do what's best for you, and it seems like you are.

This was educational and motivational, thanks man and good luck going forward!