All Forum Posts by: Jessica Wood

@Kyle Lush - thank you!  Good luck to you, too!

@Bradley Gudim - wonderful!  I forgot to mention I'm from the area. I grew up on Lake Minnetonka. We are trying to get into the Minnetonka school district but finding a lot of extensive rehabs or teardowns for 300k. The market is crazy right now. 

Would love to be kept in the loop regarding any meet ups in the area!

@Kevin Powell - I don't want to leverage the Edina property because I am thinking of it being paid off as a success and that all of the profits are now 100% income and I have no mortgage expense. 

Couldn't we use that income to qualify for other mortgages? 

I was thinking of putting more cash down on each property to jump start my way to having multiple paid off properties and more cash flow. 

I guess I didn't go over my goals clearly enough & that's because we aren't positive what we will love doing yet. But getting cash flow asap is a priority as we will have to replace our current incomes. My husband will get his real estate license & I will follow suit once our kids are at least in preschool.  Our first endeavor will be purchasing our first rental property in all cash, moving into it, redoing it and refinancing it. The cash reason there is that we won't qualify for a mortgage on paper right now since we run a farming operation and try to keep our income as close to zero as possible. When we leave the industry, that'll change. 

I guess I could take 500k cash and spread it very thin and be very highly leveraged and grow very quickly but I'd rather start off slowly and conservatively. 

Thoughts/ideas?  Lender ideas?  

Hello!

My family and I are relocating to Minneapolis in December and we will be lucky enough to be investing in real estate full time.  We are looking to invest in the western suburbs as well as the Edina/Calhoun area.  Neither of us will have W2 incomes but we have investment income as well as rental income.  

Our plan right now is to pay cash for a very modest primary residence and refinance when we get up to minneapolis. We would live there for two years and then rent it out. Assn docs say you need to occupy for 2 before renting. While we lived there we'd put in new showers, flooring in kitchen and bathrooms and paint kitchen cabinets white, etc. Make it a more appealing rental unit. 

I have one rental property in Edina that is paid off. I've been renting it out for about 4 years or so & lived in it prior to that. I've spent about 4 hours of work on that place in 4 years so I've been really lucky as far as tenants go. 

Are there specific banks in the Minneapolis area that will be better at lending based on net worth vs. verifiable income?  I currently bank with Wells Fargo but am open to developing relationships elsewhere. 

Our primary goal will be to get single family homes cash flowing ASAP. 

Since cash flow is important to us, we are considering putting as much as 50% down on these properties. Thoughts?

We are leaving a farming operation in Iowa and going into this full steam ahead. Wish us luck! 

Can you hear road noise from the yard/house? It looks like a nice home but that proximity to the freeway would kill it for me personally as I am searching for a similar home for our young family. Are you having open houses?

Originally posted by @Jordan Moorhead:

Jessica Harriet have you also been to all of these cities?

Minneapolis has some of the best schools in the nation.

 I'm with Jordan on this one. When you say "family" do you have young children?  We are currently moving to the suburbs of Minneapolis for this sole reason.  Their schools are top knotch. I also plan to buy and hold real estate once we get there. 

My husband and I will be relocating to the western suburbs (Minnetonka or Wayzata) this winter. We will be focusing our real estate investing there and would be more than happy to have a weekly meetup at a coffee shop. I know we won't be there for 5-6 months, but keep us in mind. 

@Jordan Moorhead - oh hey there!