All Forum Posts by: Josh Bast

Hey all -

There are some larger multi family complexes going up in my market…not sure what to make of it yet, but it's a small town of 20k people. Don't know if we have a housing shortage or if this is going to hurt existing landlords with SFH and small multis. Curious if anyone has any general experience with what they have seen? I know, not alot of info to go off of, but curious if I should be concerned or maybe what to expect…reduction in rents to compete? Will SFH be in higher demand? Just wanted some general feedback.

Do any of my MN landlords know if we are able to evict a tenant that is on a month to month lease, but has applied for RentHelpMN and not received a response to their application? I would give them notice now, and hopefully evict when they begin holding over. Thanks! (Please don’t reply if you’re going to say consult a lawyer…that’s step two if no one here knows with certainty). Lo

Hello! Looking to connect with an experienced real estate tax accountant in the Minneapolis/Plymouth or surrounding areas to ensure I am maximizing my tax opportunities. Hard to tell who is actually experienced and who claims they are experienced 😊 - Thanks!

Hey all! I am a MN based investor, family man, and golf nut looking to connect with individuals who are actively investing and love to golf. Closing on my 7th property, 10 total doors in November...the goal is to use this income stream to fund more of what I love; golf and business! If you have a passion for golf and want to network, please reach out. Interested in traveling around the US to play, grow my portfolio, and meet some awesome entrepreneurs.

Look forward to connecting!

Josh

@Mike S. How big of a risk is this in your estimation? I just did two of mine, have not heard anything...but was told to be weary of this when filing a Quit Claim Deed..

Hello all!

I am preparing to submit an offer on a duplex where the seller would finance the property. This would be my first offer of this nature, so I am looking for input on what is reasonable/favorable for me. I’m new to this, so go easy on me...appreciate any feedback!

Here are some specifics...

List: 119K

2 bed, 1 bath per side

- The roof needs to be replaced, gutters need to be added, the garage needs works...so around 25k in deferred maintenance is expected.

- both sides are occupied, lease ends in February. Each tenant is paying $650/month, which is under market in my opinion. I would raise rents to $675-700 at the next lease signing. Tenant pays utilities.

Thinking of asking for $0 down, seller financed @5% with a ballon payment at the end of 5 years. Would look to refinance in year 3. Monthly payment would be around $640/month.

Why am I doing this? I have funds tied up in another BRRR property that I plan to refinance in November, so going conventional isn't an option. I want to get into as many properties as I can with low or no money down...and use my cash for rehab/equity building in other properties.

Thoughts?

@Peter Ovbiebo I went through Trustone - $650 origination fee after appraisal and I was all set

@Robert Arquilla - I’ll be honest, I just started this strategy so the return has been next to nothing...but you can look at the returns over time for specific funds and gauge. I just couldn’t let the money sit there which is why I’m going this route. Hope it works out for us!

Hello all!

I am wrapping up what I feel has been a perfect opportunity to BRRRR...SFH purchased for 65K and 20% down, 17K rehab cost, 115-120K ARV.

Should I:

1. Cash out refi and place a renter in there?

2. Sell and 1031 the net and buy two more properties?

My goal is long term but and holds for cash flow...

@Ivan Loza - it's a holding place for my savings until I hit the necessary $ amount I need. I use Robinhood, where I can move money in and out relatively easily. No fees. I have my money invested in VTI or VOO index funds....there is obviously the risk of losing some money by doing this, but I couldn't just let it sit there and earn .05% interest or whatever money market account offers. I'm using a HELOC to fund purchases in addition to personal savings...and I can't go fast enough. I anxiously await every pay period to put more money away!