All Forum Posts by: Kyle Soderman

Okay, This is not as serious as the title makes it sound....

I have officially finished listened to all of the podcasts, 1-156 and now I don't know what to do while waiting for a new one to come out each week. I drive a good amount for my job and such so I am usually able to listen to an hour long podcast every 1-3 days.

I am wondering, other than the BP podcast, What other real estate/ business podcasts do you all listen to?

Also, before anyone says go out and buy some properties, I AM! I am looking to buy my first property this winter!

@Nate Armstrong I am currently on track to buy my first "house hack" this late winter/ early spring! I look forward to connecting with you sometime.

@Donna Salmiery Full disclosure: I have not yet bought any properties... but I have met with 4 different local banks in my area. I find it beneficial to be able to meet with them face to face and see what they have to offer. From my different meetings I found that some banks have different programs than others. If I decided to work with the first bank I met with then I wouldn't be able to do a deal because there terms didn't work with me.

If you are able to, set up meetings during your lunch break at work. That is what I had to do for a couple of my meetings. You will not regret it.

If you are absolutely not able to meet face to face, at least give one of the mortgage loan officers a call at the bank you are thinking of applying online at.

Best of luck!

Welcome @Nate Armstrong! I love seeing more and more people join from MN! I am out of St. Cloud, MN and looking to buy my first property. What city/ cities are you currently investing in?

Welcome @Jeff Waychoff! You have found a great site to meet other investors in the area. I know there are many BP members in the cities. I am out of St. Cloud but plan to move back to the cities after I am done with college.

Welcome @Chris Oswald! Have you picked out a city in MN you want to invest in?

@Jon JosephI can not comment on HOW to expand but make sure when you do expand you factor in all the numbers. These numbers may include CapEx, Vacancy, Utilities (if tenants are not paying them), and maintenance/ repairs.

With your debt service at 555 and rent only at 700, you are most likely not making any money in the long run. Just make sure to run all of the numbers when viewing new properties.

@LuAnn Vigen Thank you for the recommendation. I actually already have a referral for a loan officer from Bremer Bank in St. Cloud and will be contacting them today!

Calling Minnesotans! Does anyone know of any Mortgage Loan Officers they can refer in the St. Cloud, Minnesota MN area? I am specifically looking for a 203k loan or low down payment loan. I am planning on meeting with a couple this next week. 

I would also prefer it to be at a local or regional bank.

Thanks!!

I guess I never really thought of WHY the basement was torn down to the studs. That is a great point. I am most likely going to contact my agent this week to view the property and at that time i'll hopefully get more information on the condition of the interior. Also, to be clear, the main floor and upstairs units look to be in fantastic condition (minus not having appliances).

As I am renting right now I was thinking of house hacking the property and using a 203k loan for the project. That way there would be no additional rehab costs up front. After rehab was complete and the mortgage has been "seasoned", I would refi to get rid of mortgage Insurance.

Obviously, this all would be contingent on the extent of needed rehab and how much it would cost. I am thinking @Kristen Schade and @Patrick Liska are right considering the long length of time the house has been on the market. i.e. water damage, mold....