All Forum Posts by: Kyle Reedstrom

Hey gang - A partner and I just started a local RE investor meetup.

Q: For anyone that attends these regularly or runs one....what are some of your best practices/tips/tricks to keep your audience engaged and growing?

Cheers 🚀

Kyle

Hey Solomon - Many of us have been there.  What would you say your goal is: A) Cashflow Growth B) Net-worth Growth 

Cool to hear Matthew, as of right now Fargo, ND is still behind the times in regulation. MTR and STR are still widely accepted and unregulated. That's one of our biggest risks it seems, however, ND is more friendly than the MN side.

As for GC...couldn't agree more.  What made this project GO was having the PM and GC as part of the investment.  All feet to the fire!

Cheers brother 🚀

Kyle

Hey Kenneth - I've never used Zenbusiness but I do in North Dakota we go directly to the state website and open up a "Foreign LLC" whenever we're buying and doing business in other states with properties. Our home LLC in ND but it only costs about $100 and a foreign LLC is all our CPA recommended we do.

Hope this helps, cheers!

Hey Owen - Go make it happen brother.  I did the same thing.  The SMARTEST thing I did...was follow a "who" not a brand or company or model or some "thing".  I picked a mentor and a team to follow and the rest worked out. 🔥

Looking to connect with investors in Fargo ND or Moorhead MN who nerd out on STR/Airbnb.

Main goal is to simply expand my network and nurture new relationships in the industry, and jam on experience in the world of STR investing...or just investing in general.

I am currently a broker here in Fargo and primarily work with real estate investors... both big and small... SFH rentals -> new construction -> STR -> MTR -> Property Management -> Flips. But the STR market is so dynamic that I enjoying networking with people who pay attention to how it's progressing and changing.

My personal portfolio consists of a mix of single family homes + office + some larger multi-family in 2024.     

Biggest discussion topic: Will STR numbers be UP or DOWN for investors in 2025??  

DM on Facebook or Instagram as well, let's connect. 

Investment Info:

Large multi-family (5+ units) commercial investment investment.

Purchase price: $850,000
Cash invested: $335,000

Historic downtown Fargo property. Looking to STR top floor lofts and furnish 10 units as MTR.

What made you interested in investing in this type of deal?

Bullish on DT Fargo growth and Airbnb opportunity there.

How did you finance this deal?

70/30 investor fund structure to make this deal go. Bank pushed us to 40% down payment so also executed a $85K seller carry-back loan to cross the finish line.

How did you add value to the deal?

Conversion of LTR into furnished MTR and STR

What was the outcome?

Stabilization in 12 months.

Lessons learned? Challenges?

Always get multiple lenders working for you in the due diligence process!

Investment Info:

Large multi-family (5+ units) commercial investment investment.

Purchase price: $932,500
Cash invested: $450,000

20-unit building converting from LTR to fully furnished MTR/STR. Furnished Flats Fargo. Website: https://furnishedflatsfm.com/

What made you interested in investing in this type of deal?

We liked the idea of partnership on a bigger project with the specific MTR strategy in order to increase NOI and exit in 3-5 years.

How did you finance this deal?

We had a 70/30 investor structure to fund this deal.

What was the outcome?

In process....stabilization in 12 months

Lessons learned? Challenges?

Security brought some learning lessons for us. Also, tenant management was a very delicate process while changing from LTR to MTR/STR