All Forum Posts by: Lee Syndergaard

I wanted to go on record as saying I just had my first networking coffee meeting with someone I connected with on BP: @Kyle Potswald

Kyle was kind enough to sit with me, give his insights into lending (his business) and other aspects of RE investing.

I was impressed by his professionalism, and unassuming, unpretentious Just-a-Normal-Guy-ness. He approached the meeting with the mindset of "how can I help you?", asked questions, listed intently to my answers and offered advice and referrals to others in our local Twin Cities market.

Thank you, Kyle!

From one newbie to another: welcome! I hope to bump into you (and others on this thread) at upcoming networking events. My goal is to attend one per week.

Stay warm and drive safely out there this weekend!

Very helpful. It's one of those terms thrown around but rarely explained.

Thank you for contributing to my RE IQ and vocab!

I've read about cap rate, heard it discussed on the podcast, but still don't have a grasp on it. How would you explain it to a new guy, using small words?

"Layman's terms. None of that inside, b******* jargon that nobody understands." -Mr. Shirley, Christmas Vacation

:)

You're all so helpful. Truly. Thank you!!! It's like having thousands of life coaches!

@Todd Dexheimer I love the stagger idea. Prevent the mass exodus!

I've yet to purchase my first property. I'm about 2.5 months into the adventure and still in the learning and fact-finding phase.The major thing holding me back from pulling the trigger on deal #1? You guessed it: the financing.

I'm pursuing buy-and-hold, SFH.

I don't have much of my own $$ to throw into the pot, so here's what I'm thinking:
- Figure out about what a house would cost (I'm told to expect ~$200K - $250k)
- Assume a traditional loan, and needing 25% down
- So I'll need to raise ~$62,000 for the down payment
- I approach friends and family, network with potential investors to raise those funds
- Bank supplies the loan for the remaining ~$180,000

Something like that.

Should I speak with a real estate attorney before approaching those potential investors?
Is this considered a syndication? 
What are the legalities involved?
Are there other "creative financing" options I haven't yet learned about?

It's not easy being green :)

For those watching your keyword alerts: Minnesota, Twin Cities, Mound, MInnetrista, Minneapolis, St. Paul

@Todd Dexheimer and @Bruce Runn, thank you both very much for adding your perspectives to this conversation.I'

@Bruce Runn It's interesting that you mention you don't account for vacancy in your calculations. I haven't yet purchased my first property (need to solve the lender piece, likely a combo of private and traditional...TBD) so I'm nervous to go off-script and leave out any expense.

Do you leave out the prop mgmt number in the equation, too? 

I'm working to reconcile real-world advice with the text books.

Here's the balancing act: don't take too long to pull the trigger on my first property, but go into that first deal armed with knowledge and education.

Keep the advice a-comin'!

Thanks, guys!
 

@Jordan Moorhead good call. I do take that into account. That's one reason I decided to attend a real estate seminar recently at a Bloomington real estate office, to get a feel for the local (and current) market.

Each podcast provides at least a nugget or two, and I've skipped some of the ones that focus on flipping and wholesaling, neither of which I plan to pursue.

There are a few missing podcasts from back in the day, and I wonder if it's due to changing laws.

Now it's time to take out the ear buds and get to some Meetups and other networking events! I'm in the group of people who's so busy with a day job and young family that I'm struggling to make the time to network. But I WILL figure it out, I'm uber determined.  For now I have one event in my calendar for January, and it's my goal to add at least 3 more.

Happy new year!

Thank you, @Jordan Moorhead for the...

...quick tip! (I'm listening to the podcast from the beginning, currently on #45; I'm not sure if they still do the Quick Tip thing)