All Forum Posts by: Leticia Montoya

Thank you all! Very helpful advices. 

I was searching about 30 minutes to an hour north of Des Moines Area in Iowa specifically in a town called Iowa Falls.  The houses on average are around 50k from what I searched.  I currently live in Minneapolis and statisctically speaking the crime here is worse than it is in Iowa Falls.

Hello BP members. I came across a few properties in the Midwest which the properties were below 50K in price in good school districts and the houses were not that old. My question is:  What is the downside(s) I should be worried about in investing in the Midwest or far from where I live?

Seems like there are many good cash flow deals on the market there. 

Thank you! 

Hello BP! I am currently looking at acquiring a TriPlex in the Minneapolis area to do the BRRRR strategy. In theory I know how the BRRRR works but I would prefer not to use any of my money or my partners. I understand in the Network Tab, there are lenders existing there but I can really use your help outlining the process I should be aware of to make this happen. Should I be calling local banks or calling friends and family and should I do any of this prior to making an below market value offer? The property is listed for just under 200k and needs a good 50-60k in rehab.

Any help would be great!

Leticia

@Aaron K. Thank you, that simplifes the process for me.  

Hello BP community! I just started an LLC with a few real estate investors and all of us have minimal real estate experience other than owning our primary residences. We are looking at our first investment property in the north Minneapolis area which needs a bit of TLC including fixing a crack in foundation of the house, and light remodel work. I understand BP has resources on this but is it better to just work with a general contractor or a contractor for each individual item that needs to be fixed or renovated.

Also,  When it comes to getting the analysis complete of how much in repair costs to factor.  Should I try and have a contractor with me when I am first looking at the house( seems costly to a contractor if the seller doesn't accept my offer) or should I record everything with pictures and send to a contractor after?  

Thank you for your help!

Leticia Montoya