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All Forum Posts by: Linnea Minnema

Linnea Minnema has started 2 posts and replied 38 times.

Post: Is there a such thing as...

Linnea MinnemaPosted
  • Rental Property Investor
  • Birmingham, AL
  • Posts 40
  • Votes 31
Originally posted by @Joshua DuBois:

Is there a such thing as paying someone a fee to set up a real estate investment portfolio? Not just a mentor, something much more robust than that. 

I promise you - I'm not lazy :-)!! Far from it.  It is just that the monetary return on my time is much higher with my job than the return from real estate investing would be any time soon. Basically, I will lose money spending much time on investing in the short and medium run, but in the long run, I do want a stake in the real estate market.

So theoretically: let's say I have some cash to invest and want to leverage that cash and a good credit score to secure financing and acquire properties. Can I pay someone a flat fee or percentage fee to find deals, analyze them, and move me all the way through the process, from analysis to offer to closing to rehab and even finding a tenant? Basically hiring a "project manager" from start to finish.  I would be involved at every single decision point and would do research and vetting as well - but I'm outsourcing much of the work to someone else. 

Or maybe this means I want a partner - where I can fund the deals with cash and credit and they do a bunch of the work. 

I have not given up on doing it myself - far from it - just  exploring options! Thanks all. 

It sounds like you would be a good candidate for investing in turnkey properties! You have capital, but not time, and wouldn't mind paying more than rock-bottom prices so that you can get off the ground.  Research turnkey providers and I think you'll be happy with that process.  

Post: Buying house for Child to help with In State Tuition Costs

Linnea MinnemaPosted
  • Rental Property Investor
  • Birmingham, AL
  • Posts 40
  • Votes 31
Originally posted by @Adam Christopher Zaleski:
Originally posted by @Linnea Minnema:

In my experience, they always go back to "intent".  If she intended to move for the purpose of school, in state tuition is typically denied.  If the move was for another purpose (like a job in the field she eventually wants to study), she lived there for a year to establish residency, and THEN started school, you could make a good argument for in-state tuition.

Every school is different. When I applied for in-state tuition at CSU, intent had nothing to do with it. All the grad students moved to CSU for grad school. However, if you follow their rules, you are pretty much guaranteed in-state tuition. That was my experience in 2007 at CSU.  

 I would argue that graduate school and undergrad are fundamentally different.  But you are correct, each program is able to set their own rules.  My experience at a state school in the southeast was that nobody got in state tuition, regardless of how good your reasons, if they could demonstrate your original intent was to come to attend school.

Post: Buying house for Child to help with In State Tuition Costs

Linnea MinnemaPosted
  • Rental Property Investor
  • Birmingham, AL
  • Posts 40
  • Votes 31

In my experience, they always go back to "intent".  If she intended to move for the purpose of school, in state tuition is typically denied.  If the move was for another purpose (like a job in the field she eventually wants to study), she lived there for a year to establish residency, and THEN started school, you could make a good argument for in-state tuition.

Post: HELP! Im makeing every beginner mistake in the book need answers!

Linnea MinnemaPosted
  • Rental Property Investor
  • Birmingham, AL
  • Posts 40
  • Votes 31
Originally posted by @Zachary M.:

Hey Robert Methven ,

Are you cash-flowing positive on your first property? I am asking because as I learn more I am realizing that I want to have a focus in B/H rental properties; but I really want to stay as far away from land-lording as possible. Out of all the research and all the forum posts I've read, you are the first that i have come across who used property management for a single property (first i'm assuming). Are you benefiting from out-sourcing the management? How does it work with a single property? Sorry I am of no help as I am at the very beginning of my REI journey..

If anybody else wants to add their $0.02, feel free!

Thank you!

Actually, I have one property and have it under management. I cash flow about $200 per month on that property. It all depends on if you are looking at REI as a job or investment opportunity.

Post: Are Property Managers Worth The Money?

Linnea MinnemaPosted
  • Rental Property Investor
  • Birmingham, AL
  • Posts 40
  • Votes 31

These are two separate questions.  First, related to cash flow.  When you are scouting deals, make sure you include 10% for prop management into your calculations.  If it doesn't cash flow because of the property management fees, it probably isn't a great deal and you should keep looking.  

Prop management is worth it to me because I don't have time to deal with tenants nor do I live in the same city.  My oversimplified way of looking at this - if you actively manage your rentals, that's a job.  If you hand off your properties to a management company, that's an investment.  It just depends on what you want.

Post: Why Aren’t Millennials Buying Homes?

Linnea MinnemaPosted
  • Rental Property Investor
  • Birmingham, AL
  • Posts 40
  • Votes 31

I'm on the older end of the millennial generation at 32 and graduated college with a Political Science degree.  I basically graduated into the recession with the type of degree that makes Baby Boomer parents roll their eyes and say things like "what did you think you were going to do with that?"  A lot of folks think of millennials as Brooklyn hipsters living in an apartment their dad pays for and being unmotivated to work.  While those people exist, of course, it doesn't apply as broadly as a lot of people want to believe.  My husband and I paid off five-figures of student loan debt in 2 years, while he was a graduate student.  Once that was gone, I paid for my MS out of pocket, and waited to have a child until that expense was done.  We have now owned 2 primary residences, have one rental property and are in the market for a second.  We continue to work full time in our chosen career fields (higher education) and plan to slowly grow our supplemental income through rental properties.  We're both millennials. 

I say all this to remind everyone that we millennials put a great deal of thought and effort into our actions.  Security matters greatly to us.  Sometimes our concerns show as frivolous to those on the outside, but please hold back on the judgement of an entire generation.  

Post: First Post BIG Question

Linnea MinnemaPosted
  • Rental Property Investor
  • Birmingham, AL
  • Posts 40
  • Votes 31

Also, do a search on the BP forums for TurnKey providers. Keep an open mind, as there is a somewhat negative opinion of this type of system. Works for some, not so much for others. If you are looking to make REI your job, then TurnKey is probably not for you, but if you are looking to supplement your income in a mostly passive way, it can work.

Post: First Post BIG Question

Linnea MinnemaPosted
  • Rental Property Investor
  • Birmingham, AL
  • Posts 40
  • Votes 31

@Henry Montgomery III

http://turnkey-reviews.com/ is a great website that is run by a BP member, Brie Schmidt, that gets into detail about turnkey providers.  Essentially, they are companies that buy distressed properties, rehab them, and sell to investors.  They usually have eithe in-house prop management or relationships with prop managers, so it can be a really seamless system.  Due diligence is KEY here, as there are many horror stories on BP where the turnkey property didn't cash flow and proved to be a bad investment.  Always do your homework, even when there is a system to follow.

Post: First Post BIG Question

Linnea MinnemaPosted
  • Rental Property Investor
  • Birmingham, AL
  • Posts 40
  • Votes 31

Buy and hold using a turnkey provider.  We wanted to start investing, but didn't have a lot of extra time.  Turnkey provides us with a really great product, cash flow, and is able to be incorporated into a busy schedule.  I don't anticipate buying turnkey forever, but this is where we are right now and it works for us!

Post: NW Indiana Property Management Options

Linnea MinnemaPosted
  • Rental Property Investor
  • Birmingham, AL
  • Posts 40
  • Votes 31

@Kumar Paj and everyone else following this thread...I ended up selling the condo rather than renting it! The cash flow would have been minimal and I can get a better ROI on the money by investing it in Indy or Birmingham, AL (and not leaving myself a potential long-distance headache in Valpo). I will say that if we hadn't been able to sell it, my choice would have been Adam and RPM. They were the most responsive, called back and kept appointments that we set, and had competitive rates for the area. They manage other properties around mind and those all look well kept and full. Good luck everyone!

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