All Forum Posts by: Matt A.

Welcome to BP - lots of good stuff here!  What part of east-central MN are you in?

I run into this issue quite a bit with my college rentals.  Obviously a bit different than what your property is but here's how I handle it.

If a tenant needs to move out during the school year it is their responsibility to find a potential sublessor.  I will run background & credit checks on the potential, and assuming they pass everything, I have no issue moving forward with them.  Then we just have everyone involved sign a sublessor agreement and move on from there.  

If your current tenant is on M2M, maybe just treat this as an opportunity to get a new longer term lease in place with either your current tenant & his potential roommate - or just find new tenants altogether?

Hi Matt - welcome to BP.  I'm in the Minneapolis market if you have questions about things happening here.  Feel free to reach out.

They might.. but in my experience most don't.  They don't for lots of reasons.  Maybe they don't know much about wholesaling, they might not have funds to purchase & potentially have to hold a property, they might not know who to sell to after they get the property under contract, they might just want to build their realtor business and not get distracted with wholesaling.

If you're worried that by working with a realtor, that they will take the good deals and not pass them to you, I'd just stop worrying about that.  Have an upfront & honest conversation with the realtor about what they do & don't do, ask them specifically about this if you're worried about it, and then decide if you want to work with them or not.  If you get a bad feeling after the conversation go interview another realtor :)

Congrats on being smart enough at 16 years old to start saving & thinking of your future now.  I wish I would've done the same thing back then!

Have you read any of the books that BP has released?  "Set for Life" may answer some of your questions on where to start saving.  Do you listen to the "Money Show" podcast?  That might also help give you more ideas of where/how to start.  

My best advice is get some sort of money market account or even a CD at your bank and start building your "Down Payment" money for when you decide you're ready to buy your first investment property.  Decide how much you're going to save each month, stick to it, and by the time you're 20 you could easily have enough saved to get going in real estate.

Hello, and welcome to BP!  There's a lot of great advice here and I'm sure there will be quite a few responses from local folks looking to help you out :)  

My quick advice is to figure out exactly what your business model is.  Replace "I think we want hard money" with "We are looking for hard money because . . . "  Or what ever funding option it is that you are seeking.  Anyone you approach for funds is going to want to know you have really thought this through.

I don't personally deal with hard money, I do all our deals through private or commercial funding, so if you have questions on either of those I'm happy to help!

Try reposting the link. When I click on it it just brings me to the calculator webpage

Hi Maggie,

Welcome back to MN!  I'm also a local investor in this market.  Feel free to send any questions - I'm happy to help if I can.

What financing options do you have?  Do you have any existing relationships with a bank that is willing to give you a commercial loan or someone with private money that wants to partner with you?  

I can tell you how I would fund it if I had that deal.  I would use my line of credit or cash to fund the down payment and secure the rest on a commercial note from my bank.  

Hi Sean,

I think any question that starts with "I have a legal question" should go to a lawyer :)  

I work with a good RE lawyer out of downtown Minneapolis if you're looking for a referral.