All Forum Posts by: Micah Haworth

Hello, MN renter here,

We’ve been living in this unit for almost a year now and have had a problem with tripping a specific breaker for our unit. The circuit covers at least 10 outlets including the kitchen stove, microwave, dishwasher, (all three of which are plugged into hidden outlets) countertop outlets, outlets in the living room, dining room and bedroom. We have an air conditioning unit plugged into one, but we’re having this problem before we installed that. It seems impossible not to trip the breaker, even when just running a fan and the air conditioner it has tripped on us in the middle of the night. I would have thought is was us plugging too many things in but you can’t even use the microwave at the same time as anything else anymore.

when I first moved in, we had them replace an outlet that wouldn’t hold a plug in it. There was also an outlet in a cabinet above the stove/microwave that was just a loose box with a foot of cord running into the wall that we had them fix and the landlady told us that “she didn’t know it wasn’t up to code” when they were the ones that installed the cabinets. 

Is it out of bounds to be worried that the electrical work in this unit is insufficient for a rental and that the landlord can’t do their own electrical work anymore since it’s a rental? I plan on asking her to take a look at it and consider having an inspector take a look, but I don’t want to be seen as “at fault” since she lived in the unit before we did and didn’t have the same problems? 

Hey Bigger Pockets,

I recently found them off-market through a Facebook group that is being sold. If your contacting me the poster and getting some details it turns out that the tenant has been living there for several years and loves the property but because he is currently starting a new business he's not eligible for a mortgage. He seems to be a good 10 to otherwise and I've brought up the option of a lease option seeing if you would be interested. I thought especially given the financial turmoil right now it might be a good situation to a lot of tenant in for like three years and then being able to sell the place at a fixed price. 

after running the numbers seems to be a moderately good deal out like an 8% return with about $150 to $200 cash flow per month The property is being sold for $190,000 and needs cosmetic updates. 

Now this isn't really a deal that fits my personal qualifications (Multifamilies that I can buy and add value to). So I would like to wholesale it with the lease option setup. Is that something I can do? Or would I just have to sell the place and bring up the lease option option? 

Thanks for the input!

Greetings to the BP Community! My Name is Micah Haworth I am a new Real Estate Investor based out of Minneapolis MN! (Yes I am aware of what an interesting time it is to start investing in Minneapolis) 

I started about two months ago, like many others, by Reading Rich Dad Poor Dad. This lit the fire inside of me that drove me to read many other books over the past two months. Many I read twice. The list includes:

• Rich Dad Poor Dad (read twice)
• The Richest Man in Babylon
• Rich Dad's Guide to Investing
• The Book on Rental Property Investing 
• The ABCs of Real Estate
• The House Hacking Strategy 
• The Book on Managing Rental Properties
• Recession Proof Real Estate Investing (read twice)
  
• Buy, Rehab, Rent, Refinance, Repeat (Currently Reading)

Needless to say I have caught the bug. My wife and I are starting buy and hold rentals and we just placed our first offer yesterday. I am also gearing up to start wholesaling, I bought a list of 450 addresses from listsource.com and did some driving for dollars. I'm excited to start closing some deals! Would love to connect with some fellow BP members!

@Alyssa Strom thanks for the info! We'll see about adjusting the parameters then. It has definitely been some slim pickings on the foreclosure market correctly

I recently watched some videos from this guy on youtube he gives some great tips for working with contractors and rehabbing in general. Check them out!

https://www.youtube.com/watch?v=j7zVv_rbLnI

My wife and I are looking for our first property in Minneapolis. We are looking to Househack a Duplex - Quadplex with 3bed 1 bath units. Hard time finding deals. Nothing passes the 1% rule not even thinking about the 2%. So I am exploring off market deals. I am looking on buying a list of addresses from listsource.com but not sure which parameters to look for (remote owner, foreclosure, etc) any tips on what parameters have been the most helpful to you would be great! As well as any tips on what to include in the letters we're gonna send out! Thanks!

If you know you are going to want to buy it put down Earnest Money that is 5k shy of your down payment. That way they know you mean business. Just include some "Partner Approval" and "inspection" clauses so you can get that money back if you want to back out.