All Forum Posts by: Michael Malmrose
Michael Malmrose has started 3 posts and replied 32 times.
Post: Vetting a Private Money Lender
- Realtor
- Posts 32
- Votes 18
Hello there, Gang:
I am looking at different PML's and wonder if anyone has had any experience with James Rukstalis Lending. If so, I'd love to hear about it.
If not, I'd love any recommendations as well as hear how you make sure someone is legit.
Thank you!
Post: To Refi or NOT to Refi: That is the Question
- Realtor
- Posts 32
- Votes 18
Remember, you can always put it on a 30-year note, but pay it off faster, if you decide to do that later.
You know, Jaysen: that's what I'm leaning toward. Thanks for your advice!
Originally posted by @David Barnett:
@Michael Malmrose I'm actually not situated in the Twin Cities, however, invest out of state in Saint Paul (mostly). I might have a perspective that might be helpful since we'd be attempting to achieve similar objectives (invest in a less cost prohibitive area with good returns). I live and work in the Boston metro area, and have set up investing roots (and team members) in the Twin Cities to help manage my out of state investments. Currently, I'm at 6 individual units (three duplexes) in Saint Paul and Minneapolis. I try to visit the Twin Cities 3-4 times a year to meet up with team members in person, attend local events and scope out new opportunities in person.
I would absolutely be interested in your perspective. I'll message you.
Originally posted by @David Barnett:
@Michael Malmrose I saw that you listed Minnesota on your list of possible targets. If you end up looking to invest in Minnesota (specifically the Twin Cities), please let me know. Happy to help in any way that I can, or connect you with local investors and/or service providers that would be able to help manage any acquisitions (if there is a mutual fit between your goals and the skill sets of the service providers).
Oh man! That could be fun to meet up with a real BP person in MN! I'll let you know if I end up in Twin Cities. I haven't researched that, but I will!
Originally posted by @Tyler Jahnke:
You got a lot of options @Michael Malmrose!
I've just copied and pasted your reply, Tyler. Thank you! I will look in detail at all these options. On second thought, I've decided to put all the proceeds to the lottery. It's a guarantee, for sure!
Thank you for your thoughts!
@Ron RohrssenI appreciate SO MUCH yours and others' responses. The comments, advice, and cautions have been more helpful than I could have imagined! It's given me lots to consider and has helped me set forth a tentative plan that I would not have seriously considered otherwise.
Thank you, thank you, thank you!
@Andrew SyriosHas the donation made it to you yet, Andrew? I put the check in the mail as soon as I saw your post.
@Anthony Rosa That is such good advice! I'm learning so much about the market, and who knows for sure if an area will increase or not? I may have to consider a property that needs some help--not too much--and fix it up with some assistance and hope this will increase the value. My wife won't like it if it's out of state! A sacrifice, for sure. Thank you for your response!
@Teo Risquez Thanks for your reply! As of today, I'm still planning on out of state because of the prices here in Utah. Nothing really makes sense to invest in as far as my research tells me. However, I know there are people who do it, so I'm looking forward to the REI greets in my area. I've looked at lots of places in the states and have found SO MANY opportunities for turnkey investing, as Utah is SO EXPENSIVE. Places I've seen such as Alabama, Iowa, Minnesota, and so many other places. I'm looking for a place where I wouldn't mind moving to in the next few years, or so. I go to realtor.com, look for random cities for properties for sale, and check rental prices in the search area. Then I research specific homes using BP tools. It takes a while, but I'll be eventually calling an RE agent to get their take and visit before beginning the home offer process. I hope I choose a good one with lots of research... someone who is a go getter and wouldn't mind doing plenty of research. In the end, it'll be a great investment for him/her. I'm also discovering that the more I know, the more I don't know!
@Ray A Delfi No one actually gave that advice. I like it! Thanks!