All Forum Posts by: Matt J.

@Joe Schmitt They absolutely are! I see you've been spending a good amount of time up there, I need to be doing the same to make that happen. Thanks a lot, Joe. I appreciate it!

Thanks for taking a look Kevin! Shoot I forgot to update the closing costs, they were actually $10,369 on this one. Seller didn't pay any otherwise I'm sure it would have been less. 

Yeah I was so happy with the rate. I worked with @Tim Swierczek on this and as usual he did a great job. It's not a 2nd home mortgage, just a residential investment property loan. You should connect with him, and also talk with some more banks. If you're looking at single family or even up to 4-unit places, you shouldn't HAVE to go commercial, unless you have over a certain number of properties or something? 

That's exciting about the STR, those places are doing so well even in the midst of all this craziness, congrats on that! What lake is it on?

Yeah I would love that. Whenever those start happening again, I need to make the trip up to do some more networking for sure. 

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I found this place off-market thanks to a real estate investing meetup I was running for a little while. Long story short, one of the guys who came to my meet-up knew a guy in Duluth who he thought I should know since I had a few places up there already. Duluth guy and I had a phone call back in January of 2020, and made plans to grab coffee the next time I was in town (I live about 2 and a half hours south in the Twin Cities). We had made those plans for March, and we all know what happened then. 

So we postponed the in-person meetup but stayed in touch via texts, him keeping me updated on some of the rehabs he had going on, etc. I finished up some refinances at the start of April and was ready to find my next deal. I told him I was looking for a single family college rental, close to UMD or St. Scholastica. He told me he was trying to sell a single family college rental, close to UMD and St. Scholastica. 

We chatted about it, I looked at some pictures he had of the property, and we drew up a purchase agreement contingent on an inspection. Inspection good, appraisal good, so I closed on it last week, met him in person for the first time at the property where he walked me through the place, and we now have it listed for lease starting 9/1. 

The numbers are solid for now, but will eventually get better when I'm able to get on the student leasing cycle, which will get rents closer to $1950/month. Plus, I can add a 5th bedroom in the basement by adding an egress window and framing up a room, which would get rents closer to $2400/month since college houses generally rent by the bedroom, at least in terms of price. 

Hey Mike, I meant to ask this on our call, but if you were to pick up a place in a form district, or in Superior or any town that doesn't have a cap on STRs, how do you finance it? For example if I picked up a fixer-upper, could I use hard money or a construction loan then refinance it to a 30-year investment property loan, similar to a traditional single family or multi-family place? 

Thanks for sharing all that information; you're a wealth of knowledge!

I closed on our 4th rental property last Monday using money from refinances on other properties that appreciated quite a bit over the past couple of years. After the down payment, we're sort of back to square 1 on what we want to do next, we being my wife and I. I haven't had much experience with any BRRRR types of projects, which I'm definitely interested in, but I guess I'm just curious what some of your guys' next move would be if you were in my shoes.

For some context, all 4 places are cashflowing pretty well, I do have some reserves, around $25,000 currently. I invest in a market 2 and a half hours north of me and work with property managers to take care of basically everything on them. We clear around $1800 a month after all expenses on our current portfolio, which is pretty good, but obviously not enough for me to quit my 6-figure job. 

So what's my next step? 

He's just saying that to cater to the far left fanatics who want to "eat the rich". Like others have said, too many senators have too much to lose by eliminating the exchange for this to gain any traction. 

@Jeff Vesel that would be great! Let’s connect on here and set up a time to talk

@Tyler W. Yeah I always build mgmt into the analysis. There aren’t any dedicated str mgmt companies in this market though. So a combo of a cleaning company, on call handyman and listing online isn’t enough to manage it you think?

@Tyler W. It’s a couple hour drive from my house, so I could get up to take care of a lot of the up front stuff. Would that change how you think about it or is it too heavy a lift in your opinion to do it all remote?

@Paul Sandhu

🤣🤣 bet you didn’t think you’d get this many good stories out of being a real estate investor.