All Forum Posts by: Matt J.

 There's definitely great deals to be found up there and a pretty solid rental market. The ears popping; I experienced that every time we went up as a kid. But after living there for 5 years in college, I kind of have grown immune to it!

 That's honestly one of my biggest worries as well. It's just so unaffordable outside of employer-sponsored plans. But I suppose that's nothing a few more cashflowing properties can't solve!

Hey everybody! I had this idea today. As I'm progressing toward my goal of building enough passive income through buying and holding small multi-family properties in the Duluth, MN area to replace my income, I came to the realization that this is actually a possible goal. I know before I actually got started down this path, I had a hard time believing people have done this before. So I was thinking it could be cool for those of you who have built up enough monthly income to quit that 9-5 to post your story as inspiration and validation that as long as they keep working towards their goal, that it is possible!

@Andy Schornack Thank you for sharing that report. Very enlightening and educational, and should help us all make informed decisions in the Duluth market. 

When investing  in Duluth, make sure that the property either has a current rental license in place, or is not within 500 feet of another rental property. Duluth has a city ordinance to curb the abundance of rental homes near campus that prevents new rental licenses from being granted to any home that is within 500 feet of another rental property. If the house does have a current rental license, it's grandfathered in, and always will be. Duluth is a great place to invest, as the housing stock is cheaper and the rent isn't all that much lower than the Twin Cities. 

Hey Giancarlo. Yes, they have been in my experience so far. My biggest advice is to go in eyes wide open. Most people want to help you out, but there are definitely wanna-be gurus out there who will try and talk you into paying some pretty steep fees for coaching when you can come here, to BP, and really learn all you need to know. Hope to see you at an event!

Hey Jason, Meg Hyland sold our primary residence and had a few investors lined up until a married couple bought the place as their primary residence. She lives down in Eagan, but definitely knows the market in the east metro. 

Welcome Nicholas! Where do you invest primarily?

 That's sort of the route I'm considering. Have you ever head of Pine Financial Group? My wife went to a little seminar they hosted and they described to exact scenario you just laid out. I think that could be a great way to get going and keep my primary home's equity intact for another deal down the line. 

Hi everybody, I'm looking to put together our first rental property and I'm starting to look into how to come up with the money to do so. 

Here's some basic information about our situation. We currently own a home in Saint Paul, MN. It's our primary residence, and we owe about 158,000 on it. The house is worth close to 230,000. I'm thinking, we could go and get a home equity loan to cover a down payment for a duplex or triplex in the area. Is this a sound business decision? 

Another idea I had was to use that money to do a flip, and increase the cash to possibly buy even more properties. 

Any opinions or advice on our situation?