All Forum Posts by: Nathan Platter

@Preston Blake

I preferred the in-person classroom experience (plus networking with the teachers and other soon-to-be agents) so I went with Kaplan.

https://www.kapre.com/real-estate-courses/minnesot...

The course took 3 weeks (90 hours of training) but you can take the test after 30-35 hours, but you still have to reach the minimum number of education hours before you're good to go.

Posting on behalf of the Owner 

Off market up/down duplex in Richfield

Off market up/down duplex in Richfield built in 1960! Duplex is approx. 2,236 total. Upper unit is 3 BR/1 BA and lower unit is 2 BR/1 BA. Property has detached 2-car garage. Wood floors throughout living areas. Updated kitchens and bathrooms in both units!  According to Rentometer.com, upper unit should rent for $1,600/month and lower unit for $1,200/month.

@Yeng Hawj

If they indeed follow through on their "Market Value Offer" they're probably asking for the seller (you) to carry the note for many years while they rent it out, or they nickel and dime you on repairs. E.g. If it's worth $500k, they say, "the actual market value is $330k after factoring in all the repairs and work needed to bring it up to market status."

They're not making money paying cash at full price for a house that needs no concessions for improvements.

Hi @Kyle Baron,

I used a GC named Kevin. Super responsive and quick on the front end, a little tough to reach after the job was done (questions about the unit, ongoing maintenance,...)

Overall, I'd go with him again. PM'ing you his info.

Hi @Erik Halvorsen ,

Congratulations on taking the plunge into REI, it has many benefits that the standard stock market can't offer (I used to work at a financial firm myself)

@Hunter B. ,

I was in your same situation 2.5 years ago. I both wanted to REI and live in a fantastic neighborhood (South Minneapolis, MN) but everything was also overpriced. Nothing made cashflow-sense, at least in the A neighborhoods.

So we gladly paid too much for a duplex. We gambled with the hope of profiting from Appreciation. We counted the other unit's rent as contribution towards PITI (also did FHA 5% down)

Today, we are selling after 20% Appreciation. Rents have also gone up, but the buyer is gladly paying too much as well.

When looking to buy in nice (A-class) areas, you often have to pick your profit-preference; Cashflow or Appreciation.

We can give you advice all day long, but ultimately you're the one who has to live with the decision.

Looking forward to hearing what you decide!

Asking for a friend:

"I'm getting a couple of contracts on Hotels. High cap and high cash flowing properties. Looking for the best possible LTV. Lenders who can close quickly. I want to build a long-term relationship.

The hotels are generally turnkey but do need some minor improvements. We will keep them as hotels."

Lenders, I can connect you with the primary dealmaker if this is something you want to pursue further. I'm not sure if he's looking for private money or hard money for the acquisition, to funds for improvements, or just the longterm financing.

Hi @Joe Poulin ,

Welcome to the community! Definitely invest your time in the Forums and read articles published on here.

As for your first steps, consider the  BRRRR method to acquire your first 2-4plex.

@Alexander Felice has shown $10k can do quite a bit!

Talk to a few of these folks. They wholesale in your region and may be able to help you find a deal you can live-in-flip with an FHA loan.

@Matt Berklacy@Michael DeFrancisis

Originally posted by @Nicholas Rice:

Thanks for the reply! There is some sentimental value with the house so we do want to hold onto it for now. 

It sounds like you already know what you want to do with the house. Sounds like flipping it will not be an option, so it appears you are "stuck" renting it out if you want to make money off it.

You could improve it and then refinance to pull as much money out as possible, but that would still be a rental situation.