All Forum Posts by: Robby McCabe

Phil C., I'm always down to talk RE, especially when it applies to my back yard. Keep me posted.

John Spence, I've found http://www.edinarealty.com/ to be my favorite search tool. Their map search tool is the best that I've found for the metro area. You can select to browse by residential, commercial, multi-family, etc.

Welcome John.

I'm in exactly the same scenario as you are, right down to the city. I'm currently doing some rehab to my personal house with the goal of listing it later this year and using the equity/proceeds to get into a multi-family in the twin cities metro area.

I've been analyzing a ton of properties in attempt to learn our market and the potential opportunities that are available. Over the past couple months of watching I've found a handful of 3-4 unit properties that would fit the bill pretty nicely, so they are out there. The market is pretty tight, but with some patience, I think this is a pretty decent plan.

Looking forward to hearing more about your progress.

The first meeting is free, so I went last month to see what it was all about. When I went, they gave me an additional free pass, so I went again this month.

I'm not quite ready to pull the trigger on an additional property yet, so I haven't really analyzed many of the deals that have come up. That said, none of the deals presented by wholesalers piqued my interest enough to look into them any further either.

I'm not sold on paying the $180/yearly fee yet, but it's definitely worth going to one of the meetings (for free) to see for yourself. Additionally, they also offer an online-only subscription for $50/yr that allows you to listen to the entire meeting (including the member haves/wants) and download any presentation files.

I'm very much in the learning/education phase myself as I work on fixing up my own personal residence with the intention to sell this year. Once I free up the equity (and hopefully profit) from the sale, I will be a lot more serious about making offers on investment-oriented properties.

For now, I'm familiarizing myself with the types of properties that are available and what they tend to sell for using the MLS. I've been looking around pretty much anywhere in Mpls with the exception of North Mpls. I'm less familiar with the desirable locations in St. Paul, but I'm learning that as well so as to expand my potential search.

I've also been attending the MNREIA meetings to learn about our market and to meet other investors. This also seems to be a decent place to find non-MLS listed properties for sale by local wholesalers and other investors.

Hello Angela,

I too am in the Minneapolis metro area and am in essentially the same boat as you -- looking to do my first deal this year.

It's tough to find a true 2%, 50% deal around here, so I'm looking into doing a mix of rehabbing and rentals myself.

Looking forward to seeing you around the forums.

Thanks for the welcome guys.

I don't have any hard numbers on jobs, but they seem to be at least holding steady. From some quick and dirty searching, vacancy rates seem to be really low -- less than 3% as of this past November.

I've done some preliminary searching for du/tri/four plexes and the markets looks to be pretty competitive with advertised CAP rates around 7% fairly common. It might be a little bit of a challenge to find something but at this point, I have time on my side.

Hi Danny. I too am from Minnesota and happen live in Minnetonka. Glad to see fellow Minnesotans around here. Looking forward to seeing you around the forums.

I figured I have been lurking long enough that it's time to actually make an introduction and start posting.

I'm 26, and currently live in Minnetonka and work as an electrical engineer. I bought my SFH back in 2009 as a live-in fixer with the long term goal to resell it. As the years have gone by and I've changed jobs and learned more and more about real estate, my goal has transitioned from slowly fixing my house to setting the goal to have it listed by Fall of this year. With the capital from the sale, I'd like to start buying 1-4 unit rental properties and/or smaller scale fix and flips.

BP has been an invaluable asset in my learning process and I look forward to continually expanding my knowledge and also giving back to the BP community when and where I can.