All Forum Posts by: Matthew Berry

Prefer rehabs.

Hey Shawn. My two focus areas are Elk River and St. Cloud. Does Pine consider properties that far out or do you prefer to stick to the metro?

Hey all of those in Minnesota, Twin Cities, Minneapolis...whatever other keywords I can throw in there. I am an investor that is outside the Twin Cities, between Maple Grove and St. Cloud. I'm looking for any semi-local hard money lender's that work in those areas. I'm familiar with a couple hard money lender's in the Twin Cities, but I am curious if anyone on the forms tonight know specifically of hard money lender's that work outside the Twin Cities. There's a property I'm interested in, but I would need some additional help beyond the private money I have available.

Hey, Jeremy. I'd love to connect with you. You're up in my neck of the woods.

I'm interested in knowing this too. We're looking for properties to personally buy, but chances are there will be deals where we need to wholesale.

I'm negotiating a situation like this right now.

Property is in redemption period, which expires on Sept 29th. House sold at auction to the bank for $109,000 (cost to redeem). We're offering redemption plus $6000 at closing. The seller wants to stay in the property for 60 days to be able to move stuff out. She's an old lady who's also an artist...inside of house is like a museum.

How can I protect myself? I thought about holding that $6000 in escrow until verification that she's moved out. Give notice that eviction process begins on day 61, with a cost of $500 per day for time spent in property past the 60 days.

Minnesota is a tenant friendly state. I want to avoid having a squatter in there through the entire winter with my cash all tied up.

Any feedback you guys could provide?

I'm negotiating a situation like this right now. 

Property is in redemption period, which expires on Sept 29th. House sold at auction to the bank for $109,000 (cost to redeem). We're offering redemption plus $6000 at closing. The seller wants to stay in the property for 60 days to be able to move stuff out. She's an old lady who's also an artist...inside of house is like a museum.

How can I protect myself? I thought about holding that $6000 in escrow until verification that she's moved out. Give notice that eviction process begins on day 61, with a cost of $500 per day for time spent in property past the 60 days.

Minnesota is a tenant friendly state. I want to avoid having a squatter in there through the entire winter with my cash all tied up. 

Any feedback you guys could provide?

 Hey Bud. Is this a service most title companies provide?

If those are the numbers you're seeing from wholesalers, I would question how experienced they actually are. 

They could be new to wholesaling, just bought a package from a guru, and trying to market every seller regardless of how good the deal is.

@Cha Yang are you looking at the MLS for finding properties? If so, you'll be hard pressed to find a listed deal making offers based on the 70% rule. There are a few larger rehab companies in the area who can afford to flip homes at a lower margin that your typical one-man rehabber/investor.

For speaking with motivated seller off the MLS, I think 70% of ARC minus repairs is the best rule of thumb.