All Forum Posts by: Pavel U.

@Mario Russo join local Nextdoor.com and start writing down contact information for different trades when people leave good reviews. Especially when multiple people say good things about a particular company/person. Then once you buy your property, you'll have a list of contacts to call when things start breaking. Why 2 of each? In case of emergency or some type of urgency, if one is not available you can call your second contact. I own 24 doors, and without my team I would be lost. 

You'll learn it all after you purchase one and start running into all kinds of situations. It's the best way to learn, while advise on Bigger Pockets is good, experiencing it yourself is best.

@Mario Russo Do you plan to manage yourself or hire a property manager? If yourself, maybe shadow someone this winter/spring (it's been the worst) to see if you're mentally prepared. Besides what @Bruce Runn said, have enough cash in the bank for expected and unexpected repairs; attend local meetups; start getting your team together - 2 of each - plumber, electrician, handyman, drain cleaning, pest control, concrete work, gutters; roofers etc); hire real estate agent that has investment properties; etc.

@Shu Matsuo Post I invest in South Minneapolis. Here you go:

https://www.coldwellbankerhomes.com/mn/minneapolis...

https://www.coldwellbankerhomes.com/mn/minneapolis...

@Shu Matsuo Post here are some, but why Minneapolis of all states? MLS: 5146824, 5145724, 5145183

I've successfully challenged 3 properties last year. Will see what this year brings...

No, only because I invest within few miles from where I live.

Here's an interesting read... not sure why it shows up in landscape mode. Flip your laptop or download and read :) 

@Gavin Grady BP is a GREAT resource to learn and ask questions. Too bad I discovered it just a few years ago and not when I started investing in 2010, but I feel like I've learned a ton and keep learning every day. With the knowledge I have today I can easily start a Property Management company. Let me answer your questions - good decision on doing buy & hold vs flips. I doubt many people will share their investment strategies, but I'm an open book because I'm very comfortable with what I have today in terms of real estate assets. My favorite properties are mix-use buildings (retail on main level and apartment(s) above); duplexes, and small commercial buildings. That all might change as I keep discovering new things pretty much every day. Areas that work for ME: South Minneapolis, but I started buying South of the River (Prior Lake, Apple Valley, Burnsville etc). Funny someone posted about "dealing with broken toilets" - in 9 years of doing this, that maybe happened once because a tenant tried to flush a toothbrush. I don't touch toilets, my contractors do and 5 minutes later tenant ended up paying for it. My advise to start is to get your team together: @John Woodrich as CPA; @Bruce Runn as a mentor (must provide good food lol); @Alyssa Strom as a great listener, and if you like kombucha even better! In all seriousness, you need 2 or 3 of each (plumber, electrician, drain cleaning, handyman, painter etc). Good luck!

 Amen to that!

It's amazing how many people started investing in real estate after reading Rich Dad Poor Dad, including myself :)