All Forum Posts by: Rashad K.

@Matt Williams thank you!

@Tim Swierczek thanks Tim !

@Pam Holbrook thank you!

Purchase Price: $115,000 Rehab: $110,000
Bought and Renovated using a local hard money lender Pine Financial 

Refinanced out with a new commercial loan. New appraisal after renovations came out at $400,000 leaving 160,000 in equity

Loan Amount $240,000
Rate 4.75
Amortization 25 yrs
Principle and Interest= $1,375/mo
Taxes=$412.33/mo & Insurance=$139.90/mo
Total PITI= $1,927.23

Unit # 1: 2 beds and 1 bath $1350
Unit # 2: 4 beds and 1.5 bath $1850
Total Rents= $3,200

Monthly cashflow after PITI= $1,272.77/mo

I found this property on the MLS. First offer was 95K about 6 months later and a lot of follow up we came to an agreement. I hold my real estate licensed and have an automatic search that gets sent to my email whenever a duplex in Saint Paul hits the MLS. I also hold my general contractors license so I managed the project from beginning to end. After a few years and a lot of trial and error I have built a team of carpenters, plumber, Hvac , electrician, painters, etc. This project went pretty smooth biggest hurdle was having the building inspector that I was familiar with retire in the middle of the project and a new one coming in with a different way of doing things, for example coming in to do an inspection a week after calling him, little stuff like that. Wish I would have taken after photos but I have included photos that came with this appraisal report.

@Jordan Theisen I would speak to @John Woodrich

Hey Biggerpockets,

I’m looking too see if anyone in the Twin cities, Saint Paul / Minneapolis has experience with modula homes? Either single family or multifamily. Curious to know how your experience went or how it’s going if currently dealing with them. Any feedback is appreciated. 

@John Woodrich could you send me the same contact? Thank you 

@Charles Smith I would reach out too

@Sean Blomquist if you can learn to find properties following the "70% rule" (ARV X 70%-Rehab Cost = Max Offer) you can do deals with them with low to no money down. I've done a few deals like that with them, and then refinance out with a portfolio lender to keep as a rental. I'd be open to getting together. Just shoot me a pm.

@Jordan Moorhead Ok Thanks for the info.  @John Beasley I will send you a pm. @Amber Gonion ok thank you that info is helpful I can see that being a thing. @Matthew Mckibben thanks Mathew check in, in a few months and I’ll let you know which direction I go 

Hey Bigger Pockets,

Im wondering if anyone on here has had any experience with sober living houses or half way houses? I have been considering the idea and currently working on a large 3 story duplex in a decent neighborhood , I think it could have potential but not sure where to start. Property is located in Saint Paul Minnesota in the summit/university area. Anyone know the first steps to take?

Thank you