All Forum Posts by: Sam Hodgett

@Ben Curtin - Welcome (soon) to the Twin Cities!!

I'm going to message you info of a friend of mine.  He's an agent, as well as an investor, who has a very good understanding of the duplex/triplex market here.  Good luck!

Welcome @Kyle Soderman - My wife and I just moved back to Minnesota, the state we love... and are in a similar boat; looking to purchase our first property in the next 6-18 months, probably an FHA 203K 2-4 unit place... look forward to connecting more!

@Rachel Preston - Yea, I remember "the blizzard" where we went Trick-Or-Treating in 3' of snow... BRING IT ON!

Keep us up to date.  I have a few friends who know the NE MPLS Duplex market pretty well, and can probably get you looking at some properties.  Just let me know.

@Rachel Preston - Welcome!

My wife and I just relocated back to the Twin Cities, and we are planning on doing the same thing!

I'm not sure what areas you're looking at, but I know there are some pretty good deals in NE MPLS and South MPLS (by the lakes).  Good luck, and I look forward to seeing your progress!

@Andy M. - love the videos man!  I do videos for other companies, and have always wanted to create a YouTube channel like this, to highlight my own projects.  Not bad at all!

@Bob E. - @Jeromie Hamann - @Dylan Swanson & Dylan - Yea, I'm learning how to comp and value properties.  I plan on visiting the property as soon as possible, so that will definitely help me determine the value better.

Thanks for the advice guys!  This would be a possible "owner occupy" depending on the numbers... so we'll see!  I'll keep you posted.

@Susan Gillespie and @Jay Lohn - Thanks for the warm welcomes, and advice!  Always appreciated.  I'll message you both for more details on my business.

Okay, my wife and I are ready to start looking for our first deal. Our intention is to purchase a 2-4 unit home and live in one of the units, thus taking advantage of FHA/203K financing.

I cam across a HomePath duplex property that looks very promising.  I'm not very familiar with HomePath, and I haven't had the chance to check this property out in person... but similar duplexes in this area can go for much more than what this property is listed for.

Here are the numbers:

• Listed price: $105,800
• ARV: I have no idea... but if the right repairs are done to it, it could easily be $175-200 in value
• Estimated repair costs: Knowing it's foreclosed, and listed as "requires extensive repairs," I am putting them at $50,000. Again... that's a big guess on my part, as I haven't seen the property yet. (NOTE: It was stated as previously a SFH, so would probably have to be re-converted to a duplex).
• I estimated monthly expenses (including 10% vacancy/capex/repairs as well as PITI) around $1500 or so.
• Potential income (if both rented) could be around $1800-2000, of course half of that if we lived in one unit.

Okay, what are your thoughts? Am I looking at this right considering its HomePath? What should I be looking for when I take a look at the place? Based on my numbers, if both rented out, I could be easily getting a CoC of double digits...

Any feedback appreciated!  I'll answer any questions.  Thanks!

@Sean Mcguire - What areas are you looking into?  Are you willing to go "in" Minneapolis?  If so, I would suggest finding a good agent who understands the city, as there are pockets here and there that are great, and some NOT so great. 

Good luck!

@Kayla Joachim - welcome to BP and glad to know a fellow newbie investor appreciates the appeal of NE Minneapolis!

Having said that... the corner of Broadway & Central is one of the lesser-"nice" areas of NE, so I would be wary of calling it a "great location" unless you've spent some time in that area.  Although, having said that, it is so very close to some real great restaurants, breweries, and the like.