All Forum Posts by: Shanna Barnes

I have worked with my current contractor one project and they have also helped with maintenance on a second property. I need better communication (on time lines/ obstacles/ returning my emails) and want options for the next project.

I like that my current guy only contracts out for electrical and major plumbing issues. I am hoping to avoid organizing 4-5 separate contractors to complete the project but will if needed.

I am in the Twin Cities. Please help! Please!

@Kevin Romines This was a traditional loan. I was having a hard time getting a deal with hard money; my offered were being declined right and left due to the type of financing in my opinion. I can always try to use hard money in the future but this last home was with a conventional loan.

Is this an option with a conventional loan? 

@James Hamling Sorry about the late response. I am a full time veterinarian and work 10-12 hour days. Replacing this income is the goal. 

That is a valid point in regards to paying that money to friends /family verses losing that money to penalties charges when you take this cash out early. The problem is that my friends and family are limited on cash however I have a couple of people in mind. 

I have not looked into whole selling but was under the impression that these needed to be off the market deals and a real estate license was needed. I am however all for using multiple ways, once I get the knowledge needed, to get to my end goal. 

“Fail Forward” I just read that book. Or listened to it. (-:

Momentum is so critical for reaching goals. My other half and I have done a house hack with a duplex in Minneapolis, MN (December 2019) and are finishing up on a single family BRRR in Saint Paul, MN next week. We already have renters for the Saint Paul home. We want to capitalize on our momentum but our money is locked into the SP home until we can refinance at the September.

I can apply for another loan now that I have a signed lease but the problem is a down payment. Our goal now is to raise cash with a few flips and then use that to purchase a larger property (apartment building). We have a relationship with a contractor that is interested in a partnership and that will take care of the remodel cost.

Thinking my options through... this is how they look to me.

1)Private loan. My friends and family are not wealthy and few are of the same mind set. This will be challenging but might be possible. We don’t need another partner so they will need to be only interested in the financial benefits of a loan.

2) Honestly 1 is the only realistic option I can think of.

I have considered using my 401k but I am not sure if I can pull from it at this time.

Are there other creative ways to get this accomplished that I am not thinking of?

Good way to utilize them. Unfortunately MN is a sellers market and adding this is a bit of an ask in many cases but worth it. 

Thanks for the reply. As a home owner (occupant) they worked well but this a very different situation. There is likely more urgency when the home owner is living in the space and there may be less concern for a business requesting service. On larger “replacement” situations they have always found a way to add costs but never attempted to void the warranty. This could be a major issue. 

I am here in Minneapolis if anyone wants to come see the lakes or meet up in another city...I would love to learn from you ladies. Especially with you ladies who have knowledge in financing, zoning, and business. 

Today I am not in a financial position and have not owned my invest long enough to have a pool of cash to pull from if there is a large unplanned repair. I was wondering what others think of utilizing these warrantees to off set large repair costs. Right now I will pay a flat fee for a technician to come out and this covers the total cost of the repair (in most cases as long as not structure alterations are made to the home). For example, I needed to pay to have an vent outlet altered when I had a furnace replaced. Coverage depends but can include electrical systems, plumbing, appliances, garage door opener, and garbage disposal. Fee to come out is $100... so if you know your repair would be less with a handyman etc. you should just call a handyman.

Any experiences with these? Thoughts? 

@Bruce Runn thanks for the offer. We could get coffe and talk next week if you have the time.

I haven’t looked into resources at this point. My family/ friend are not good options. Saving may be my only option at this point. 

Is 20% down on at private/ hard money lender what I should expect in your opinion?