All Forum Posts by: Todd Dexheimer

Go to Rentometer.com and also craigslist and apartments.com.

@Teri Feeney Styers even if that is the case. Zoning or electric baseboard will be much cheaper than all new. In Minnesota, tenants don't need to have control of their heat, but it needs to be at or above 68 degrees if they cannot control it. 

 You can have one furnace as long as you pay for the heat.  Also, I would get a few more quotes $13,000 seems like a lot of money for a new furnace and ductwork. If you have an on a finished basement they should be able to connect to the current ductwork for the second level and then redo the ductwork on the main level. 

You have the right approach. I would say if you want to learn do anything for them. I've had several people wanting to learn from me, but they are only willing to do certain things that aren't "beneath" them. Too often do I have people wanting to meet me at times and places convenient to them and do things convenient for them. 

@Regina Jones I took the class of hard knocks, nothing else. The main lesson I have learned though hundreds of deals is that you need to be conservative. Over estimate your renovation budget and underestimate the sales price. If you're new, go get contractor quotes and use those plus 10% for the renovation. 

12% is good if it is cash on cash during operations. If it is IRR, then it is a little low. We aim for 20% although we tell our investors to expect between 12-16%

I would suggest hard money on the first few deals. After you have a few under you belt, then you can approach your local banks (everyone of them) to get much better terms.

Rehab may be way more than that if the comparable is $169k. you need to go see it. Look carefully for foundation issues, water in the basement, etc

FHA you will be fine. Use the minimum cash needed. After 6 months you can refi

Call your local department of commerce or department of labor and industry