All Forum Posts by: Tom Henderson

For me, in Minneapolis, Minnesota, two markets are pretty defined, but a third is where I am investing. 

Why? Two different factors-- marketing agencies and breweries-- which are renovating old, historic warehouses in older blue-collar neighborhoods, and pulling in an older, more established 'Yuppie' group. I like the idea of 'clusters,' where one geographical area hosts multiple competitors relatively close because they draw in talent and buyers (think Silicon Valley or Tel Aviv, Israel -- for Tech)

Minneapolis, like many cities in America is experiencing a Brewery Boom-- 8 have popped up in a 2 mile radius after the initial had great success. Marketing, PR, Digital Agencies operate pretty similarly (in my opinion). Big generalization though. When smaller commercial outfits like these pop up, and it becomes hip to redo historic commercial buildings, the residential communities surrounding these are the big winners. 

I've made 3 bets that are paying off (2 duplexes, quad brownstone). I'm curious what other leading indicators help someone make a gut decision when deciding in which areas to invest?

Appreciate everyone's thoughts here. Between this post, and in talking with folks in my community, here are the top 4 (in order) updates I will make to my units upon purchase:

1. Off-street Parking (if in City-- especially with Snow)

2. Clean bathroom

3. Updated Kitchen with stainless steel or black appliances (dish is huge)

4. Onsite laundry. In-unit laundry most preffered.

Hi Team,

I'm curious what your thoughts are on 3-5 features that set your property apart-- keeping vacancies low, and rents on the high side?

I own 2 Duplexes, and a Quad in Minneapolis. With only so much $ to go around, I'm curious where you spend your dollar, to get the highest return upon closing? Here's what worked for me-- Let me know your thoughts. Thank you!

1. Off-street Parking-- in Minnesota the streets and parking get pretty brutal once the snow piles up. I only look @ properties that include off-street parking. I'm sure this is a good bet for others in Northern Cities-- what say you Chicago, Detroit, Boston, or Syracuse residents?

2. Onsite Laundry

3. Modern Appliances-- Including Dishwasher

3. Tiled Bath & New Vanity-- Subway tile (for the shower) is relatively cheap, and has an ah-ha factor (I think) when showing the unit.

4. In old houses, refinished original wood floors-- My RE is all over 100+ years old. Lots of negatives, but upside too. Especially the wood floors I've been finding under layers of linoleum.

Honorable Mention-

1. Quarterly visits from Pest Control (Mice, roaches, spiders, Centipedes)

2. Neutral, fresh paint

3. Garden for growing vegetables (even hops for one tennant..)

Hey,

I'm curious if anyone has leveraged an ERSA account as a downpayment on an investment property? A buddy of mine recently did this, and I'm curious about the tax implications?

http://www.403bwise.com/features/ersafaqs.html

Appreciate any advice/thoughts/questions.

Cheers,

Tom

Guys-- really appreciate your thoughts on this topic.

Here's another thought-- If I go Quickbooks, do I go with their cloud package or on-premise software for my HD. Is it possible to have multiple LLC's (for different properties) running on the same instance, or would I need to purchase another piece of software?

Sorry for all the questions. I just want to make sure I'm starting with the right foundation. Again, really appreciate your thoughts :)

Hi,
I'm relatively new to Real Estate-- purchased my first duplex in South Minneapolis 1 year ago.

I'm looking for a tool that integrates with my bank account, and helps manage my financials.

There's a few posts on Quickbooks. I'm interested if anyone has compared the two software packages, and selected/used one for certain reasons.

Thanks in advance!
Tom Henderson