All Forum Posts by: Sawyer Lubke

@Jared LaLonde 

I know local hard money lender Pine Financial Group and Kim Burke with Leader1 Financial specialize in financing the rehab project and then refinancing you once the rehab is done and a renter is in place. If you don't need to do a rehab, then I would go straight to Kim (or another portfolio lender). I just closed a re-fi with her and she is excellent to work with. 

Cheers, Sawyer 

@Jeff Meachen 

Welcome to BP! I'm currently house hacking in Minneapolis and I love it!

@Brad McCulloch Welcome to BiggerPockets!

Welcome @Matthew Carlson 

I am an investor based out of Minneapolis. Feel free to ask any questions that may help you get from the analysis phase to the action phase of investing!

Cheers, 

Sawyer 

Welcome!

Hello Tom, 

I would add large bedrooms and large closets to the list of tenant wants. I've only used coin laundry so I couldn't speak to the credit card systems. Allowing dogs/cats opens you up to a larger market, however I'm not sure if there is a good ROI for building a fence. Good luck with your renovation!

Cheers, 

Sawyer 

Joe, 

Pine Financial does HML's and they have an originator based out of the twin cities area. Just Google their name and you can find their contact information. I believe they charge 15% and 4 points. Best of luck.

Sawyer 

@Marc Jolicoeur 

The TISH Report for this property did not mention any work done without a permit so this inspector did not catch it and I've been told doesn't really look for this. 

How I got owned: The rental inspector said I had to cap a plumbing line. I did the work. The plumbing inspector came to approve and found a ton of plumbing that was done without permits. He made me re-do all of it.

My recommendation: when looking at the house look for absolutely anything that may have been updated recently. You can find permit history, rental history along with other information about Minneapolis properties online here:

http://apps.ci.minneapolis.mn.us/AddressPortalApp/

If you find work done and there is no permit history I would: 1. Ask if they pulled a permit. If yes, call the City. If no, negotiate either the price or have them pull a permit and re-do the work. If I had to guess, my situation doesn't happen that often and If something isn't very obvious, they probably don't catch it. Minneapolis is also much more strict than other cities. 

Cheers, 

Sawyer 

@Marcus Johnson 

I recently dealt with the City of Minneapolis inspectors after buying a triplex in the uptown area. It was a nightmare because the previous owner did a bunch of work with no permits and I had to re-do many items costing me thousands. My advice would be to politely ask for the extension and they should give it to you. For my situation I ended up having a in person meeting with my inspector, his boss and a guy from the permit department. It wasn't fun. Due diligence is key! Best of luck!

@Emily Mueller 

Everyone provided excellent information on where to look. BP is awesome!

I recently purchased a tri-plex in the uptown area. I live in one unit and rent out the other 2. This allowed me to quit my corporate job and work on my real estate business full time. I highly recommend this strategy. I'm focusing on fix and flips, however I do have my RE license and access to the MLS so I can send you what's currently on the market. Just PM me. Best of luck!