All Forum Posts by: Sawyer Lubke

Hello Ryan,

I would attend this. Thanks for getting the ball rolling.  

Sawyer

Hello Chris, 

I just asked this same question during a discussion with a local group of investors. One of them that grew up in St. Paul said that West St. Paul is a quiet Blue-Collar NH and he rarely went their because he had no reason to (what Jeromie said). I would guess that since there are no attractions there the demand to purchase housing is not as strong as other parts of the cities. I would do a rental analysis to try to better understand rental and vacancy rates. I owner occupy a duplex in uptown and am renting a SFH in St. Louis Park. Looking to expand my rental portfolio as well. I do my own buying/selling as I have my Real Estate License. Best of luck to you!

Sawyer 

Good call Bryan. I will most definitely do this. Can't believe I didn't think about it!

I will keep you posted. 

Thanks, Sawyer 

Thanks for the reply Steve. 

That's a good idea. I will shop around a see what's out there. 

I do not have experience in new construction. I've done 1 major rehab, 1 minor and own 1 duplex. There is another investor that's actively doing this in our area that I've been talking to and I think partnering up is a good idea. He gets most of his funds from private investors. 

I was shopping for financing before putting a deal together, however I can put an analysis together to present the data. 

I've been researching the zoning rules in the areas I would like to build, however I'm sure many of the other learnings only come from actually doing a project. 

Thanks for your input! I will keep you guys posted on my progress. 

Initially my local bank I keeps some funds with isn't interested since it's a lot of work without the residual income (since I would sell right away). I purposed the idea of higher points and/or IR rate and I'm waiting to hear back from them. I will keep you guys posted!

Thank you both for the feedback. 

I'm going to get on the phone and find local lenders that will loan on specs. Thanks!

I'm looking to have a discussion on how new investors can acquire financing to build a spec home. Here is what I have come up with:

1. Bank Financed. The bank informed me they need me to live in the home for 1 year before selling, which is not going to work. Has anyone out there worked with banks using personal qualifications (credit/income/down payment etc.) opposed to having the "relationship" to do a spec build? This seems to be the most affordable method. 

2. Hard Money Lender. This is a readily available option, however the going rate here is 4 points and 15%. 

3. Private Money. I would prefer to have a track record of success before pursuing this route. Without one I think raising funds would be very challenging

How are you financing your spec builds or how might you recommend a new investor jump into this type of investing? 

Thanks for your input!

Sawyer

Hello Amalia, 

I work with Kyle with Paragon Insurance Group. He is excellent to work with and very prompt with communication and getting things set up. His info is below:

Kyle Garman

Paragon Insurance Group
______________________________

Partner

431 South 7th st #2480

Minneapolis, MN 55417
(612) 338-9179 (O)

(612) 702-9062 (C)
(612) 338-9180 (F)
www.paragongoc.com

Welcome Greg!

I used to work at the ConAgra plant in Lakeville before switching to Real Estate full time. 

I was in Fort Worth this winter for vacation and I loved it. Will definitely be going back. 

Any property fairly priced in a decent area will go very quickly up here. 

Goop luck with your investing!

Sawyer 

I recently got my license. I did some research and it was actually cheaper and less study hours to get my license in WI first then in MN (due to the reciprocity agreement). I used WRA for WI online classes, then took a two weekend class in-person through Kaplan to finish MN requirements. I wasn't planning on doing business in WI, however I've already done business their and I plan to keep both licenses. 

Best, 

Sawyer