All Forum Posts by: Sawyer Lubke

@Joel Strehl Welcome to BP! I'm based out of Minneapolis. 

1. I would write down your acceptance criteria for your first investment (cash flow, down payment, building size, etc.). Then I would contact a real estate agent who specializes in these types of investments in your area. Feel free to send me a PM and I may be able to refer you to someone. You can also attend local investment club meetings and meet wholesalers that may have these property types available. 

2. Typically this is how a transaction would go: Get pre-qualified through a bank before you start looking so when you find your property you are ready to submit an offer. You will view properties in person and once you find one that fits your criteria you will submit an offer (your agent will draw this up and answer any questions you have through the process). The seller will either accept, decline or counter your terms. Once you agree on terms of the offer and both parties sign you have an executed agreement. Typically you will have a inspection and financing contingency. The inspection contingency gives you the opportunity to hire a licensed inspector to inform you of any property defects, which you can negotiate with seller. The financing contingency is in case your financing falls through (job loss, etc.) you can cancel the contract and get your earnest money deposit back. If this period goes smoothly, then you will prepare to close. Closing is where the funds go to the seller and the deed goes to the buyer. You will usually do a walk through the day before closing to ensure it's in the same condition as when you made your offer. After closing the keys are yours and it's time to cash flow! 

There are a lot of different ways a transaction can unfold and this is by no means an all inclusive list of what happens during a transaction, but it gives you an idea. 

Cheers, Sawyer 

@Matt Merkel

I recently did a similar transaction where I bought an owner occupied tri-plex in Minneapolis. I decided to go with conventional financing for the same reasons you laid out, however I would ask why the FHA interest rate is so much less than conventional. Make sure you work with a lender you trust is giving you accurate information so you can make an educated decision. Best of luck with you fist acquisition!

Cheers, Sawyer 

@Matt Lennander

 Welcome to BP! Have you considered buying a 2-4 unit building and living in one of the units for your first investment/purchase? 

Cheers, Sawyer 

@Patrick Hughes

 Welcome to Bigger Pockets. My recommendation would be to learn as much as possible and network network and network some more! BP is a great place to do both. 

Cheers, Sawyer 

@Dillon Blesi Welcome to Bigger Pockets!

I would also recommend buying a 2-4 unit building instead of a town home. I bought a town house in 2012 shortly after graduating college. After doing real estate part time for 1.5 years I decided I wanted to go full time. I couldn't do this will my monthly expenses with a town home so I decided to sell the town house and buy a tri-plex in Minneapolis. I've been in real estate full time since January of 2014. Owning a multi-unit rental building forces you to learn about leases, business taxes, dealing with tenants and so much more. Best of luck finding your first property!

Cheers, Sawyer 

@Vasiliy Grin

 I have a friend that buys and manages apartment buildings in the Twin Cities area named Trevor Throntveit. I'm sure he can point you in the right direction. His bio and contact information can be found here:

http://www.ermetro.com/agents/26-Trevor-Throntveit...

Cheers, Sawyer 

Welcome @Steve Bauer to BP! You landed in the right place. I'm an Investor/Agent based out of the Uptown area of Minneapolis. Send me a PM and I would be happy to share the different investor groups schedule! Best of luck investing. 

Cheers, Sawyer 

Welcome to BP @Silas Johnson 

I'm an Investor/Agent based out of the Uptown Minneapolis area. Please feel free to ask any questions you that come up along the way. If you don't mind me asking, how did you come to own the VRBO and how do the numbers look on the deal?

Cheers, Sawyer 

Welcome to BP @Drew Millard This is a great place to network and meet other investors!

Cheers, Sawyer 

@Blake Reynolds

Best of luck with your marketing campaign. I've done some marketing to the Twin Cities area so feel free to ask if you want a second opinion. Also, I'm a cash buyer looking for deals so feel free to add me to your buyers list. 

Cheers, 

Sawyer