All Forum Posts by: Dave Crussel

@Jeremy Barth  Very cool.  They have been slowly building up equity over the last years.   Once I close on the 12 unit in a few weeks and becomes stable; I'm planning on cash-out refi or a heloc on both duplexes to go after another multi this year.  

I work in Golden Valley and live in Chaska so if you ever want to meet up at talk properties, let me know. 

Have you seen much available in your apartment searching?  MSP is a great market due to our low vacancy rates, great employers, decent transportation infrastructure, and multiple colleges.

Investing is addicting and so much fun...  I'm looking to add at least one more 12 unit building to my portfolio in 2017!  

Financials: CoC: 15%+, Owner Financing preferred

Location:  Within 2 hours of Minneapolis preferred as I'm based in Chaska.

Building Age:  1950+

Other Criteria:  No flat roofs, no pools, on-site caretakers welcome, 

Partnering: Yes, on larger deals if the numbers work.

Contact: 952-484-2527 or IG: davecrussel or [email protected] 

Licensed agent & Realtor in MN.  Able to represent myself or others on deals.  

Congrats!  

Congrats @Raymond Diaz!

The tips depend on where you are in the buying process.  Is it under contract?  Have you closed?

A few tips:

Inspection, Inspection, Inspection

Review the current leases in detail

Meet the tenants - if possible - ask them if they will stay - ask them "What's the one thing you would change about your unit today?"

Create a intro sheet for your tenants with the logistics to answer the following questions

1. Where do I send my rent?
2. Does my lease still valid?
3. Are there other changes to my lease?
4. Who should I contact with work orders?

Keep those security deposits in a separate account.

Congrats again and good luck!

Here are a few of my learning moments.

1. Did not inspect a current property on a quarterly basis as part of the rent.  The tenant was fermenting wine in the basement and it reeked.  
2. Did not schedule the seasonal HVAC inspection and burned out an A/C unit because of the cotton from the cottonwood trees had plastered the external unit.
3. I easily get sidetracked in spreadsheet dreams and deal analysis trying to justify that a deal 'could work' rather than moving on.
4. Not analyzing enough deals
5. I could always find a justification for lack of action
6. Installing the carpet before painting.
7. Not asking for creative financing.
8. Not building relationships before a deal is available.
9. Not asking for help 
10. Not listening to the podcasts

Definitely ask for owner financing.  I got it on my last purchase just by asking for it and framing it as "You've previously bought this multifamily to generate an income stream.  Would you be interested in continuing for the next 7-10 years or cash out now?  Here is the income now versus income over the next 7-10 years."

In lieu of owner financing, find a partner.

That said, due diligence is an absolute must.  It is easy to get excited when using a spreadsheet.

I am working on expanding my small stable of properties in my local area.

Goal Property: 5-10 unit multifamily properties

Caps: 7+

Financing: Contract for Deed with 7-10 year balloons 

Ideal location - one of the many smaller towns west of Minneapolis that are growing with a population of 10k or more within 1 hour driving time.

Ideal situation - investor who is looking to sell off some or all of their portfolio while looking for low risk cash flow for the next 7-10 years.

Best method to contact me:  [email protected] or send me a message on BP.

Thanks everyone.  

Anyone?