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I am looking for properties to buy and hold for long term residual income.
I asked about MN flipping back in November 2011. I’m going to be moving there soon so I wanted to see what areas are up and coming in Minneapolis? Lat time I posted I was told Blaine was a good place to flip. Is this still the case?Thanks all?
We have recently evaluated a 4plex that had a gross monthly Income of $2750. The Market value is $263.5K for 2012/13. The cost for the property was $149.9K with Equity of about $113.6K.
My strategy was to borrow 70% of the Current ARV then rehab to increase the value and refinance with our mortgage company referred by our Hard Money Lender. However, someone put it under contract before we had a clear strategy. As we continued to research, we learned that we will need 7.5% of the HML in liquid reserves.
We are looking for a partner to provide the 7.5% cash reserve for a period of 6 months with a 1.22% ROI.
Here is an example:$263,500 x 70%= $184,450-$149,900=$34,550 left for Rehab etc. 7.5% of $184,450=$13,833.75 needed for cash reserves. $13,833.75 borrowed @ 1.22% ROI would be $16,876.18. A profit of $3043.43 in 6 months. Does anyone have suggestions on how I can raise the cash reserves?
I currently own 20 rental properties in Minneapolis and western suburbs. Would like to network with other investors in the area.
I am Ron Orr and I have been in real estate since 2002, and these days I mostly do online networking and internet marketing and real estate marketing and lead generation. After many years of networking in person I now do most online.
I look to bring value to this board in however I can.
I just talked to a motivated seller that had their property sold at the sheriff sale. The redemption period in MN is 6 months (occupied property) after the sheriff sale. They are very interested in selling.
Their Bank is the one that purchased the Sheriff sale certificate on the property at the sale. They purchased it for only $66,000, and the ARV is atleast $170,000, so obviously their is a lot of equity. Then I would rehab / Update, and sell retail.
I was thinking of purchasing this property directly from the homeowner with a Quit Claim Deed, Then paying off the county with the $66,000 certificate along with all accrued interest, penalties, fees + any judgements, liens, back taxes, other mortgages.
Any and all advise is GREATLY APPRECIATED !
Please advise if my thinking is correct on my ideas above, and please let me know what I am missing, or anything from your experience investing into these type of Post - Sheriff sales transactions.
- Should I also have them sign a disclosure statement, that they know they also have the right to redeem their property.
Thanks to Everyone in advance.
M name is Danielle in Cottage Grove MN, looking to network with others! We are just getting not buying and selling! :biggrin
Hello, and thanks for having me aboard. My name is Ronda and I reside in Minneapolis, MN. I have been employeed full time in the Nursing Healthcare field for over the past 10 years. In the last year and I have been working diligently in my newly found Real Estate Investing business.
Although, I still have yet to do my first deal, I am confident time is of the essence, and I will prevail. I attended my first Bootcamp today and gathered more knowledge than I had before and my first deal is in the making. As long as I can conquer the fear, I have no doubt that the rest is all up hill.
Just a several days ago, my agent and I had gotton a counter offer accepted from the bank on a Fannie Mae property, and I backed out from fear of having to own the property. If I had known then what I learned from the Bookcamp tonight, I would never had backed out. No, my agent is not mad at me, but I’m kind of mad at myself, for not knowing what I didn’t know.
But, now I know; I now have another counter offer from the bank and now I’m waiting to see if it gets accepted. I will let you know what transpires from this deal. In the meantime, I will depend on my other marketing strategies that I have a knack for finding below Market Value. I like to pass these deals on to other investors when I find a deal that fits their criteria.
Once I find these deals I would like to email or call them and possibly put them on my Preferred List. I’m looking forward to networking and doing deals with other like-minded professional entrepremeurs here on this site. Again, thanks for having me.
Also in Minnesota. Looking at the SW suburbs for properties to own longterm and rent.
Looking for seller financed properties in the Minneapolis metro area.
Hi everybody, I am new in Real Estate investing in wholesaling. I have been working at Mayo for a while, and then with children with special needs. I like to know more about wholesaling, flipping and buy&hold. I am relocating back to MN ASAP, probably the Twin Cities.
I think and dream big, however it has to been reasonable, but I know I can do it (RE). Please connect with me for a reason I need support.