Twin Cities Residential
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As you know its all about Location, Location, Location. It also depends on the budget and resources (good affordable contractors that do quality work). I live in Eden Prairie and homes here are not cheap and on top of that its very very likely to get into a multiple offer situation on practically any home in a good area. Ultimately the numbers have to work and preferably if you can pay cash for the acquisition/rehab that will set you apart from most. I work closely with a non-profit company who gets first rights to homes and then they will sale it to my investors. With such low inventory in MN; finding the right home is difficult, but you can still do it if you're active. However it really depends on your TOTAL budget. Anything less than $100k you will be spinning your wheels because its a lot of competition and so that will chew up your profit. If you move at or around $150-$200k its less competitive, but also you get a higher ROI. More risk involved of course and homes will take a little longer to sale at this price point. I work with a team of people that can get the job done, but I hope this info. helps you along the way...
I am a professional real estate investor, looking for the house you mentioned is what I am doing. I often find deals for rentals and flipping which I sell as a wholesale to customer like you. I also have a network of investors who do the same thing as me. We always networking on buying and selling to/ for each other all the time. My contact info is Vitchuda@NewSummitSolutions.com
Vitchuda : )
2) A side question I have had to figure out over the past year is if the competition will be turning these flips into rentals instead. That is screwed up a lot of investors recently, because the margins have just drastically decreased over the past 9 months. It is much cheaper to fix a home for a rental, and in my area you can actually pay more for a rental home than a flip home. This has made it almost impossible to buy flips off the MLS in my area with real margins.
3) But as the others below have illustrated there are realtors out there that work with investors. Due to this we will be the best service to you, because we can help with all of the planning stage.
4) And especially when it comes to contractors I only work off a referral basis. There are just too many bad ones out there, and that is the fastest way to sabotage a good deal if you get a bad one.
5) Once you select a buyer's agent eventually they will set you up on a property search that identifies the type of house and price point you want to look at. For example, in my area for splits I set up the search between 80-100k, and I am looking for very specific properties that meet my criteria. After awhile it will become very easy to identify the properties worthy of looking at.
I don't work Eden Prairie, but I could always refer you to a good agent I know. Otherwise, good luck and happy house hunting! ~Chris
These type of properties are very hard to find because there is a lot of competition for the type of property you're looking for. I can help you find one, but to set expectations, it could take a few months to find.
One of the keys to profiting on a rehab project is to buy the property cheap enough to have a 20-30k profit margin WITH rehab costs built in. This requires the patience to wait for the right property to come along.
Even if you don't know how to do any of the work yourself, you should manage the project yourself to save costs. No one cares more about your money than yourself. Getting bids for materials and contractor labor costs can save you $1000's that will go to the bottom line. It will also give you the experience if you decide to do more flips in the future.
I work for a brokerage and property management company that averages 30-40 flips per year, so I have many contractors that I can refer you to and can also help you with the 1st time management process.
Give me a call to talk more about what you are specifically looking to do.
There are a number of strategies that can help you go about finding these types of properties. Where I tend to be the most helpful to buyers like yourself is finding you non-mls opportunities, pre-foreclosures, foreclosures, short sales, and estate properties. I have several different contractors that I would recommend depending on the scope, timing and budget of the project. Feel free to contact me anytime.
I work with investors who are looking for the same house as you to remodel and sell at a profit. You are looking for the same home, although it sounds like you want to live in it. There are several programs available for buyers like you right now. One local city will contribute up to $50,000 toward your project. I can help you with property selection, finance, and have a number of reputable contractors I can introduce you to. It may be worthwhile to meet for coffee. Please call me anytime if you have more questions. Thank you.