Investors ... Stay Informed on the Local Market

How to Do Proper Due Diligence with Downtown Minneapolis Condo Investment Properties

Due diligence is the process of double checking everything before finalizing a purchase. Proper due diligence is an absolutely crucial part of every profitable investor's success. In this article, I'll talk about the best ways to do your due diligence based on my experience in the Downtown Minneapolis Condo real estate market.


Due diligence should start with the proper verification of the books. You should check all the rental agreements and double check all rental histories. Review at least the last two year's financial statements and see if there's anything unusual that raises a red flag.

Double check the actual rental income with the amount of rental income the building should be receiving based on the lease agreements. These numbers will often not match up. As the Downtown Minneapolis Condo's  future owner, you should know why.

Check all the utility bills. Make sure there are receipts for every payment. If there isn't one, contact the city or the utility company to get a copy of the receipt.

Look into how old the Downtown Minneapolis Condo is. If it's old, look into what the building codes were when it was constructed. Will there be costly renovations you'd have to make to bring the property into compliance with current building codes?

If the building is new, does it have a home owner's warranty? Look carefully over this contract so you know what it covers.

Walk around the building and do an inspection by hand. Look at the conditions of the walls and watch for fire or water damage. Check the electrical and plumbing systems. 

Remember that everything you find during the due diligence process is "ammunition" you can use to negotiate a better deal with the seller. The seller wants to make the deal happen as much as you do, but there's no reason for you to pay for more than the property is really worth based on its condition.

Begin your due diligence process as early as possible. Start your inspections before you make an offer. Even after you've made an offer, make sure that you have clauses in the contract that allow you to inspect the property and the necessary documents.

There is a lot of free information available to you about buying, selling or investing in Downtown Minneapolis Condos or Minneapolis Lofts. For complete information about the Downtown Minneapolis Condo market including current condos lofts for sale, values, and more please visit the most complete website online www.LivingInDowntownMinneapolis.com dedicated to everything Downtown Minneapolis Condos.  Contact Mike Weiland & Elke Stephan of The Weiland Group of Keller Williams with any of your real estate or mortgage related questions by filling out the form below.

P.S. Free weekly list of Downtown Minneapolis Condos including private listings and foreclosures in the most popular locations call the 24 Hour Recorded Information Hotline Now for details...1-888-391-9039 Ext. 126 or visit www.LivingInDowntownMinneapolis.com.

From The Downtown Minneapolis Condo Lender's Point of View Lender's Point of View

It's a hard fact but although lenders may be friendly, they are not your friend. This doesn't make them bad; it just means that they - like you - are engaging in business, not social relations. Though they will often decide in your favor on a borderline case if you have a long-term working relationship, this is not charity, but an intelligent business judgment. They have good reason to believe you will be able to repay the loan at a profit to them.

That last sentence is key to understanding — and avoids much frustration with — lenders. They need assurance that the loan will be repaid and they need some reasonable expectation they will make a profit. A lender will try to fulfill those two criteria the same way anyone would — by looking at past history and current facts.

Past history means: Credit history, including number and size of loans taken out, repayment history and so forth. FICO scores and other hard data are available in abundance and will be looked at.

It also includes income history — how much profit have you made on other investments and over how long a period? They'll examine income statements and at least three years of tax returns. They'll want a full accounting of outstanding debt and any legal judgments gained or issues in progress.

Overall, this is summed up in one word — experience. Have you previously shown you can and will repay a loan, which requires not only good character but good business judgment? Real Estate is a tough market, there's a lot of competition because there's a lot of potential for making money. The lender will want to know you can make some, so they will too.

Current facts get examined with equal care. The lender will examine the appraised value of a Downtown Minneapolis Condo on which they're considering loaning money. Banks as a rule do not lend based on collateral, they are looking for cash flow and positive income. They'll usually finance no more than 75% of the appraised value of the property.

Most lenders will put a limit of 50% LTV (Loan-to-Value) on undeveloped land, for example. If the property contains commercial structures, they'll want to know what income can be expected from those businesses — whether it's in the form of rent from a multi-dwelling apartment complex or lease income from small business owners.

And, of course, profit is income retained AFTER expenses, so they'll need to know how much it costs to maintain the land and commercial structures. Insurance, repairs, taxes and a host of other costs come along with any property ownership. The lender will want to know you can pay these AND pay their interest charges.

Most lenders will strive for shorter repayment periods, 20-year fixed is on the long side for many investment loans, and often a balloon payment after five or ten years is required. Longer terms benefit you because you can avoid paying for new appraisals, origination fees and other financing costs.

If your lender seeks a shorter period, you should try to arrange re-pricing at the end of five years, rather than having to come up with a large amount of cash. Something along the lines of "prevailing prime rate plus a 1% premium" is often an acceptable alternative.

Lenders may not be your friend, but neither do they have to be an enemy — they can be a kind of partner. Keep in mind, everything is negotiable.

There is a lot of free information available to you about buying, selling or investing in Downtown Minneapolis Condos or Minneapolis Lofts. For complete information about the Downtown Minneapolis condo market including current condos lofts for sale, values, and more please visit the most complete website online www.LivingInDowntownMinneapolis.com dedicated to everything Downtown Minneapolis Condos.  Contact Mike Weiland & Elke Stephan of The Weiland Group of Keller Williams with any of your real estate or mortgage related questions by filling out the form below.

P.S. Free weekly list of Downtown Minneapolis Condos including private listings and foreclosures in the most popular locations call the 24 Hour Recorded Information Hotline Now for details...1-888-391-9039 Ext. 126 or visit www.LivingInDowntownMinneapolis.com.

How to Invest in Rental Properties in the Downtown Minneapolis Condo Market

 

Investing in longer term rental properties can be a very profitable strategy for the savvy investor in the Downtown Minneapolis Condo market. Unfortunately, inexperienced investors often jump into this market without knowing what to expect. In this article, we'll go over what you can expect if you go into rental property investment, as well as some key things you ought to keep in mind if you do decide to go this route.

What Can a Rental Property Investor in the Downtown Minneapolis Condo Area Expect?

Depending on what kind of property you're purchasing, it's important to know what kind of time and financial committment you're making when you make your investment.

If it's a small condo or building, you'll most likely be the landlord. Most people overlook the amount of time and energy it takes to manage the building.

You have to take care of the building when it needs repairs. You have to collect and insure the rent is paid on time. If the condo is vacant, you have to put time and energy into getting a renter into the condo.

All this requires both physical and mental energy. The rewards may be well worth it, but it's important to realize what you're committing before you make your investment.

What to Consider Before You Make Your Investment

Before you make an investment, it's important to do extremely thorough due diligence on the Downtown Minneapolis Condo. Double check all the books for at least 24 months. Check for any unexpectedly high or low swings in the rents or expenses.

Estimate how much vacancies and maintenance will cost on a monthly basis. Based on this number, how much will you need to make from rent on a minimum in order to support this property?

Check the market rate and see what prices the market will support right now. If you won't have at least some padding cash, it's generally not a smart idea to make the investment.

You should always have some padding, both in cashflow and in cash, in case of unexpected maintenance or vacancies.

Rental properties often aren't the passive, workless income stream people hope for it to be. That said, one or several rental properties bringing you a constant stream of income, the rewards are well worth the effort.

There is a lot of free information available to you about buying, selling or investing in Downtown Minneapolis Condos or Minneapolis Lofts. For complete information about the Downtown Minneapolis condo market including current condos lofts for sale, values, and more please visit the most complete website online www.LivingInDowntownMinneapolis.com dedicated to everything Downtown Minneapolis Condos.  Contact Mike Weiland & Elke Stephan of The Weiland Group of Keller Williams with any of your real estate or mortgage related questions by filling out the form below.

P.S. Free weekly list of Downtown Minneapolis Condos including private listings and foreclosures in the most popular locations call the 24 Hour Recorded Information Hotline Now for details...1-888-391-9039 Ext. 126 or visit www.LivingInDowntownMinneapolis.com.

Guide to Investing in Downtown Minneapolis Condos for Beginning Investors

It seems almost everyone in the Downtown Minneapolis Condo area wants to go into real estate investing. After all, you can work very few hours and reap amazing profits. But getting started as a real estate investor in the Downtown Minneapolis Condo market can be difficult. This article will help give you some tools to get you through the initial learning curve so you can start doing profitable investment deals today.

Step #1 - Have the Right Mindset

The most important mindset to have as a beginning investor is the mindset to learn. So many investors come into the market with the mentality that they want to hit a home run on their first deal.

The reality is, you'll probably make mistakes. Often times you'll still be profitable anyway, but sometimes you will lose money. But every experience is a valuable experience, because it will get you further along your path of being a profitable real estate investor.

Step #2 - Form Valuable Contacts

There are several key people you should meet in the Downtown Minneapolis Condo market when you're beginning your investing career.

A good real estate assessor and a good real estate inspector are both important contacts to make.

You should also find yourself a good accountant and a very good real estate agent. You might also want to find yourself a good real estate lawyer.

If you can find a mentor to guide you through your first few investment deals, that mentor's help will pay off graciously.

Step #3 - Do Very Careful Research

For your first property, do very very careful research. Look over all your numbers twice to make sure you can afford the Downtown Minneapolis Condos and that it will be a sound investment.

Make sure to double check all your utility bills, factor in vacancies and maintenance for rental units, and to give yourself some padding just in case something goes wrong.

Remember it's better to pass on a deal than it is to take a deal you're not sure about.

There is a lot of free information available to you about buying, selling or investing in Downtown Minneapolis Condos or Minneapolis Lofts. For complete information about the Downtown Minneapolis condo market including current condos lofts for sale, values, and more please visit the most complete website online www.LivingInDowntownMinneapolis.com dedicated to everything Downtown Minneapolis Condos.  Contact Mike Weiland & Elke Stephan of The Weiland Group of Keller Williams with any of your real estate or mortgage related questions by filling out the form below.

P.S. Free weekly list of Downtown Minneapolis Condos including private listings and foreclosures in the most popular locations call the 24 Hour Recorded Information Hotline Now for details...1-888-391-9039 Ext. 126 or visit www.LivingInDowntownMinneapolis.com.

Should You Invest In Downtown Minneapolis Condos as Rental Properties

While considering whether to invest in any real estate in the Downtown Minneapolis Condo area, it was suggested to me to make sure that I set some goals before I actually did any investing. So, I sat down to work on my goals. One of my first goals was to decide to invest in property for the sole purpose of having some rental property. In our discussion today, we will look at this to see whether this is a feasible goal.

As I did not have very much money to be putting down on a Downtown Minneapolis Condo, I decided that I definitely would be getting a mortgage. Now there are a lot of different things that you can invest in. If you have a goal of getting rental property in the Downtown Minneapolis Condo area, then most likely you will have to get a mortgage. So since I was going to have to get a mortgage, I had to make sure that the monthly payment was something that I could afford.

This is one type of investment that you have to lay money out on a monthly basis. Now I know if you are like I was, I thought that it would be so neat, because I figured that if I got a low enough payment, then my rent would pay for the monthly payment and then I might have a little left over to consider as income. Well, I really wasn’t thinking very logically. What I failed to take into account was that if that was going to work, then I had to make sure someone was in the Downtown Minneapolis Condo all of the time and that they were also always making their payment right on time.

I also really didn’t think about repairs. I was responsible for the upkeep of the Downtown Minneapolis Condo. So, if the furnace went out or the hot water tank started leaking, or the roof needed fixing, that was money coming out of my pocket. So one of my biggest recommendations to those that are considering investing in Downtown Minneapolis Condo rental property is to make sure that they set money aside of maintenance and repairs as well as for those months that they don’t have a tenant in the condo.

Something to keep in mind is that you want to set a goal of keeping someone renting all the time. So when you are looking for rental property, the location of the Downtown Minneapolis Condo rental property is very important. If you select property near a college or university or near industrial areas, you have a good chance of keeping tenants in your property.


There is a lot of free information available to you about buying, selling or investing in Downtown Minneapolis Condos or Minneapolis Lofts. For complete information about the Downtown Minneapolis condo market including current condos lofts for sale, values, and more please visit the most complete website online www.LivingInDowntownMinneapolis.com dedicated to everything Downtown Minneapolis Condos.  Contact Mike Weiland & Elke Stephan of The Weiland Group of Keller Williams with any of your real estate or mortgage related questions by filling out the form below.

P.S. Free weekly list of Downtown Minneapolis Condos including private listings and foreclosures in the most popular locations call the 24 Hour Recorded Information Hotline Now for details...1-888-391-9039 Ext. 126 or visit www.LivingInDowntownMinneapolis.com.

Are There Good Deals to Be Had in the Downtown Minneapolis Condo area for Real Estate Investors

Over the last several years the idea of investing in the Downtown Minneapolis Condo real estate market has garnered a lot of interest from buyers all over the country. Although recently we've had some hiccups in the real estate market and economy, now more than ever buyers are seeing the huge opportunity available to them to create wealth through real estate investing.

The unfortunate occurrence of foreclosures all over the country has led to an enormous opportunity for individuals who are prepared to purchase property for investment. Buyers who had the funds and credit score necessary to purchase property have seen that they can get astounding deals. Not only can you purchase foreclosures, but you should also be looking at pre-foreclosures as another fantastic way of getting a good deal. In addition, short sales are a popular choice among Downtown Minneapolis Condo real estate investors these days.

In some areas of the country, banks are letting properties go for $.30-$.50 on the dollar in some cases. These are not always in poor repair. In fact, people are finding that they can get fantastic prices on properties that are move-in condition. Of course, there are things that you must consider before purchasing a Downtown Minneapolis Condo foreclosure or a short sale.

The main important factor to think about is whether or not the title is clear. Although title searches are typically done before closing, and you do want to make sure that you invest in owner's title insurance. This will protect you if the title is ever challenged later because there was a problem in the chain of title such as forgery or something not being recorded.

Another tip to remember is that you should always get a full home inspection on any Downtown Minneapolis Condo you buy, but especially a foreclosure. This is because the bank does not know the background of the home and therefore is unable to give you history on any repairs or problems that ever happened there.

There is a lot of free information available to you about buying, selling or investing in Downtown Minneapolis Condos or Minneapolis Lofts. For complete information about the Downtown Minneapolis condo market including current condos lofts for sale, values, and more please visit the most complete website online www.LivingInDowntownMinneapolis.com dedicated to everything Downtown Minneapolis Condos.  Contact Mike Weiland & Elke Stephan of The Weiland Group of Keller Williams with any of your real estate or mortgage related questions by filling out the form below.

P.S. Free weekly list of Downtown Minneapolis Condos including private listings and foreclosures in the most popular locations call the 24 Hour Recorded Information Hotline Now for details...1-888-391-9039 Ext. 126 or visit www.LivingInDowntownMinneapolis.com.

Traversing the Intricate Waters of Downtown Minneapolis Condo Real Estate Laws 

Apart from possibly medicine, there's no area of human endeavor more intricately intertwined with legal trappings than Real Estate. Because of the larger amounts of money involved, and the centrality of property for living and carrying out so many commercial transactions, the rules have become complicated and many hands are in the pie.

The history of property law goes back millennia, to at least the Sumerians in 3000 BC — and it's been evolving ever since. Every aspect of property is ruled by a dizzying array of laws worldwide. Financing, buying and selling, tenancy and use, environmental aspects, tax considerations, even defining where and what is property is governed by laws, many of which are as clear as coffee.

But for the Downtown Minneapolis Condo investor it's essential for long-term profitability to gain a healthy familiarity with property-related law.

One good place to start is: The Contract.

In any Downtown Minneapolis Condo real estate contract there must be 'mutual assent'. Each party has to agree to an exchange — in writing. The old saw is true: a verbal agreement isn't worth the paper it's written on.

The contract has to identify who those parties are and the property being exchanged and for how much. And to be enforceable, consideration — the benefit that induces a promise — must exist. Then the contract has to be signed by parties of legal age and sound mind. This latter must be loosely defined, given the inherent insanity of real estate investing as a business.

As part of the consideration aspect, the Downtown Minneapolis Condo itself must be worth what the seller and lenders claim, as determined (at least approximately) by appraisals and other means.

Flipping (buying and rapidly re-selling property) for example, is perfectly legal —— until an unscrupulous investor buys a cheap, run down property and conspires with a mortgage broker to doctor documents to bring an inflated price. When government bodies guarantee the loans on such properties, you can be assured they'll take an interest in the transaction. And they don't look favorably on fraud.

Commercial properties have whole other sets of regulations covering their exchange and use.

Tenants in almost all countries have certain rights independent of specific contractual clauses. Even Communist China, for example, has recently adopted legislation defining and protecting property rights. As an example, even in triple-net leases — an arrangement in which the lessee is responsible for maintenance, repairs, insurance, etc — landlords have to do more than simply collect a check each month.

Lenders are governed by complex rules that direct or restrict how much can be loaned, what paperwork is required in terms of title, insurance, even what kinds of advertising offering financing can be made.

Tax law introduces yet another layer of complexity into real estate investment. Very few autos or boats end up with tax liens against them, but it's hardly unknown in real estate deals to have to clear them before title can be passed.

So for those considering real estate investing in the Downtown Minneapolis Condo area, or beginning to become involved in one of the lowest risk, most potentially lucrative businesses around, one can offer no more sound advice than this: When it comes to real estate law, do your homework — before it's needed. It's much more expensive to do afterward.

There is a lot of free information available to you about buying, selling or investing in Downtown Minneapolis Condos or Minneapolis Lofts. For complete information about the Downtown Minneapolis condo market including current condos lofts for sale, values, and more please visit the most complete website online www.LivingInDowntownMinneapolis.com dedicated to everything Downtown Minneapolis Condos.  Contact Mike Weiland & Elke Stephan of The Weiland Group of Keller Williams with any of your real estate or mortgage related questions by filling out the form below.

P.S. Free weekly list of Downtown Minneapolis Condos including private listings and foreclosures in the most popular locations call the 24 Hour Recorded Information Hotline Now for details...1-888-391-9039 Ext. 126 or visit www.LivingInDowntownMinneapolis.com.

Tips for Investing in Rental Properties in the Downtown Minneapolis Condo Area 

Investing in rental properties can be a lucrative opportunity in the Downtown Minneapolis Condo market. In this article, we'll go over several tips to ensure you choose the properties that'll result in the best returns on your investment. After reading this article, you'll know some of the more common pitfalls to avoid with Downtown Minneapolis Condos, as well as the signs to look for in a great investment property.

Tip #1 - Look at Surrounding Properties

If you're buying your Downtown Minneapolis Condo to rent out, one of the most important steps you could take is to look at the rent market in the surrounding area.

What are units like yours renting for right now? Take 3-5 units that are similar to the unit you're considering your investment and average them out.

Would the income from this property be enough to cover your expenses?

Tip #2 - Be Conservative

Be very conservative when you're calculating your numbers. It's far better to overestimate your numbers and accidentally make more money than it is to underestimate your numbers and find yourself draining cash.

Remember to account for vacancies and maintenance costs. These costs don't accrue all at once, but when they do come they can be large expenses.

Tip #3 - Check Your Rental History

How has your unit(s) been renting out over the past years? How strong is the rental history?

If in the past the unit(s) has been consistently rented out with few vacancies, that's a good sign that the Downtown Minneapolis Condo unit(s) aren't difficult to rent out. If the opposite is true, that should be a red flag to take into consideration.


Tip #4 - Take the Low Hanging Fruit

Downtown Minneapolis Condos often have what I call "low hanging fruit" opportunities. These are improvements you can make to your unit that will immediately improve its sale value or rental value.

Some of the more obvious ones include steam cleaning the carpets, painting the walls, making necessary repairs, having tiles cleaned and so on.

The key is to tackle the repairs that will give you the highest return for the least amount of work. The idea is not to repair every little thing, especially if it won't give you a positive ROI.


There is a lot of free information available to you about buying, selling or investing in Downtown Minneapolis Condos or Minneapolis Lofts. For complete information about the Downtown Minneapolis condo market including current condos lofts for sale, values, and more please visit the most complete website online www.LivingInDowntownMinneapolis.com dedicated to everything Downtown Minneapolis Condos.  Contact Mike Weiland & Elke Stephan of The Weiland Group of Keller Williams with any of your real estate or mortgage related questions by filling out the form below.

P.S. Free weekly list of Downtown Minneapolis Condos including private listings and foreclosures in the most popular locations call the 24 Hour Recorded Information Hotline Now for details...1-888-391-9039 Ext. 126 or visit www.LivingInDowntownMinneapolis.com.

5 Things to Think About When Investing in Downtown Minneapolis Condo Real Estate

There are many things to consider when making a Downtown Minneapolis Condo real estate investment. Laying the right foundation by doing good planning is an essential key to being a great real estate investor. In this article, we’ll go over 5 things to think about before you make a real estate investment decision. These 5 things will help you ensure the most success in the long run.
Investors
Do you have a solid group of investors you can call if you find a great Downtown Minneapolis Condo? There’s nothing worse than finding an absolutely amazing deal only to find that you don’t have the money to act on it.
The Process
Are you crystal clear on what needs to happen in order for you to acquire the Downtown Minneapolis Condo you’re interested in? Do you know each and every step along the way?
Knowing the Rental Market
If you’re buying to rent out, have you done your research on what the rental market in the Downtown Minneapolis Condo area looks like?
How much do similar units in your area rent for? What are the standard vacancy rates?
Mentor
If you’re a beginning investor, there are many little things in the buying and selling process that you may not know about or have experience with.
Having a mentor who understands the process can be a big asset. If you have to lose some of your profit for great advice in the beginning, it’s generally worth the investment in the long run.
The Backup Plan
If anything goes wrong, do you have a backup plan? What’s the worst case scenario and are you equipped to handle it if something does happen?
One of Donald Trump’s key questions to success was: “What is the worst case scenario and if this happened, would I be able to handle it?”
Real estate investors have repeatedly shown that it’s important to know what to do in case things don’t go the way you planned. Often times in a Downtown Minneapolis Condo real estate deal, at least one thing will “go wrong.” It’s important to be equipped to handle it when it does.

There is a lot of free information available to you about buying, selling or investing in Downtown Minneapolis Condos or Minneapolis Lofts. For complete information about the Downtown Minneapolis condo market including current condos lofts for sale, values, and more please visit the most complete website online www.LivingInDowntownMinneapolis.com dedicated to everything Downtown Minneapolis Condos.  Contact Mike Weiland & Elke Stephan of The Weiland Group of Keller Williams with any of your real estate or mortgage related questions by filling out the form below.

P.S. Free weekly list of Downtown Minneapolis Condos including private listings and foreclosures in the most popular locations call the 24 Hour Recorded Information Hotline Now for details...1-888-391-9039 Ext. 126 or visit www.LivingInDowntownMinneapolis.com.

Rehab Financing for Downtown Minneapolis Condos

One should seek out multiple brokers and not rely on the first broker that has been spoken to. It is the same as choosing any other expert. Call around the Downtown Minneapolis Condo market to make sure you get the best possible answers and solutions to your financing needs.

It is much more difficult to get traditional financing for these properties because they are looked at a little different than a primary residence.

When you use fixers you can begin by getting a hold of mortgage brokers that do traditional financing, although your best chance is probably a hard money lender or a mortgage broker that has access to hard money lenders.

You can check loca newspapers in the Downtown Minneapolis Condo area, for people seeking hard money lenders or investment property financiers. You may find them by looking for classifieds under financing or mortgages or by asking their real estate agent.

Hard money lenders are willing to loan between 50 and 80% of the value of a property after repairs, whereas traditional lenders will only loan based on a property's current value.

Because they already have local contacts it is very possible that it will be your real estate agent in the Downtown Minneapolis Condos market that knows exactly ho to call in any investment situation.

Traditional financing is much cheaper than getting a hard money loan. Typically interest rates range from 12-16%. Please note that you may be required to pay 3 to 5 points upfront as well.

The reason people go this route is they can get money Beyond the actual purchase of the Downtown Minneapolis Condos which is generally unheard of in traditional financing. This money can then be used to make repairs to increase the value of the property.

Make sure you include them in your purchase and holding costs so that you end up with the profits you are looking for on the Downtown Minneapolis Condos after all is said and done and you simply look at the costs of hard money loans as a cost of doing business.

There is a lot of free information available to you about buying, selling or investing in Downtown Minneapolis Condos or Minneapolis Lofts. For complete information about the Downtown Minneapolis condo market including current condos lofts for sale, values, and more please visit the most complete website online www.LivingInDowntownMinneapolis.com dedicated to everything Downtown Minneapolis Condos.  Contact Mike Weiland & Elke Stephan of The Weiland Group of Keller Williams with any of your real estate or mortgage related questions by filling out the form below.

P.S. Free weekly list of Downtown Minneapolis Condos including private listings and foreclosures in the most popular locations call the 24 Hour Recorded Information Hotline Now for details...1-888-391-9039 Ext. 126 or visit www.LivingInDowntownMinneapolis.com.

Tips for Financing Downtown Minneapolis Condo Rehab Properties 

You need to interview multiple brokers rather than just using the first one you come across. You should approach choosing a Downtown Minneapolis Condo real estate agent just like you would hiring an attorney, doctor or insurance agent. Call around the area where you will have access to meet your financial necessity.

It is much more difficult to get traditional financing for Downtown Minneapolis Condo's because they are looked at a little different than a primary residence.

When working on fixers you may want to consider seeking a hard money lender for financing rather than a traditional mortgage broker.

Read the local paper in the Downtown Minneapolis Condo area, and you can find financing options and alternative mortgages here as well as through your real estate agent and via investment property finance firms.

Hard money lenders are willing to loan between 50 and 80% of the value of a property after repairs, whereas traditional lenders will only loan based on a property's current value.

It might be a local mortgage banker in Profile.market that knows exactly ho to call in any investment situation.

It costs a lot more to get a hard money loan than it does to finance traditionally. Basically interest rates average about 12-16% in most cases and you might have to pay about 3 to 5 points right now.

Why would anyone pay these rates? Well, the major benefit is that they will lend more money than a traditional lender and approve more Downtown Minneapolis Condo.

All you have to do is look at the costs of hard money loans like the cost it takes to do business. To end up with the profits that you are looking for on a Downtown Minneapolis Condo, make sure to include those costs in your purchase and holding costs.


There is a lot of free information available to you about buying, selling or investing in Downtown Minneapolis Condos or Minneapolis Lofts. For complete information about the Downtown Minneapolis condo market including current condos lofts for sale, values, and more please visit the most complete website online www.LivingInDowntownMinneapolis.com dedicated to everything Downtown Minneapolis Condos.  Contact Mike Weiland & Elke Stephan of The Weiland Group of Keller Williams with any of your real estate or mortgage related questions by filling out the form below.

P.S. Free weekly list of Downtown Minneapolis Condos including private listings and foreclosures in the most popular locations call the 24 Hour Recorded Information Hotline Now for details...1-888-391-9039 Ext. 126 or visit www.LivingInDowntownMinneapolis.com.

Learn How to Stage Your Downtown Minneapolis Condo to Sell

If you are ready to sell, every buyer that enters should get the full experience of your Downtown Minneapolis Condo.  After all, you have to convince them to buy your condo over every other condo they look at.  So how do you do that?  You do it by making your condo stand out in their mind.

Everyone understands the importance of first impressions. When a Buyer enters the front door what will they smell?  If there is an overwhelming odor that takes their attention when they come in, your first impression is shot.  They will be distracted the whole time they are in the condo.  On the other hand, you don't want them gagging from the smell of industrial cleaners either.  A good rule of thumb is to light a scented candle a half hour before their arrival and blow it out right before they get there. 

Check bedrooms for clutter and disarray.  Clothes should be put up and beds made.  Make sure everything is dusted and all personal items are safely tucked away.  Also, anything that is left out should be in good taste.  You may have little ones or someone's grandmother coming through.

Bathrooms should especially be clean.  Shower curtains should be open to give the full size of the room.  Clean mirrors and make sure all drains are working properly.,

The kitchen is one of the most important rooms in a Downtown Minneapolis Condo.  Since a lot of time is spent here a lot of time should be devoted to prepping it.  Make sure counters are cleaned off of anything unnecessary.  If you do not use it on a regular basis put it out of sight.  People want to see how much counter space they have to work with.  Clean everything off of and out of the frig.  You don't need any distractions here, either.

When you feel comfortable that you are ready to show, have a neighbor come through posing as a buyer.  Have them give their honest opinion on every room.  This outside voice will give you a dry run for the real thing.  Better to discover something you overlooked now than when a viable buyer is looking.

There is a lot of free information available to you about buying, selling or investing in Downtown Minneapolis Condos or Minneapolis Lofts. For complete information about the Downtown Minneapolis Condo market including current condos lofts for sale, values, and more please visit the most complete website online www.LivingInDowntownMinneapolis.com dedicated to everything Downtown Minneapolis Condos.  Contact Mike Weiland & Elke Stephan of The Weiland Group of Keller Williams with any of your real estate or mortgage related questions by filling out the form below.

P.S. Free weekly list of Downtown Minneapolis Condos including private listings and foreclosures in the most popular locations call the 24 Hour Recorded Information Hotline Now for details...1-888-391-9039 Ext. 126 or visit www.LivingInDowntownMinneapolis.com.

Three Types of Downtown Minneapolis Condo Flippers 

A lot of owntown Minneapolis Condo investors go into that part of real estate to become what is known as a real estate flipper. In this position, they purchase the Downtown Minneapolis Condo with the goal in mind to immediately sell the property so that they can turn a profit. In our conversation we will look at three different types of real estate flippers.  

Position #1 – The person that gathers the information

This position is also known as the scout and the main idea is to get as much information about a possible Downtown Minneapolis Condo transaction and then sell that information to other investors. This is a great position to get into if you are just starting out because you don’t need any money or really any prior education to get started. The job entails finding properties that motivate a seller to get rid of it a price that is below the market value. This is usually someone that is in either an emotion-packed or financial situation.

Position #2 – The Dealer

Much like the information gatherer, this type of real estate flipper will also look for prospective Downtown Minneapolis Condo transactions for other investors. Through what is known as a purchase contract, he will actually control the property where the information gatherer or the scout did not. The dealer may put down some money on the Downtown Minneapolis Condo. This type of position will assume more risk, but can also make more money.

Position #3 – The Retailer

The dealer usually sells the transaction or Downtown Minneapolis Condo to the retailer. The retailer is the one that will have the funds to fix up the property and then turn around and sell it at full price to a buyer. The retails is the one person that will absorb the most risk, put up the most money and in the end will make the biggest profit.  This position is also the one that will take the longest time to make the profit.

There is a lot of free information available to you about buying, selling or investing in Downtown Minneapolis Condos or Minneapolis Lofts. For complete information about the Downtown Minneapolis Condo market including current condos lofts for sale, values, and more please visit the most complete website online www.LivingInDowntownMinneapolis.com dedicated to everything Downtown Minneapolis Condos.  Contact Mike Weiland & Elke Stephan of The Weiland Group of Keller Williams with any of your real estate or mortgage related questions by filling out the form below.

P.S. Free weekly list of Downtown Minneapolis Condos including private listings and foreclosures in the most popular locations call the 24 Hour Recorded Information Hotline Now for details...1-888-391-9039 Ext. 126 or visit www.LivingInDowntownMinneapolis.com.

Important Facts to Know About Financing a Downtown Minneapolis Condo as Investment Property 

Receive the best type of loan for your Downtown Minneapolis Condo investment property. Whether you are looking for financing for a rental property that you are going to keep as a rental or sell it for fast income. This special report series will uncover the place to start on your journey for investment financing.

SPECIAL REPORT FOLLOWS:

Finding nice real estate investment opportunities in the Downtown Minneapolis Condo market can be a lot of fun. You will have a great deal of pleasure when you go into the property and imagine the profits of the future. However, before you begin seeking out properties in earnest, you must have your financing squared away.

If you are planning on financing a rental in the Downtown Minneapolis Condo area, the wisest way to start your search is to contact a broker with many contacts.

You are looking to find a lender in that specializes in getting loans for investors of Downtown Minneapolis Condos.


There is a lot of free information available to you about buying, selling or investing in Downtown Minneapolis Condos or Minneapolis Lofts. For complete information about the Downtown Minneapolis Condo market including current condos lofts for sale, values, and more please visit the most complete website online www.LivingInDowntownMinneapolis.com dedicated to everything Downtown Minneapolis Condos.  Contact Mike Weiland & Elke Stephan of The Weiland Group of Keller Williams with any of your real estate or mortgage related questions by filling out the form below.
P.S. Free weekly list of Downtown Minneapolis Condos including private listings and foreclosures in the most popular locations call the 24 Hour Recorded Information Hotline Now for details...1-888-391-9039 Ext. 126 or visit www.LivingInDowntownMinneapolis.com.

How To Increase the Value of Your Downtown Minneapolis Condo

As an investor in real estate property in the Downtown Minneapolis Condo area, one of the best ways to keep or increase the value of your property is to cut your expenses. Today we are going to look at one method that you can do to cut those expenses. Today we will discuss auditing your utility bills.

If you are an investor, one of the things that you should have done before you purchased your Downtown Minneapolis Condo was to contact each of the utility companies to see how much the monthly bills were for the property. If you did not do it, then now is the time to check into that.

Once you have discovered what the monthly bills are, then your next step is to contact each utility company in and see if they can find ways to help you cut your expenses. A lot of the utility companies in will come and go over your property with you. You can also ask them to do an audit. In an audit of the property, they will look at things such as your windows, vents, doors, and electrical outlets, anything that might help you to cut your bill. A lot of them will give you an energy audit report, which will show you what you can do to your property to save money.

A lot of the utility companies in the Downtown Minneapolis Condo area will also offer ideas themselves. They will offer you booklets and brochures on energy tips and how to save energy. You can also look online to find tips yourself. Look for anything energy related. Some keywords that you can use are energy audit, saving energy, or even try energy savings. Another keyword(s) that you can use is going green. These are just a few of the things that you can do to not only save yourself money, but also to improve the value of your building.

There is a lot of free information available to you about buying, selling or investing in Downtown Minneapolis Condos or Minneapolis Lofts. For complete information about the Downtown Minneapolis condo market including current condos lofts for sale, values, and more please visit the most complete website online www.LivingInDowntownMinneapolis.com dedicated to everything Downtown Minneapolis Condos.  Contact Mike Weiland & Elke Stephan of The Weiland Group of Keller Williams with any of your real estate or mortgage related questions by filling out the form below.

P.S. Free weekly list of Downtown Minneapolis Condos including private listings and foreclosures in the most popular locations call the 24 Hour Recorded Information Hotline Now for details...1-888-391-9039 Ext. 126 or visit www.LivingInDowntownMinneapolis.com.