Real Estate investing is US.

On January 21 2016, I was able to close on our first property  - 5392 Clifton Drive, Mounds View, MN 55112.  We won it in an auction.  It was the best thing.  We were able to use our own, money to win and rehab it enough to make it attractive to our lessee/buyer. I believe at a nice kitchen and bathroom will out weigh many other short comings.  And yes, we leased on March 3, 2016.

This has been a learning experience and it continue to be an experience.  I just recently found out that if you lease property to someone in the city of Mounds View, that you are a landlord and must purchase a $60.00 license to do so, plus take a class that cost $375.00, which the will fund $200.00 when you complete the course. So that is now on my list of things to complete.

This was the 3rd property that we had bid on.  The first was one was a HUD home that had 13 other offers so we withdrew for what was suppose to be a good deal.  It was in Orono.  After placing a $500.00 earnest money deposit on it and winning the bid, I discovered it was 1 side of a twin. When I tried to get hard money funding, one lender gave me the run-around.  The next lender tried to funded it but their evaluation showed that I would not make any money off of it. But if I felt that it was worth it I would have to find comparable comps for it.  It just didn't happen.  And when I tried to assign it to another investor, they said the same thing the lender said.  So I lost $500.00 earnest money and $650.00 to the hard money lender.  Advise: -Make sure the property is not one side of a twin home, find your own comps and do the numbers before you give up earnest money..