OUR BUSINESS

Why Harris Homes MN?

Harris Homes MN is dedicated to providing safe and secure long-term rental properties for families in the Twin Cities area. Our team works hard to ensure that each property is up to code and meets all safety standards. We are passionate about providing quality living arrangements and strive to make sure our clients are comfortable and happy in their homes. Our properties are updated regularly with the latest amenities and appliances. Investing in Harris Homes MN means investing in the quality of life of our tenants and the communities they live in.

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How Does Investing with Harris Homes MN Work?

Our process is simple. Investors deploy their capital into our business and receive a 6-8% ROI (Depending on Investment amount) amortized over 20-30 years paid out Monthly. The capital from investors goes directly into the cash purchase of a property determined to be under market value. We deploy 80-90% of investor capital into the purchase of the property and the other 10-20% towards the rehabilitation process. After rehabilitation is complete, our property is filled with tenants at the new market value rent. In summary, investors make a one-time investment and receive an annualized 6-8% return paid monthly amortized over 20-30 years.

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OUR PROCESS

What is Harris Homes MN's Criteria? 

Harris Homes MN performs a full-scale analysis of all prospective single family properties in the 55411 and 55412 area. Once a property is identified as "under valued" in comparison to neighboring houses and  it has proven that it will cashflow after P&I, Insurance, Taxes, and Property Management Fees it meets our criteria. 

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How does Harris Homes MN add value?

We add value through creating space in houses, typically via adding bedrooms and sometimes bathrooms. Adding bedrooms into a house drastically increases the house's value and fair market rent, providing immediate value.

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Where does Harris Homes MN work?

Harris Homes MN has specialized in Single Family homes within the Minneapolis market. Minneapolis offers a unique opportunity to real estate investors: During the sale of a home in Minneapolis, the seller is required to provide a "TISH" (Truth in Sale of Housing) Report to prospective buyers, disclosing any aspects of the house that are not up to code. This allows us to do a further in-depth analysis than we would in other markets where this information is not readily available to us. This information aids us in our evaluation of the property and the amount of value that could be added. Along with this, the City of Minneapolis publishes a "fair market rent" report which allows both landlords and tenants to have clear insight to the average rent price per number of bedrooms in a house.

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How does Harris Homes MN Find and Screen Tenants?

We take a simplistic approach to finding tenants using Facebook Marketplace and Zillow and directly communicating with prospective tenants. We don't waste time, if a prospective tenant is interested in one of our properties we send them the lease agreement and rental application. If they meet the criteria on our rental application and pass the background, financial, and employment screening, we schedule a tour on the property. We collect all of this information ahead of time so neither party wastes time during the property tour. 

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Who manages our properties? 

Tony Harris (owner) functions as HHMN's current property manager. We pride ourselves on customer service and relationships, we believe that managing our own properties is one of our keys to success, benefiting both our tenants and our business. We maintain close relationships with our contractors allowing us to schedule repairs and maintenance with a phone call. We want our tenants to know that we are invested in their wellbeing. We take care of them personally and in return expect that they treat our properties like their own.

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How does Harris Homes MN Pay off Investors?

Option 1: If an investor is looking to make a large short-term (3-5 years), we pay our investors a 6% interest only monthly payment for the duration of our project. Once we have completed our projects to enhance the property and fill it with tenants we work with our network of local banks to secure a commercial cash out refinance loan. We highlight our investments into the property and share our analysis of market value with the banks to secure a LTV refinance high enough to pay off our investors in full. *Investors do assume risk of not being able to recoup all cash during the refinance process, when this happens a long term loan with an amortization schedule is set up between HHMN and the investor. 

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Option 2: If an investor is looking to make a long term investment, we set up an amortization schedule with our investor for a 20-30 year term with a 9% annualized return. *Harris Homes MN reserves the right to payoff investors earlier than scheduled with no penalty.

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How does Harris Homes MN profit?

HHMN profits via cashflow of properties on a monthly basis. This is something that is vital to our analyses. Properties that will not self-service debt and cashflow each month are immediately eliminated from our prospective property list. Along with monthly cash flow, we aim to recoup our investment and some equity during our cash-out refinances to roll into future properties. Finally, we are all about the long term gains and appreciation. We factor a 2% annual average appreciation on our real estate assets. We play the long game, between cashflow from tenants, recoupment of tax free equity, loan paydown, and annual appreciation, we profit slowly over the long term.

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READY TO INVEST OR HAVE MORE QUESTIONS?

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CONTACT US

Phone: 612-867-5551

Email: Tony@HarrisHomesMN.com 

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