The Twin Cities Real Estate Investing Show

From $300 a Month to 39 Rental Units | Kevin Terpening
SPONSORS
Shuk Rentals – Minnesota-based property management software built for landlords and property managers. At just $5 a unit per month, it's worth checking out shukrentals.com or booking a live demo in the show notes.
https://www.shukrentals.com
https://calendly.com/oliver-theshuk/shuk-demo
Use discount code TCREI20 for 20% off all subscriptions for your first year.
RPM Viking – Get a $300 maintenance credit when you sign up with RPM Viking Property Management. Go to https://www.rpmviking.com/ and click "Request Assessment."
Network Title – We recommend Network Title for all your title needs. Visit https://network-title.com.
ABOUT THE TCREI HOSTS
Adam Tafel – Investor, Realtor, and host of Twin Cities Real Estate Investing. Adam has helped hundreds of clients buy, sell, and analyze investment properties across the metro. He works daily with local investors and is passionate about building wealth through smart real estate strategies.
📩 adam@UpsidePropertySales.com
Tim Swierczek – Mortgage lender and experienced investor who helps clients structure financing to maximize returns and long-term wealth. Tim brings a practical, numbers-first approach that makes deals work in the real world.
📩 tim@timswierczek.com
💡 We’d love to meet with you and hear about your investing goals. Book a time with us here:
https://www.twincitiesrealestateinvesting.com/schedule
THIS WEEK'S EPISODE
This week we're joined by Kevin Terpening, a full-time landlord who has slowly and steadily built a portfolio of 39 rental units. Kevin got his start in college when he bought a cheap house in Eau Claire for his friends to live in. The investment didn't go particularly well. He dealt with terrible tenants, plenty of headaches, and barely made any money—about $300 a month. Eventually, he sold the house for a small gain and moved on. But for some reason, he found himself missing that extra $300 a month. Around 2016, Kevin decided to get back into real estate, purchasing a triplex in South Minneapolis and a commercial building in Hastings. A few years later, he traded those properties into a larger commercial multifamily building on St. Paul's East Side, and eventually traded that building into a 31-unit apartment property in the same area.
What makes Kevin's story interesting is how ordinary his approach has been. He didn't build his portfolio through some complicated investment strategy or by taking massive risks. He bought properties he could afford, worked to add value, held them patiently, and traded up when the right opportunities came along. Today, Kevin manages his 39 units full-time, and we get into the deals, the decisions, and the lessons he's learned along the way. It's a great example of what can happen when you stick with real estate investing long enough and let the process work.
RESOURCES & LINKS
Twin Cities Real Estate Investing:
https://www.twincitiesrealestateinvesting.com
Book a strategy call with Adam or Tim:
https://www.twincitiesrealestateinvesting.com/schedule
Join our Facebook group:
https://www.facebook.com/groups/282704862443535
Join our Twin Cities Real Estate Investing Meetup:
https://www.meetup.com/real-estate-investing-rehab-meetup/
PLEASE RATE, FOLLOW & SHARE
If you enjoyed this episode, please subscribe, leave us a review, and share it with another investor.

At just $5 a unit per month, Shuk Rentals helps you manage your rental properties without breaking the bank. Visit https://www.shukrentals.com or schedule a demo: https://calendly.com/oliver-theshuk/shuk-demo — Use discount code TCREI20 for 20% off.
Get a $300 maintenance credit when you sign up with RPM Viking Property Management. Visit https://www.rpmviking.com.
We recommend Network Title for all your title needs. Visit https://network-title.com.
🎙️ About the TCREI Hosts
Adam Tafel — Investor, Realtor, and co-host of the Twin Cities Real Estate Investing Podcast, helping buyers and sellers navigate small multifamily investing throughout the Twin Cities.📧 adam@UpsidePropertySales.com
Tim Swierczek — Mortgage lender and experienced investor, helping buyers understand their financing options and build wealth through real estate.📧 tim@timswierczek.com
Interested in buying your first investment property or figuring out your next move? Book a time with us here: https://TwinCitiesRealEstateInvesting.com/schedule
🏘️ THIS WEEK’S EPISODE
“How can anyone make a deal work with an 8% interest rate?” Fair question. This week, it’s just Adam and Tim, and we’re pulling up small multifamily properties and running the numbers live. We talk through what makes a deal work, what kills it, and what’s actually working for buyers in today’s market.
We also take audience questions, talk about the state of the Twin Cities market, and debate buying now versus waiting for rates to come down. Where might rates go from here—and how much should that prediction matter when you’re deciding whether to buy? If you’ve been staring at listings wondering how anyone is making the math work, this episode is for you.
Enjoying the show? Subscribe, leave us a review, and share this episode with someone interested in Twin Cities real estate investing!

Flipping 50 Homes in One Year | Ford Wagner Returns
SPONSORS
Shuk Rentals – Minnesota-based property management software built for landlords and property managers. At just $5 a unit per month, it's worth checking out shukrentals.com or booking a live demo in the show notes.
https://www.shukrentals.com
https://calendly.com/oliver-theshuk/shuk-demo
Use discount code TCREI20 for 20% off all subscriptions for your first year.
RPM Viking – Get a $300 maintenance credit when you sign up with RPM Viking Property Management. Go to https://www.rpmviking.com/ and click “Request Assessment.”
Network Title – We recommend Network Title for all your title needs. Visit Network-Title.com.
ABOUT THE TCREI HOSTS
Adam Tafel – Investor, Realtor, and host of Twin Cities Real Estate Investing. Adam has helped hundreds of clients buy, sell, and analyze investment properties across the metro. He works daily with local investors and is passionate about building wealth through smart real estate strategies.
📩 adam@UpsidePropertySales.com
Tim Swierczek – Mortgage lender and experienced investor who helps clients structure financing to maximize returns and long-term wealth. Tim brings a practical, numbers-first approach that makes deals work in the real world.
📩 tim@timswierczek.com
💡 We’d love to meet with you and hear about your investing goals. Book a time with us here:
https://www.twincitiesrealestateinvesting.com/schedule
THIS WEEK'S EPISODE
Crowd favorite Ford Wagner is back for his fourth appearance, and his flipping business has gotten a whole lot bigger. Ford is on pace to flip 50 homes this year across the Twin Cities, so we catch up on what that kind of volume actually looks like—the systems he’s putting in place to stay organized, some recent wins and losses, and what he’s seeing as the market continues to cool. We also get into a few houses he’s still struggling to sell and what those deals are teaching him about the market right now.
Then we dig into one of Ford’s most interesting projects yet: a 10-unit deal that he’s structuring to potentially refinance out all of his original cash and pull an additional $200,000 out at refinance. Ford walks us through the project, the numbers, and how he’s approaching the financing. As always with Ford, this one gets into the actual deals—the good ones, the painful ones, and what he’s changing as his business continues to grow.
RESOURCES & LINKS
Twin Cities Real Estate Investing:
https://www.twincitiesrealestateinvesting.com
Book a strategy call with Adam or Tim:
https://www.twincitiesrealestateinvesting.com/schedule
Join the Facebook group:
https://www.facebook.com/groups/282704862443535
Join our Twin Cities Real Estate Investing Meetup:
https://www.meetup.com/real-estate-investing-rehab-meetup/
PLEASE RATE, FOLLOW & SHARE
If you enjoyed this episode, please subscribe, leave us a review, and share it with another investor.
 

Minneapolis 2-4 Unit Data: Flat Prices, Rising Costs (Fall 2026)
SPONSORS
This episode is brought to you by Shuk Rentals. At just $5 a unit per month, it's worth checking out shukrentals.com or booking a live demo in the show notes.
https://www.shukrentals.com
Book a live demo:https://calendly.com/oliver-theshuk/shuk-demo
Use discount code TCREI20 for 20% off.
Get a $300 maintenance credit when you sign up with RPM Viking Property Management.
We recommend Network Title for all your title needs.
https://www.network-title.com
ABOUT THE TCREI HOSTS
Adam Tafel – Investor, Realtor, and host of Twin Cities Real Estate Investing. Adam has helped hundreds of clients buy, sell, and analyze investment properties across the metro. He works daily with local investors and is passionate about building wealth through smart real estate strategies.📩 adam@UpsidePropertySales.com
Tim Swierczek – Mortgage lender and experienced investor who helps clients structure financing to maximize returns and long-term wealth. Tim brings a practical, numbers-first approach that makes deals work in the real world.📩 tim@timswierczek.com
💡 We’d love to meet with you and hear about your investing goals. Book a time with us here:
https://www.twincitiesrealestateinvesting.com/schedule
THIS WEEK'S EPISODE
Adam and Tim go through every closed 2-4 unit sale in the seven-county metro since January 2024—2,429 sales—and compare Minneapolis against St. Paul and the suburbs. The Minneapolis median has barely moved in three years, sitting at $427,500 this year compared with $425,000 in 2024, while St. Paul climbed from $325,000 to $357,500. Buyers also have more room than they did two years ago: days on market in Minneapolis went from 19 to 31, sales over list fell from 39% to 28%, and 56% of sellers are now paying concessions with a median of about $9,400.
We also get into the part that is costing owners real money. Property taxes per unit are up 19% in Minneapolis and 30% in St. Paul since 2024, while Minnesota home insurance has risen roughly 85% since 2023. Then we look at current active and pending listings, including a Minneapolis fourplex market sitting at about a year of supply, the growing gap between asking and selling prices, and which Minneapolis communities have gained or slipped over the last 12 months. All sales data comes from NorthstarMLS, with year-over-year comparisons using January 1 through September 14 of each year. Neighborhood numbers compare the last 12 months with the previous 12 months, and we include sale counts because some neighborhoods have limited data.
RESOURCES & LINKS
Book a Strategy Call with Adam:https://www.twincitiesrealestateinvesting.com/schedule
Book a Strategy Call with Tim:https://www.twincitiesrealestateinvesting.com/schedule
Twin Cities Investing Facebook Group:https://www.facebook.com/groups/282704862443535
Twin Cities Investing Meetup Group:https://www.meetup.com/real-estate-investing-rehab-meetup/
Twin Cities Real Estate Investing Website:https://www.twincitiesrealestateinvesting.com
Contact Adam:Adam@UpsidePropertySales.com
Contact Tim:Tim@TimSwierczek.com
If you enjoyed this episode, please subscribe, leave us a review, and share it with another investor.

This episode is brought to you by Shuk Rentals. At just $5 a unit per month, it’s worth checking out shukrentals.com or booking a live demo.
Book a Shuk Rentals demo — Use discount code TCREI20 for 20% off.
Get a $300 maintenance credit when you sign up with RPM Viking Property Management.
We recommend Network Title for all your title needs. Visit Network-Title.com.
🎙️ About the TCREI Hosts
Adam Tafel – Investor, Realtor, and host of Twin Cities Real Estate Investing. Adam has helped hundreds of clients buy, sell, and analyze investment properties across the metro. He works daily with local investors and is passionate about building wealth through smart real estate strategies.📩 adam@UpsidePropertySales.com
Tim Swierczek – Mortgage lender and experienced investor who helps clients structure financing to maximize returns and long-term wealth. Tim brings a practical, numbers-first approach that makes deals work in the real world.📩 tim@timswierczek.com
💡 We’d love to meet with you and hear about your investing goals. Book a time with us here: TwinCitiesRealEstateInvesting.com/schedule
This week on Twin Cities Real Estate Investing, we sit down with Mitch McNeil, a financial advisor who recently completed his first BRRRR deal—a single-family home in Red Wing, Minnesota. Mitch walks us through the realities of partnering with friends, taking on DIY renovations, watching the timeline stretch, and going over budget. He shares what worked, what he underestimated, and the mistakes he’ll avoid on his next project. Ultimately, this deal was a solid base hit that gave him the education and firsthand experience to take on bigger opportunities in the future.
We also tap into Mitch’s financial planning background to discuss trusts, asset protection, tax exposure, and the potential benefits of real estate professional status. It’s an honest conversation with someone who understands financial planning but is still learning the hands-on side of real estate investing—and a reminder that your first deal doesn’t have to be a home run to be a meaningful step forward.
If you enjoyed this episode, please subscribe, leave us a review, and share it with another investor who would find it helpful. Your support helps us keep bringing on great guests from around the Twin Cities real estate community. If you’re buying, selling, house hacking, or investing in Minnesota real estate, reach out anytime—we’d love to connect.

This episode is brought to you by Shuk Rentals. At just $5 a unit per month, it's worth checking out shukrentals.com or booking a live demo in the show notes. Book a Shuk Rentals demo — Use discount code TCREI20 for 20% off.
Get a $300 maintenance credit when you sign up with RPM Viking Property Management. Book A Free Assessment
We recommend Network Title for all your title needs. Visit Network Title.
Adam Tafel – Investor, Realtor, and host of Twin Cities Real Estate Investing. Adam has helped hundreds of clients buy, sell, and analyze investment properties across the metro. He works daily with local investors and is passionate about building wealth through smart real estate strategies.📩 adam@UpsidePropertySales.com
Tim Swierczek – Local investor and host of TCREI. Mortgage lender and experienced investor who helps clients structure financing to maximize returns and long-term wealth. Tim brings a practical, numbers-first approach that makes deals work in the real world.📩 tim@timswierczek.com
💡 We’d love to meet with you and hear about your investing goals. Book a time with us here: TwinCitiesRealEstateInvesting.com/schedule
 
 
This week we sit down with Rachel Allen, whose real estate story started almost by accident back in 2012. Rachel had just landed her dream job as a counselor in a St. Paul school. She loved the work, but the job paid pennies, and when she decided she wanted to become a homeowner in a nicer neighborhood, the only thing she could qualify for was a duplex. Rachel came from humble beginnings on the East Side of St. Paul, no one in her family invested in real estate, and the entire concept was completely foreign to her. She bought a duplex in Como Park, lived in one unit and rented the other, and still owns it today. That first property lowered her living expenses, helped her save money, and eventually gave her the flexibility to spend years traveling the world.
When Rachel returned stateside around 2020, she bought another duplex on the same street—a huge, unique side-by-side she first heard might be for sale at a neighborhood block party. She spent time “courting” the owner and eventually bought it off market when they were ready to sell. Her next deal was a Plymouth townhome that started as her primary residence, although she always knew it would eventually become a rental. Today it operates with a mix of short- and medium-term bookings after Rachel bootstrapped a simple cosmetic renovation herself. What makes Rachel’s story so interesting is that her life has never revolved around real estate. We have plenty of guests whose lives are completely consumed by it. Rachel is a great example of someone who has used real estate to enhance her life—giving her more flexibility, opportunities, and long-term wealth—without ever needing to make real estate the center of it.
If you enjoyed this episode, please subscribe, leave us a review, and share it with another investor.
 
 
 
 

At just $5 a unit per month, it's worth checking out shukrentals.com or booking a live demo in the show notes. https://calendly.com/oliver-theshuk/s... — Use discount code TCREI20 for 20% off.
Get a $300 maintenance credit when you sign up with RPM Viking Property Management. RPMVIKING.COM.
We recommend Network Title for all your title needs. Visit Network-Title.com.
Adam Tafel – Investor, Realtor, and host of Twin Cities Real Estate Investing. Adam has helped hundreds of clients buy, sell, and analyze investment properties across the metro. He works daily with local investors and is passionate about building wealth through smart real estate strategies.📩 adam@UpsidePropertySales.com
Tim Swierczek – Mortgage lender and experienced investor who helps clients structure financing to maximize returns and long-term wealth. Tim brings a practical, numbers-first approach that makes deals work in the real world.📩 tim@timswierczek.com
💡 We’d love to meet with you and hear about your investing goals. Book a time with us here: TwinCitiesRealEstateInvesting.com/schedule
This week we sit down with Jeff Salzbrun, owner of Commercial Equities Group, for an episode that is really as much about Jeff’s story as it is commercial real estate. Jeff got out of the Army as a young guy with a strong work ethic but no real estate career waiting for him. He started doing manual labor, was willing to learn, kept putting one foot in front of the other, and slowly worked his way into the commercial real estate business. Eventually, that kid doing the grunt work was brokering deals, investing, developing properties, and building a career that has now spanned more than 35 years.
Jeff shares a ton of great stories from along the way, including his 20 years working with his longtime mentor John Allen at Industrial Equities, where they developed, repositioned, leased, and managed millions of square feet of commercial real estate. He talks about eventually leaving to start Commercial Equities Group, the lessons he learned from the people around him, deals that shaped his career, and what more than three decades in the business have taught him. Jeff's story is a pretty classic American dream story—work hard, stay curious, learn from good people, take opportunities when they come, and see where it takes you.

🎙️ Sponsors
This episode is brought to you by Shuk Rentals. Built by landlords, for landlords, Shuk Rentals is simple, affordable property management software at just $5 per unit per month. Collect rent online, manage maintenance requests, communicate with tenants, and keep your rentals organized—all in one place. Use discount code TCREI20 for 20% off.
This episode is also brought to you by RPM Viking Property Management. Whether you own one rental or an entire portfolio, RPM Viking can help you maximize your investment. Mention the podcast and receive a $300 maintenance credit when you sign up for management services.
A big thank you to Network Title, our trusted title partner. Whether you're buying, selling, or refinancing, Network Title provides fast, reliable closings backed by an experienced local team. Check out Network-Title.com for more info. 
🎙️ About the TCREI Hosts
Adam Tafel is a Realtor, investor, and co-host of Twin Cities Real Estate Investing. Adam specializes in helping clients buy, sell, and analyze investment properties throughout the Twin Cities while building his own rental portfolio.
📩 adam@UpsidePropertySales.com
Tim Swierczek is a mortgage lender, real estate investor, and co-host of Twin Cities Real Estate Investing. Tim helps investors structure financing that supports long-term wealth building and better investment returns.
📩 tim@timswierczek.com
💡 Want to talk real estate investing?
Schedule a free strategy call with Adam and Tim:
https://TwinCitiesRealEstateInvesting.com/schedule
This week we sit down with Hannah Hamilton from Rental Research, a local tenant screening company that has been helping Minnesota landlords screen applicants for years.
Tenant screening has gotten a lot more complicated. We talk with Hannah about the modern types of fraud landlords need to be watching for, especially as AI makes it easier to create fake documents, manipulate income information, and make an application look a lot better than it actually is.
We also get into the constantly changing state and local rules around tenant screening, what landlords can and can't consider when reviewing an applicant, and how to put together a screening process that stays consistent while still protecting your property.
Hannah walks us through some of the best practices for reviewing applications, verifying the information you're being given, spotting red flags, and avoiding some of the common mistakes landlords make during the screening process.
If you own rental property or plan on becoming a landlord, there's a lot of useful information in this one.
Learn more about Rental Research:
https://www.rentalresearch.com
If you enjoyed this episode, please subscribe, leave us a review, and share it with another investor. It helps us continue growing the Twin Cities real estate investing community.

🎙️ Sponsors
This episode is brought to you by Shuk Rentals. Built by landlords, for landlords, Shuk Rentals is simple, affordable property management software at just $5 per unit per month. Collect rent online, manage maintenance requests, communicate with tenants, and keep your rentals organized—all in one place. Use discount code TCREI20 for 20% off.
This episode is also brought to you by RPM Viking Property Management. Whether you own one rental or an entire portfolio, RPM Viking can help you maximize your investment. Mention the podcast and receive a $300 maintenance credit when you sign up for management services.
A big thank you to Network Title, our trusted title partner. Whether you're buying, selling, or refinancing, Network Title provides fast, reliable closings backed by an experienced local team.
🎙️ About the TCREI Hosts
Adam Tafel is a Realtor, investor, and co-host of Twin Cities Real Estate Investing. Adam specializes in helping clients buy, sell, and analyze investment properties throughout the Twin Cities while building his own rental portfolio.
📩 adam@UpsidePropertySales.com
Tim Swierczek is a mortgage lender, real estate investor, and co-host of Twin Cities Real Estate Investing. Tim helps investors structure financing that supports long-term wealth building and better investment returns.
📩 tim@timswierczek.com
💡 Want to talk real estate investing?
Schedule a free strategy call with Adam and Tim:
https://TwinCitiesRealEstateInvesting.com/schedule
This week we talk with Yuri Souder about his very unique path through a career in real estate. Yuri spent years working in the foreclosure world, where he became an expert in buying lien positions, understanding the foreclosure process, navigating redemption periods, distressed debt, and finding opportunities in deals that most investors don't know how to touch.
Today, Yuri works part-time for a prominent local home buyer, closing on distressed properties, while also recently partnering with Rush Creek Development. On the development side, he's working directly with cities on entitlements, navigating zoning and approvals, raising capital, analyzing development opportunities, and helping take projects from an idea through the early stages of actually getting them built.
Yuri is a really bright guy, and this is probably one of the most densely packed episodes we've ever done when it comes to technical real estate investing information. We get pretty deep into foreclosures, liens, distressed properties, development, raising money, working with cities, and a bunch of corners of the real estate business that we don't normally get to talk about.
Really great conversation with a great guy. We're looking forward to having Yuri back.
For more information on Yuri's project, check out 
Rushcreekdevelopment.com or message him on LinkedIn
 
If you enjoyed this episode, please subscribe, leave us a review, and share it with another investor. It helps us continue growing the Twin Cities real estate investing community.

🎙️ Sponsors
This episode is brought to you by Shuk Rentals. Built by landlords, for landlords, Shuk Rentals is simple, affordable property management software at just $5 per unit per month. Collect rent online, manage maintenance requests, communicate with tenants, and keep your rentals organized—all in one place. Use discount code TCREI20 for 20% off.
This episode is also brought to you by RPM Viking Property Management. Whether you own one rental or an entire portfolio, RPM Viking can help you maximize your investment. Mention the podcast and receive a $300 maintenance credit when you sign up for management services.
A big thank you to Network Title, our trusted title partner. Whether you're buying, selling, or refinancing, Network Title provides fast, reliable closings backed by an experienced local team.
🎙️ About the TCREI Hosts
Adam Tafel is a Realtor, investor, and co-host of Twin Cities Real Estate Investing. Adam specializes in helping clients buy, sell, and analyze investment properties throughout the Twin Cities while building his own rental portfolio.
📩 adam@UpsidePropertySales.com
Tim Swierczek is a mortgage lender, real estate investor, and co-host of Twin Cities Real Estate Investing. Tim helps investors structure financing that supports long-term wealth building and better investment returns.
📩 tim@timswierczek.com
💡 Want to talk real estate investing?
Schedule a free strategy call with Adam and Tim:
https://TwinCitiesRealEstateInvesting.com/schedule
This is our third time having Tyler Nash on the podcast, and if you caught his last episode, The 11 Unit From Hell, you know exactly where we left off.
At the time, seemingly everything that could go wrong with Tyler's 11-unit deal in South Minneapolis was going wrong. Today, Tyler is back to close the book on the property. He reveals how much money he actually lost when he finally sold it, what he learned from the experience, what he'd do differently next time, and why—despite taking a pretty painful loss—he isn't completely heartbroken about the deal.
We also catch up on what's next for Tyler. After balancing his day job with real estate for years, he has officially quit his job and gone full-time into real estate sales.
It's an honest conversation about taking a loss, learning from a bad deal, and moving forward.
Follow Tyler Nash
LinkedIn:https://www.linkedin.com/in/tyler-nash-081a381b
Instagram:https://www.instagram.com/tnash481
Facebook:https://www.facebook.com/share/1BeGF8mkkp/?mibextid=wwXIfr
If you enjoyed this episode, please subscribe, leave us a review, and share it with another investor. It helps us continue growing the Twin Cities real estate investing community.