Property Manager St. Cloud, MN

[Lloyd Schroeder]

I’m getting ready to close on a property in a college town in central Minnesota. I’ve bought and managed a lot of properties in various states. I also have property management companies run my properties as well.

Situation

Going to close on a property in Minnesota, and upon looking into the rental licensing for this particular college town Saint Cloud I read some disturbing information which I couldn’t believe was real.

It states in the application that if the owner lives 45 miles from Saint Cloud. Then a property manager / agent must be listed below and live within the 45 miles of Saint Cloud! WTF I SAY! I have never in my life ever heard of this before! I’ve called from 4,000 + miles away and dealt with a problem by calling a plumber and getting it done right away! Why 45 miles? If there is an emergency I am sure 911 would be called right?

It goes on to say the property manager / agent below is authorized to order repairs and/or service to the building.

I live approximately 75 miles and it would take me roughly 1:15-20 to get to the property.

Adding to the pain....

It also says *** New Applicants must complete Rental Property Training within 6 months of application. I called the lady and explained I have well over 12 years experience- she says I still need to go through this training.

Thoughts

If I was to hire (I would be willing to pay a small fee to have the “Boots on he ground” if I needed to have someone order a plumber, or whatever came up I would. If you know someone in the Saint Cloud, MN area as a licensee

Sorry - Venting my frustrations!

Lloyd~~~~~

[James Hamling]

@Lloyd Schroeder and all others wondering on this issue for the St Cloud area. 

If you look at my profile my authority on this matter will be crystal clear, for speed of time I am an informed authority on this matter. 

First thing to understand, St Cloud area has a significant % point of rental units too ownership far above state average, with that knowledge at hand know regulations were far more relaxed for some time, and than a few persons came into the market and took advantage of that freedom and in short created a situation that forced the city into action, it's just that simple. City can only pass regulations that apply to all, and they write them for the lowest common denominator which as I am intimately familiar in this subject trust me it was pretty darn low. 

That said, I can also say that for those of us in the area doing things right, it's noticed and usually appreciated and reciprocated. Notices are written strongly, but so are mine and for same reason, lowest common denominator, but as I have a great reputation I just shoot out an e-mail or make a call and every time the city works with us and is very lenient. 

A last and very important part; I hear investors all the time talk about how hard it is to find good deals in TCM market, even asking "is there any 1% rule properties left" and I just laugh because in the Central MN market the #'s can be epic compared to TCM market and others. So yeah, maybe a few hoops and city want's a remote investor to use professional local management so city knows no BS is gonna go on, and I agree 100% because that's honestly the intelligent way to go about it, and it's worth it. 

And an added fact, I am "boots on", guess who knows the market best, who can tell you exactly what rent projections are, what block is B class, C or D. Who can tell you the appreciating improving areas, the declining, what area has city investment and improvement projects planned. And who has the non-listed property deals because they are our clients, not to mention how we can get things done that others simply can't because of our reputation and report built. 

The pennies saved today are at cost of the dollars tomorrow when cutting out "boots on" professional management. 

So yeah, city wants an investor to be local or use local professional management, and it's a smart win-win for everyone to head the advice.