Minnesota investment property

[Matthew Rhoades]

Investment Info:

Condo other investment in Maplewood.

Purchase price: $194,000
Cash invested: $39,000

Lived in as a primary residence for 2 years then turned a rental. Started out renting to friends and family for the first 2 years (once at cost and then next for a profit). Managed myself, but am now turning it over to a proper management company. New tenant moving in August 1, 2021.

Didn't mean for it to become an investment property when we first bought, but it's turned into one and I love the process.

[Matthew Rhoades]

Good question Justin. I’ve been living long distance in Tennessee for the last couple years, and this was my first time renting it out to someone I didn’t know. For the most part, it was about compliance and making sure I was covered legally. I just felt I’d be more comfortable that way, but when I move back to MN, I’d like to refocus on managing on my own (and hopefully having a couple more properties at that point too).