All Forum Posts by: Adam Tafel

STR management fees (and utilities, paper goods, cleaning fees, extra repairs) generally wipe out any gained cashflow (vs. LTR). Unless it's a waterfront home I wouldn't spend the time on STR remotely. The added headache of local governments only makes this point more true.

I should mention I am a long-time BnBer and bunt myself out on the biz a few years ago so to speak.. so perhaps someone else will chime in with an optimistic outlook! The North Shore is fantastic, but the seasonality of the STR business makes things pretty tough.

A third vote for the Kirwin Group! Simply the best. 

This is a question we've been throwing around recently: in this market, who expects a premium (or discount) on a small package - seller or buyer? There are strong arguments for both. If only buying 2 I would be happy paying market value for each. @Jeff Schemmel grew up in Southern MN, I'm assuming you know the area well but he might be a good resource if you need one.  

@Alex L. where in the metro is this located? If you are in a nice burb in a good school district you might consider holding. There is a high demand for nice corporate rentals, especially in the western burbs. 

Other questions/thoughts: 1. return on your equity? 2. what would you do with proceeds if you sold, and how would the return compare? 3. these tenants will likely be high-maintenance, do you have the time? 4. vacancy will be higher than market average 5. do you plan on holding for more than 3-5 years? 

I've run mo/mo corporate rentals in St. Paul for the past few years, we get a lot of leads looking for nice big SF homes in the burbs. 

I have a feeling the place looks worse in real life vs. pictures - assuming I'm correct, you'll need a renovation budget to command the kind of rent you're hoping for. As-is I think you're around $1200 or so. I love some of the surrounding neighborhoods, pretty good value for what you get. How do the HOA docs look?

We like Andrew Lange, google "insurance by referral Andrew Lange". His number should come up. He is an independent broker and has saved many of our clients thousands per year. 

Have you considered buying a 2-4 unit property? That's the route most of us took. 

Yeah! I have a guy who seems to be priced below the market norm - he did some roofing repairs for me a while back and I've referred him many times. Shoot me a pm. 

Welcome to BP! @Jeff Schemmel and @Nick Holty are from southern MN, I would start with them! Both solid dudes with lots of experience and unique skill sets. 

Too much to keep within a single post, but I'll give you my two-cents. 

St. Paul's rent control is looking like it will be more strict than Minneapolis. As far as permitting and rental inspections, I would much rather deal with St. Paul than Minneapolis, just my personal take. 

Outside of those two issues - there are plenty of neighborhoods in either city I'd happily invest in - and plenty I would avoid at all costs.