All Forum Posts by: Adam Widder

30/month, 300 refundable. I like refundable because it's incentive for them to keep their pet behaved, as a reward they can get the refund back.

We have a 1911 triplex that has most of the original woodwork. I've found many people do appreciate the original touches of a home, as long as there's modern amenities. So we update electrical, plumbing, countertops, and add a dishwasher. I like updated appliances and a modern paint color keeps it clean. 

Another property we have is a 1907 duplex, which looks like a farmhouse inside, it's been updated so we go with that. 

Our goal is to have nicer kept properties that are clean, so if it's a gut job, we make it modern. If it's already clean, I'll do the necessary update and compliment original features. 

@Shinji Pehling See what their schedule is like. the better companies are busy for awhile but if your project is small, they'll squeeze you in, in between projects. I just look for care of jobsite and detail of work. see if they pulled a permit. verify insulation and code issues.

BP, we have a couple a rentals, and I'm about to transition to become a realtor. I was given advice that it may offer some additional protection to myself if I establish an entity for a management company of our rentals, then have a separate entity as a realtor. Then keep my properties in our name. The management company would handle all transactions, leases, expenses, etc. Ownership, myself, wouldn't be involved, just collect the cashflow. 

Please advise if this sounds right and what entity set up I should choose? 

For the realtors in the group, how do you have yourself structured? 

Thanks! 

Hey Michael, I'm local to your market we have a couple small multifamily properties ourselves. I've worked in commercial property management as well, so if you're looking into larger deals, I'd be happy to help! I'd recommend finding an agent that specializes in investment sales. I highly recommend our team lead by @Adam Tafel

@Tim Swierczek would be a great start to learning about financing and he offers free zoom calls to meet.

Happy to grab a happy hour or coffee to discuss! 

I'm pretty bullish on MSP. The education system is strong here with good colleges which keeps so many Fortune 500 companies here, if not their headquarters, they have satellite HQs. The big companies know they have access to educated workforce and it's decently business friendly state, among other "quality of life metrics."

Know the rules, keep clean units, be fair, and success in real estate is highly likely. There's investors in every market good or bad making money.

Start with this lease and go from there. You may want to look for wording to indemnify clauses and keeping your business / or self safe for trips, falls, accidents on the property. 

https://my.mnbar.org/residenti...

as you drive around your neighborhood, look for trucks doing this work and walk onto the job site and talk to the job sup. this is how I found a guy to do some tuckpointing on our old triplex. lot of these guys dont have websites or advertise much because they do everything off referrals and have a large client base. 

Hey Jordan - start here.

https://www.stpaul.gov/departm...

Use the pre-inspection checklist. I would also call there office to ask these questions. I've found if you're proactive with the city inspectors and show you're trying to meet code and they're intent, they will work with you. 

@Blake Dailey Thanks Blake, sounds similar to what I'm doing then. 

@Basit Siddiqi So it is necessary for me to save receipts I take it?