All Forum Posts by: Alex James Sindelar

Hi all, I will have a house to rent out in the near future in Rochester, MN. I have a sample lease that the City of Rochester supplies for landlords, but it seems a little too short/vague to me. Maybe I'm overthinking it. Does anyone use the City of Rochester general lease or does someone have a more spruced up one they could share with me? Thanks! 

Hi all,

My wife and I are in the process of purchasing a rental property in Rochester, MN. We are trying to put together a list of trustworthy handymen, electricians, and plumbers that we could call in a pinch. If anyone is willing to share the contacts of some of these handy people with us it would be greatly appreciated! 

Thanks

My wife and I recently bought a house in Rochester, MN and we plan on renting it out to section 8 applicants. We live in Washington so it would be difficult to cover all aspects of management from here without some boots on the ground. My brother lives near Rochester and we have talked and are considering getting him involved. Primarily, we would like to list him as the property manager because Rochester, MN rental code dictates that rental unit property managers live in the same county as Rochester, MN or an adjacent one. One of the reasons we would prefer not to hire a management company(other than the price) is we want to do our strict screening process which property management companies wouldn't do( or we don't think they would). 

So far, My wife and I are planning on doing a bulk of the management remotely, including screening potential tenants. The part that seems difficult is meeting applicants and doing the in-person screening part, and this is what we would like my brother to do. My brother would also more than likely be helping with tenant needs once in a while. 

The part we are struggling with is coming up with a fair and good system to make it worth it for my brother. Does anyone have advice on how we could structure something fair for everyone? We are originally thinking of just a large one-time payment for the in-person applicant screening and other one-time payments for as-needed calls. This is all just a plan so I am not sure about potential holes in this plan and what could be a negative of all of this rather than hiring a professional property management company.

Hi all,

My wife and I live in Seattle and have been looking at investing in SFHs in Southeast Minnesota for a little under a year now. Recently, My brother and his wife(who live in southeast Minnesota) have said that they are interested in investing there also and would possibly want to go in on something together. We trust my brother and his wife, and he is also very handy with carpentry, masonry, plumbing, and some basic electrical.

We aren't sure what to do. On one hand, it would be nice to have "boots on the ground" and have a partner at the physical location. it would also be nice to be able to afford more and have more options as well as more risk security having more "investors" involved.

On the other hand, there would be more people involved so it could be harder to come to decisions and could sour relationships(since it is my brother) if something happened. We also don't know how we would structure a partnership in a way that would be fair and make everyone happy.

If anyone has advice or can point us in the direction of some good resources that would be very helpful!

That's very interesting about Mayo. Although it doesn't surprise me because it's a pretty renowned medical center. Do you know what type or rental unit(sfh, condo, townhouse) is currently good or bad there? Any bad/good neighborhoods to watch out for?

Hey all,

My wife and I live in Seattle and are looking at investing around the Rochester,MN area. I have family around there and we might end up there some day. We would love to hear from some folks currently investing there or from any real estate agents in the area. Seattle is an expensive entry price so looking at other options. Thanks!

Hi all, I am new to the website but have been listening to finance and real estate podcasts for a few years now and have read a couple of basic real estate investing books. I am currently living in Seattle with my fiancee but we tentatively plan to move to the Midwest in 2-4 years.

That being said, we are interested in investing our money and want to get into real estate for the long haul(probably brrrr). We have around 20k to work with. I know this isn't a lot for the Seattle area but with an FHA loan, I'm guessing we could buy something priced around 500k. Also, my fiance is PT and I've heard of a medical professionals home loan program. Has anyone worked with this and would that be a better option? I have also been interested in foreclosed homes and "courthouse deals". I've always been intrigued by a discount. If anyone has any advice that could help or even suggestions for other avenues it would be very much appreciated! Thank you!