All Forum Posts by: Amy Ranae

@Anthony Wick

Both Duluth proper and Duluth twp responded to my inquiries quickly with a completely unclear answer to my questions haha!

It sounds like you basically need to get a conditional use permit in the twp, and they prefer 2 acres or more with 50’ setbacks.

The city looks like they have a cap on the permits which is perpetually filled.

This actually seems crazy to me. I read the minutes from one of the city planning meetings and it sounded like a bunch of grouchy old men: renters destroy everything...houses a stones throw away with make parties...we want community members to contribute, not transients....

To me, it seems like short term renters bring more money and commerce to an area, not less.

I followed up with the city and the twp width a few more questions. It sounds like if I’m planning to make this purchase I’ll need to be contingent on a conditional use permit approval. I’m bummed, but still going to look a bit further.

@Matt J. I'm completely on the same page with you! Just starting to explore the rules from the city. I think Duluth is a great destination, at least for Minnesotans but I think it has some events that draw year round visitors. 

Valid point @@Kevin Mosier. The property I'm looking at is in a surrounding township, but I'm reading the ordinances on their website and it's not looking super friendly. From first review, it looks like you can have 1 short term rental per 30 day period, which would definitely not work for my budget. I have a call into their planning and zoning department for more info! 

@Joseph Christopher

As an agent who works all over the twin cities, but currently has several active buyers in s minneapolis, we are not seeing much impact here. In fact, buyers seem to have ‘new’ criteria for selecting minneapolis neighborhoods, as in “are there lots of black lives matter signs in the yards”. It seems like young buyers are seeking the diversity and accepting community and these lawn signs are a marker for that.

Who knows about long term, but for now, the city is still the city and people love it.

We are starting to see a few more multi family units on the market these days, it has been really competitive in recent years!

@Matt Jennissen

That’s what I’m thinking. It’s so close to the cities but a nice change of pace and little escape.

@James Hamling

Hahah James! I know about MN seasons, I live here too, just not up in Duluth. Was more interested in short term rental seasons, like you mentioned: fall colors, marathon weekend, etc.

Thanks for your insights:)

Does anyone on here do short term rentals in Duluth MN? What is has your experience been like? Do you have any property managers you can recommend? What are your 'seasons' like? 

If you are looking for a property manager in St Paul, check out Abraham Property Management!

Hi everyone,

I have a few old solo 401ks at vanguard that do not let me self direct. I’m looking to roll them into a different bank that will let me send direct and make loans for real estate investing to take advantage of some of the cool CARES act stuff.

What banks offer this type of accounts? I called Schwab and they had no idea what I was talking about.

Thanks for your help!

Hey All!

I’m feeling a little stuck and like I’ve got 3 bridges I’m trying to build at once. I’ve been listening to Brandon talk about eliminating bridges and I 100% agree, but I’m feeling like I can’t really eliminate these and I’m not sure what I want to focus on when it comes to investing.

Here’s what I’ve got going on:

1. I own a boutique real estate brokerage and help my agents learn the business and work with clients and investors. This takes maybe 10hrs of time each week but consumes my thoughts and emotions most of the time. I LOVE this business. It makes money, has great growth potential, is really fun, it gives me a strong sense of purpose and brings joy to my day. I would like this business to grow, but I don’t think I want crazy growth, I’m liking our incremental growth. I’d rather focus our resources on helping our existing agents do better vs adding a bunch of new agents. Most profits are going directly back into the business still, so even though it makes good money, I can’t support my family on this stream.

2. I am a real estate agent. I help buyers and sellers and investors with their real estate sales and purchases. While I’ve dropped production to 20-30 transactions per year, and try to hand off as much of this as I can to the other agents in my company, this is still my main source of income and how I support my family. I love this business and it takes between 10-20 hours per week.

3. Real estate investing. I own two rentals which cash flow just under $1400/mo. They are super easy and fun and I love them. I have also flipped two houses in the last few years which made a good profit but took a ton of time/energy while they were going on. I’m most interested in getting more rental properties and growing my cash flow but at the same time I don’t feel super excited about it. My interests lie in new construction and developing ‘green’ neighborhoods and communities, but I’m not sure I’m quite ready to take that leap. I’m learning and connecting with people in that industry on the regular though.

I’m also a mom to two and have a husband with a regular job and no interest in real estate. I put my kids on the bus each morning and am home for them when they get off the bus to run them to activities or hang out. On any given day I swing from feeling spread too thin to boredom because I have so much of this under control or delegated. On the days I don’t have much going on I feel excited to buy real estate, but the next day might be packed with work and I don’t have the brain space to think about acquiring property. I know I can/could build a team and business around the investments, but I also know how much effort goes into that and don’t want it to take away from my brokerage’s growth. I also don’t have too many more hours in the day to give.

I wonder if you all have any insights or thoughts that I might be missing since I spend so much time thinking about this. What advice or direction would you give? I’m thinking about coaching, which I’ve done in the past and loved, but also looking for recommendations in that direction too.

Thanks for your help BP!!