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All Forum Posts by: Andrew Heairet

Andrew Heairet has started 4 posts and replied 9 times.

Post: Foreclosure Auction vs Redemption Rights

Andrew HeairetPosted
  • Saint Paul, MN
  • Posts 9
  • Votes 4

I’m considering buying my first foreclosure in Minnesota soon. The owner died long before the notice of pendency was filed and I cannot find any probate records to determine heirs. I was considering buying at the sheriffs sale (foreclosure by advertisement) but am worried about another more experienced investor tracking down the heirs and buying the redemption rights (but if I can’t find them maybe they can’t either)? I’m fine waiting out the redemption period before taking possession but I don’t want to tie up funds if I’m not going to get the property in 6 months. Am I better off waiting for the lender to win the auction and tracking down the heirs to buy their redemption rights? Are there any resources used for this? Thanks

Post: Foreclosure Auction or Redemption Rights

Andrew HeairetPosted
  • Saint Paul, MN
  • Posts 9
  • Votes 4

I’m considering buying my first foreclosure in Minnesota soon. The owner died long before the notice of pendency was filed and I cannot find any probate records to determine heirs. I was considering buying at the sheriffs sale (foreclosure by advertisement) but am worried about another more experienced investor tracking down the heirs and buying the redemption rights (but if I can’t find them maybe they can’t either)? I’m fine waiting out the redemption period before taking possession but I don’t want to tie up funds if I’m not going to get the property in 6 months. Am I better off waiting for the lender to win the auction and tracking down the heirs to buy their redemption rights? Are there any resources used for this? Thanks

Post: MN Foreclosure Auction

Andrew HeairetPosted
  • Saint Paul, MN
  • Posts 9
  • Votes 4

I’m considering buying my first foreclosure in Minnesota soon. The owner died long before the notice of pendency was filed and I cannot find any probate records to determine heirs. I was considering buying at the sheriffs sale (foreclosure by advertisement) but am worried about another more experienced investor tracking down the heirs and buying the redemption rights (but if I can’t find them maybe they can’t either)? I’m fine waiting out the redemption period before taking possession but I don’t want to tie up funds if I’m not going to get the property in 6 months.  Am I better off waiting for the lender to win the auction and tracking down the heirs to buy their redemption rights? Are there any resources used for this? Thanks

Post: Mortgage financing while a full time graduate student

Andrew HeairetPosted
  • Saint Paul, MN
  • Posts 9
  • Votes 4

Hi Matt,

As Kat mentioned seller financing might be your best bet. Tim’s insight about banking regulations might make the following idea moot, but it might be worth a shot. Have you tried looking at a new online lender like SoFi? I know they have different underwriting standards than conventional banks. They started in the student loan refinance business so with most of their customer being recent graduates (high debt to income, short/no credit history) they build models based on expected future earnings in your career field. BP recently had a blog post about them moving into the mortgage space so they may be worth a look. I’m sure there are other companies with similar business models. Good luck!

Post: Minneapolis Airbnb - warning letters

Andrew HeairetPosted
  • Saint Paul, MN
  • Posts 9
  • Votes 4

@John Woodrich St. Paul, MN requires a short term rental license and restricts the number of units on a property that can be used for STRs: https://www.stpaul.gov/departments/planning-economic-development/planning/current-activities/short-term-rental-zoning-and

@John Woodrich

Post: Snow and lawns in Minnesota Duplex

Andrew HeairetPosted
  • Saint Paul, MN
  • Posts 9
  • Votes 4
Thanks everyone. This was a great help!

Post: Snow and lawns in Minnesota Duplex

Andrew HeairetPosted
  • Saint Paul, MN
  • Posts 9
  • Votes 4

Thanks everyone for the input. The parking addendum to the lease is the same value as the lawn and snow discount addendum so it sounds like we're all roughly on the same page and the practice of valuing parking and yard work comparably is common. While I will be living there I certainly have no issue doing regular lawn/snow maintenance. This was more a question of getting expectations in place for the future if/when I move out and it will have two tenants. I can present both parking and lawn/snow addenda as optional additions to the lease and work with whatever result we agree to. Thanks again!

Post: Snow and lawns in Minnesota Duplex

Andrew HeairetPosted
  • Saint Paul, MN
  • Posts 9
  • Votes 4
Hello BP. I inherited a tenant in one unit of a duplex in St. Paul, MN on a M2M lease (the other unit is vacant - which I will owner occupy for a year). I’m switching them over to my own lease and need to set snow and lawn terms. The property is on a corner lot with two sidewalks, and the holdover tenant claims their old landlord assigned one sidewalk to each tenant for snow removal. There is a two stall garage and the old agreement was that the tenant would also shovel their side of the driveway if they rented a parking spot. These terms were not in their lease but one sidewalk and half the driveway badly needed shoveling on the day I closed which confirms this was indeed the tenant’s understanding. They claim they also shared lawn mowing with the other tenant but would alternate weeks (also not in the lease). I’m curious how you handle snow and lawn care in small MFRs. My original thought was to offer a rent discount for snow and lawn care to a single tenant and they’d just be responsible for everything. That avoids the issue of “well that’s not my problem” if the other unit is vacant (or if one of the garage stalls goes unrented). Existing conditions prove this tenant has that attitude. I also don’t like a “switch turns” approach to lawn care because that just opens the door for fighting between two tenants when I eventually move out, and I’d like to avoid that drama. Any suggestions? Thanks in advance!

Post: Twin Cities East Metro Meetup

Andrew HeairetPosted
  • Saint Paul, MN
  • Posts 9
  • Votes 4

Count me in! (St. Paul)