All Forum Posts by: Douglass Belt

Hi

@Andrew Ginsburg

Yes, I too would agree with the previous comments on starting with small multi-s. I will give you a better understanding of what to expect, dealing with tenants, and all issues associated with people living next to each other. Once you get your process and systems down, then ramping up to a larger number of units will be smoother as you know what to expect....just mutiply that by 10 or however many units you buy.

I would work with the end in mind....what is your end game? How soon would you think you would want to sell, if ever? would you be able to off load the property quickly if needed? Both smaller multi-s (2-4) and Larger (5+ units) have pros & cons.  Something for you to think about and which will help you shape what type or how large a property you want to invest in.

Good luck to you Andrew!!

Doug

thanks @Juliana Shipp. I will keep trying.....!

Thanks all for your continued feedback-

@Dan B-that really put things into perspective regarding your rates on your property. I know investment property that insurance is a little more expensive overall but that is a pretty drastic difference.

@BreAnn Stevenson- Good ideas, and thank you! As for your questions, I have a $2500 deductable.

On a side note, how do I highlight your names in the response using the "@" symbol??? I consider myself computer literate but apparently I am getting too old now and am slipping behind the times....

thanks all for the feedback.  It is a landlord policy for sure not a homeowners policy. The money for personal property is for lawnmower and appliances that are mine and the tenant has a renter policy. I should have clarified that the liability was extended from my primary residence to my rental in addition to the umbrella. So in short it is dwelling and a little personal property. Hope that helps and sorry for the confusion. 

From the sound of it it still sounds high. Would love to hear from someone with rentals in MN thoughts. 

I own a SFH (3Br 1.5 Bath-Ranch) rental in the Twin Cities of Minnesota. My Fire/Dwelling policy covers the rebuild cost of $193K, $2K in personal Property, and $100K liability (seperate $1M umbrella) for a yearly premium of $1750. It seems a little high but interested in what others are paying in Minneapolis/St. Paul area. Thanks!

I own a SFH (3Br 1.5 Bath-Ranch) rental in the Twin Cities of Minnesota. My Fire/Dwelling policy covers the rebuild cost of $193K, $2K in personal Property, and $100K liability (seperate $1M umbrella) for a yearly premium of $1750. It seems a little high but interested in what others are paying in Minneapolis/St. Paul area. Thanks!

hi Jeff!  I too live in Madison - welcome aboard and happy to help where I can!!

Doug

Welcome aboard! @Dylan Henke This is the best resource for newbies and wish I had this when I started. It would have save me a lot of money and some headaches too!  

1/2 duplex $155,000. Taxes are $3600/year. 2000 sqft, 3 BR 2 Bath, 2 Car garage- would rent for $1400/month. The listing says "Duplex Condo" but no condo fees....?? How does that work? It is in a good location (A/B+ location) and looking long term, the other 1/2 of the duplex may come available down the road which would make for a really nice property. 

Assume 4.5% 30 year, on $135,000 loan

P&I= $684

Taxes=$300/month

Insurance=$100/month

tenant pays utilities (Water, Electric/Gas, Garbage)

Snow/Lawn=$35/month average

total $ 1084/month-$1300 (low side of rent) =$181 cash flow/month.

Thoughts? What am I missing? I can attach the link for the listing but not sure if there are rules against that on BP.

I own a SFH 3/1 that is 2+ miles from a university and have it rented quite often by students. In fact, I would HIGHLY recommend looking at 3/1's for students. Even better is if you can find a place that has the plumbing ready to install a half bath or full. Spend $1000-$3000 to add a half bath and you can ask for another $300-500 in rent. You pay it off pretty quick!