All Forum Posts by: BJ LaVelle

Anybody have any recommendations for property management companies in the Minneapolis/St Paul area? We are looking for someone to handle all of our back end management. Currently have around 7-10 properties we manage for our clients. We are great at the leasing side of it, but need help on the management.

Anybody have any recommendations for property management companies in the Minneapolis/St Paul area? We are looking for someone to handle all of our back end management.  Currently have around 7-10 properties we manage for our clients.  We are great at the leasing side of it, but need help on the management. 

we've had many clients do a bridge loan. sometimes the interest rates are higher than other forms of financing. They typically don't like to go more than 75%-80% LTV on the home you are using the equity in. Fairly common way of doing it so you can tie up a property fairly quickly. Believe everytime you do it you need to do an appraisal. Most lenders are open to this, but we have found that some don't like to do them. Smaller community/regional banks tend to do this more than the big banks.

Just had this same issue wth my deal and it was just bank specific. You need to find a local bank that portfolios their loans and doesn't sell them in the secondary market. I just googled community banks in your area and came across three banks I would call and ask to talk to their portfolio manager or loan officer. Tell them what you are trying to do and you will get to who you need to talk to. They will typically have a 5-15 yr balloon amortized over 30 years. Pretty common. Newbridge, Community bank and First community bank are he ones that came up within google.

Originally posted by @BJ LaVelle:

@JohnAnderson understood.  any companies that you would recommend? thinking for more evictions and property damage issues.  

@JohnAnderson understood.  any companies that you would recommend? thinking for more evictions and property damage issues.  

Just depends on if you want to be hands on and control everything or if you want to be hands off and treat it like a stalk.  That would be the "hiring people to find you deals." I'd start small, but first I would talk to a real estate attorney who represents the larger developers in your town.  They should be able to give you some referrals to apartment developers and owners and you'd be an equity guy. you get a 7%-10% preferred rate of return, plus the % of cash flow, off of the % of equity you put in.  Ie: $1M total equity needed to build or buy an apartment building and you put in $200k or 20%, you get 7%-10% preferred rate of return on that money (1st money out of the deal) and t hen 20% of the cash flow on the deal.  So if the deal cashflows $500k a year, you'd get $100k.  Another avenue may be an accountant or if you are an athlete, you could talk to your sports agent or your financial guy.  

Has anyone heard of other companies that provide landlords insurance against evictions? Such as something like this: http://renterswarehouse.com/rent-your-home/added-services/

Has anyone heard of other companies that provide landlords insurance against evictions? Such as something like this: http://renterswarehouse.com/rent-your-home/added-services/

down payment for teh CFD would be 1 months security deposit. you may want to up this amount if you have to register the deed.