All Forum Posts by: Blake Winiecki

Hello!

Does anyone in Southwest Florida or nearby have any tips or ideas for getting started in real estate in the area? What types of investments are working right now or look promising in the next few years? I know in general the market is tough here at the moment. Wondering what avenue is best to put more thought into between flips, brrrr, long-mid term, short term, multi-family, new construction, etc. Any comments are appreciated, thank you!

Hi everyone,

Has anyone got a Heloc on an investment property? I know it’s difficult. Trying to see if any what my options would be. If anyone has any ideas or options please let me know. I appreciate any help! 

Quote from @James Hamling:

Quote from @Blake Winiecki:

Hi everyone,

I am new to the process of getting renters into a SFH in Minnesota. Getting a lease drafted by a lawyer seems quite pricy, is it normal to just use a standard residential lease set by the state or should I be getting much more specific? This is my first unit, should I create a LLC? I've heard it's crucial and also have heard it's not needed, especially with umbrella policy. Lastly, is anyone familiar with rent redi and do you suggest it as a good option for helping pre qualify tenants, collecting rent, tracking expenses etc? Any help would be awesome thank you!

You NEED a Property Management company. 

The laws about this stuff are no joke, and ignorance is not a defense, you will get fined and financially suffer if have no clue what your doing, and this states you have no clue what your doing. 

Most templates, probably 99.8%, are going to be void as of 2 days ago. MN enacted massive new sweeping laws on many MANY subjects including a massive revamp of lease requirement's, and listing requirement's. And it comes with big penalties for not being in compliance. 

So, if you don't know, hire someone who does know. 

And than, stay close to the process, ask questions, learn in a safe setting. Than, when ready, and you'll know when your ready and informed, you can take things over if want be. 

But don't just blindly run out and get yourself slaughtered. 

I see thank you for the info, I am definitely knew to this still trying to learn a lot. Do you mind explaining why I would get fined? Im just getting a little confused because I’ve had several investors in the area tell me that they just use the standard MN residential lease that you can find online. So are there a lot of investors out there that just take that risk of not having an updated lease?

Hi everyone,

I am new to the process of getting renters into a SFH in Minnesota. Getting a lease drafted by a lawyer seems quite pricy, is it normal to just use a standard residential lease set by the state or should I be getting much more specific? This is my first unit, should I create a LLC? I've heard it's crucial and also have heard it's not needed, especially with umbrella policy. Lastly, is anyone familiar with rent redi and do you suggest it as a good option for helping pre qualify tenants, collecting rent, tracking expenses etc? Any help would be awesome thank you!

Hi everyone, 

I am new on the BP forums and have enjoyed reading up on many posts. I am looking for advice on what direction to head. We currently own a sfh and have roughly 110k equity. We have a great rate and I believe could get decent cash flow if turned into a rental. Would it be smart to use a heloc to help for a down payment on a new primary home and turn original into rental? I understand we would then have heloc payment as well as a higher monthly mortgage because of current rates (assuming new home similar value). But on the flip side it could get us going in real estate and would get rid of our original PMI.

Any advice or thoughts would be much appreciated thank you all!