All Forum Posts by: Byron Bohlsen

I drove through North mpls a few times and quickly decided it wasn't for me. Honestly I hope it doesn't gentrify because where will they go? If they move in to a neighborhood your investing in will you enjoy that?

For the person considering St Paul there are tons of areas where people don't speak English or as a second language so be prepared. 

yes rentometer is good for giving you ballpark especially if you do the pro trial. I forget the name at the moment but there is also a paid website that investfourmore.com promotes that I usually use for properties that I am serious about its 12 bucks for their premium report. You provide details about the property and it spits out a bunch of market data and various rent estimates based on how nice the property is. Renters wearhouse uses the same software

I realize it can be location specific but in general do you guys know if it increases the value of the house to take a 4 bedroom house and convert it to a 3 bedroom house to add a master bath and walk in closet where there is none (and probably increase the size of a not very big master bedroom). 

House I am loooking at is 1800 sft, 4br, 1.75 bath. 

I am dealing with this myself. The realtor is correct it can go fast or it won't... I am still waiting to set a closing date about 10 months in and I am not sure we are any closer then when we started. There are no rules and many pitfalls but if your patient and can keep your realtor patient a good deal can be had. 

As for what the bank accepts or not doesn't have to be logical. If no one is willing to pay the banks price then it will eventually get foreclosed on. 

Don't listen to the advice of others about such a big life decision. You and your family should do your own research and figure out what you want. Don't move your family somewhere you guys don't end up liking to chase real estate because some guy you don't know on the internet said so

have you asked him to calculate the overall return on that house and suggest a stock that can match?

So what if a majority of your net worth is tied into real estate. Its what gave you that net worth to begin with. Real estate has made more people rich then any other sector if I am not mistaken? 

So your financial advisor wants you to kill the golden goose and sell the best financial decision of your life? Makes sense to me.... 

Check your local laws... around here the water bill can be sent directly to the tenant but unpaid water bills get tied to the property as an assessment regardless of who is paying so you are ultimately responsible

Michael has covered most of it... 2 months and the money is seasoned and considered yours in the eyes of the lenders. However I assume you weren't planning on telling them the money came from a loan? - If so, typically they make you sign a document stating you have no other loans they dont know about etc so some might consider that fraud. 

My advice is to be extra careful the property will work at 100% leveraging. Unless your parents have a ton to throw away and dont expect to get the money back any time soon it would have to be a pretty darn good deal! 

is the gift publicly recorded anywhere? If not then...