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All Forum Posts by: Brandon Boogren

Brandon Boogren has started 6 posts and replied 10 times.

Following up on this, I think Garret's question is less about discriminating based on pregnancy and more asking the following:

Is there a way I can verify that the mother's income will remain the same throughout maternity leave so that the income requirements are met? 

A candidate could meet all of your criteria based on their income today, but quickly not meet your criteria if they stop working or their income goes down during leave. 

When reviewing income, a good landlord will consider how long the individual has had the job or how consistent the income has been historically. So it seems reasonable that we would also want to forecast this into the future.

Is there any way to ask the applicant about this without violating fair housing? 



Post: Vacant Property - Quality Tenant applied wanting to move in 2 months from now

Brandon BoogrenPosted
  • Rental Property Investor
  • Hastings, MN
  • Posts 10
  • Votes 0

Thank you all for the advice! This is very helpful. 

Post: Vacant Property - Quality Tenant applied wanting to move in 2 months from now

Brandon BoogrenPosted
  • Rental Property Investor
  • Hastings, MN
  • Posts 10
  • Votes 0

In the beginning of 2024 I bought an investment property. After freshening it up and getting it rent-ready, I was able to list it two weeks ago.

I've had a decent amount of interest, two open house showings with about 6-8 different potential tenants/couples. Only one couple has actually submitted an application.

Although I need to verify some of their application details, it appears like they meet all my requirements. Income greater than 3x rent, 620+ credit score, etc. etc. 

They want to move in August 1st. It is currently June 2nd. The property is sitting vacant. 

So if I accept them it would sit vacant for two months.


What is the next best move here?
 I'm considering accepting them if they pay something non-refundable upfront to hold the property. I just don't know what that amount should be (1.5x month rent?) or if that's unrealistic. 

If they aren't willing to pay to hold it, I would tell them I am going to continue to show the property until July 20th and if there are no legit applicants they can move in.


Any advice/help would be greatly appreciated! 

Post: Property Management with a Townhouse?

Brandon BoogrenPosted
  • Rental Property Investor
  • Hastings, MN
  • Posts 10
  • Votes 0

Hello! I am considering purchasing a townhouse as a rental investment property. All townhouses in my area have HOA fees each month. My question is this:

How much can I rely on the HOA (it says it includes professional property management) to "manage" my property? 

When purchasing a townhouse with HOAs as an investment property, do people still hire a property management company? 

Hiring a property management company seems like it costs a decent amount of money (10-11%) so ideally, I'd like to not have that expense. Thoughts? 

Post: Cap Ex for Townhouses with HOAs?

Brandon BoogrenPosted
  • Rental Property Investor
  • Hastings, MN
  • Posts 10
  • Votes 0

What percentage do you put towards Cap Ex when purchasing a townhouse for a rental? I am practicing analyzing deals with the BP rental property calculator. I found a townhouse that cashflows ~$200/mo if I remove Cap Ex (I currently have it at 10%). 

The HOA says it includes:

  • Sanitation, Snow/Lawn Care, Outside Maintenance, Water/Sewer, Professional Management

Should I treat a townhouse with HOAs the same as a single-family home when it comes to Cap Ex? Or does the HOA typically account/cover for big expenses within their HOA fee?

Any thoughts/advice would be greatly appreciated!


Post: Destrehan Townhouse Rental

Brandon BoogrenPosted
  • Rental Property Investor
  • Hastings, MN
  • Posts 10
  • Votes 0

Hi @James Knight!

Do you have any updates on this property? Have you found a renter? Is the property cashflowing? I am a newer real estate investor and want to purchase a townhouse rental this year. Thanks!

Post: Problems with new Rental Calculator

Brandon BoogrenPosted
  • Rental Property Investor
  • Hastings, MN
  • Posts 10
  • Votes 0

I'm having similar issues, hopefully they can fix these bugs quickly!

Post: Risks to Getting my License if Goal is to Buy Investment Prop?

Brandon BoogrenPosted
  • Rental Property Investor
  • Hastings, MN
  • Posts 10
  • Votes 0

QUESTION: I just completed all my schooling and testing for becoming a real estate agent (~$1,200 in MN passing all the tests in the first try). I started reaching out to brokers this week to see which one would be best for me. My main and most important goal (like many of you), is to purchase rental/investment properties of my own. Last night, I met with a broker that has been in the Real Estate space over 40 years. He explained that it would be better for me to not officially get my license as it creates an "unfair advantage" legally and can put me at risk when purchasing properties from sellers (Ex. If I buy a property for $200k that is valued at $250k the seller could come back and say the deal wasn't fair as I had more knowledge as an agent). I thought it would be fine to do such a deal if I just disclosed I was an agent, but this broker explained that wasn't the case. He also said there can be conflicts of interest if I am looking for the same properties my potential clients are. Does anyone have any advice for me? My main goal is to build an investment portfolio. Am I better off taking the knowledge I learned and NOT getting my license or should I get my license and run with these risks? Are these risks he explained real? I would plan on being a part-time Minnesota agent if I do end up getting my license. Thanks!

Post: Where to Start in Commercial Real Estate...

Brandon BoogrenPosted
  • Rental Property Investor
  • Hastings, MN
  • Posts 10
  • Votes 0

Hello! I am hoping to get some advice from seasoned Real Estate Professionals on the best ways to enter the Commercial Real Estate Profession.

I am currently a 24-year-old Technology Sales Territory Manager. I do well at my job but have an extreme interest in Real Estate. I've been listening to BP for a few years now and want to gain experience so that someday I can own my own RE Investments.

After reviewing various options, I am thinking the best way to gain experience/knowledge would be to work in the RE space. I am currently getting my real estate license. Because I enjoy and have a background in sales, I was thinking of joining a CMR firm as a sales broker.

Questions:

Where do you recommend starting out in Commercial Real Estate?

Are there companies that you would recommend?

How did you start? 

What do you know now that you wish you knew when you started?

Any help would be greatly appreciated! I am eager to get started but want to make sure I set myself up for success.

Post: Sell or Hold? Payoff or Leverage?

Brandon BoogrenPosted
  • Rental Property Investor
  • Hastings, MN
  • Posts 10
  • Votes 0

Looking for some advice! I currently have a Single Family 4 bedroom 2 bathroom house in Hastings, MN. I purchased the house 10 months ago. I did some cosmetic updates to the house (granite countertops, new Stainless Steel Appliances, fresh paint, etc.) since I purchased the house. 

I am now trying to determine my best strategy and don't really know where to go from here. It seem's like there are three options:

1. Sell the house

2. Rent the house

3. Stay in the house

The safest/easiest option seems to be stay in the house. That being said, I want to create assets that pay me which option #3 won't do.

I like option #1 but I am unsure of the details (will I face capital gains? Should I get the house appraised?). If I sell the house, I would like to put the money into a duplex, tri or quad that I can use as an asset. 

Renting seems like a good option and what I am leaning towards. My only concerns are the house was built in 1987 and will more than likely need bigger Cap X improvements as the furnace, ac, water heater are all original and the roof it up there in years (12 years I believe). If I ended up renting I would need to either move in with parents or buy another single family home.

Long story short I am eager to take my next step into real estate investing but I am unsure where I should take the step. I am sure you will need more information than what I gave, but any help would be greatly appreciated!!