All Forum Posts by: Brett Riemensnider

Wish I didn’t have to post this but I am torn on what to do. I bought my first rental in June of 2024 and have had a tenant that has been making late payments since day 1. I have been trying to be understanding but it has been pushing too much.

My goal was to just take his month late payments and give him a non-renewal when his lease is up. At this point though it is almost February and he still has yet to be December and January.

What are the best courses of action here? I have sent multiple 14-day possible eviction notices and still nothing. Tenant is profusely sorry and stays in contact, but that does not pay the mortgage. Any advice would be much appreciated thank you.

1 Vote

Minneapolis, Minnesota

Hello everyone. I’m wondering what all I need to provide my tenants with this year as far as taxes are concerned. I bought the property in June, have had 4 renters the first month and then 3 the remaining of the year. One tenant is behind on rent and has still not paid December rent.

I’m seeing mixed things online but looks like I have to file something by the 31st? I’m assuming it’s their renters refund? Any advice on end of the year things I might need to gather is greatly appreciated. Thanks!

1 Vote

Minneapolis, Minnesota

Oh wow ok good to know! So I can hire a PM company to just do the tenant placement part?

0 Votes

Minneapolis, Minnesota

Quote from @James Hamling:

Quote from @Brett Riemensnider:

Does anyone have a recommendation of a good tenant placement company for my Anoka MN rental? This is my first rental and everything is taking much longer than anticipated. Really just don’t want to have to deal with it myself at the moment. Renovations are almost complete and will be looking to rent out a unit. I do not need a manager, just help with finding a tenant. Any recommendations or insight are appreciated! Thanks!

Just making sure, you have your rental license? Cleared the metering requirements on license being issued?

I paid for the licensing. My crime prevention class was canceled and I’m looking for an update on the rescheduled date. It is a 4 unit so I have been renting 3 since July. I’m just looking for someone to find a good tenant. Or I suppose advice on how to do it myself if I can’t find one.

0 Votes

Minneapolis, Minnesota

0 Votes

Minneapolis, Minnesota

Quote from @Nicholas L.:

@Brett Riemensnider

we don't know all the details, but as i said that's a very expensive way to buy property - if you can't afford a property without overleveraging then you might just have to save up more.

Ya it's more of a crutch to soften the blow of a large down payment. $40-$50k out of pocket, HELOC or private money loan for the remaining $20-$30k

0 Votes

Minneapolis, Minnesota

Quote from @Nicholas L.:

@Brett Riemensnider

if you use a HELOC for the down payment + financing for the rest that is VERY expensive borrowing. it doesn't make sense unless it's some kind of short term thing like a BRRRR - is that what you're looking at?

No this was just going to be used to help with the down payment since I just bought a different property in June. Probably 30-40k

0 Votes

Minneapolis, Minnesota

Hey everyone. Looking at an upcoming partnership in 2025 and looking to tap into some of my primary homes equity to assist with the down payment. What should I expect for an interest rate on this loan? If I were to sell my house I believe I would pocket around $130k. What does that look like on a HELOC? Any suggestions or advise on HELOC's are greatly appreciated as well. Thanks!

1 Vote

Minneapolis, Minnesota

By the way, 3 of the 4 have been rented since I owned the property so yes I suppose the 75% rule could apply then.

0 Votes

Quote from @Tim Delaney:

I am not a tax expert, but here are my thoughts. The loan on a property shouldn’t factor into the taxes. The three units you are renting out are investment properties, if they were put into service this year then you can deduct your expenses on them, but not on your unit. So if those three units are 75% of the square footage then 75% of the closing costs and mortgage interest and taxes would be considered business expenses. Make sure you understand the difference between capital expenses that get depreciated over multiple years and regular expenses that get deducted immediately. If you have not put them into service yet then you may want to hurry up and do that otherwise you’ll have to wait until next year. There are also limitations of how much total loss from RE you can take against your W2 unless you are a RE Professional. If you are uncertain about any of this I would recommend spending a little on a CPA that understands RE investing.

Fantastic advice and kinda what I was thinking. I will definitely do a little more research and make sure that whoever is doing my taxes this year knows their thing about real estate as well. Thanks for the comment Tim!

1 Vote

All Forum Posts by: Brett Riemensnider

Brett Riemensnider has started 19 posts and replied 37 times.

Post: Seeking Eviction Advice

Post: First Year Rental Owner

Post: First Time Landlord - Tenant Placement In Minneapolis Area

Post: First Time Landlord - Tenant Placement In Minneapolis Area

Post: First Time Landlord - Tenant Placement In Minneapolis Area

Post: Seeking Advice on HELOC’s

Post: Seeking Advice on HELOC’s

Post: Seeking Advice on HELOC’s

Post: Claiming Expenses on SMF During Tax Season

Post: Claiming Expenses on SMF During Tax Season