All Forum Posts by: Bruce Runn

@Collin Barker

Is the unit in The basement or attic?

@Matt Higgins

I don't see the tenant screening as a big deal. I know people get pumped anytime something changes but you just have to do a little work to screen which is an individual assessment which I do anyway. My personal opinion is MPLS made a mistake by limiting security deposits as I would accept some tenants that may have had something negative but with a double security deposit, now I won't. They just made it tougher for those people as I've had several people with evictons offer me extra money up font and now I have to say no. We only lowered 1 property's rent as it was for a Dec 1st move in (today). All of my opening during the summer rented at full price and I've received 99% of rents YTD. I bought 4 properties and sold 2 TY and plan to sell a couple duplexes in 2021 but expect they will be owner occupied as they are prime areas in Uptown and SFH's are more expensive and tough to find affordably.

I called in for my rough in inspection and only had a 3 day wait last week

@Matt Higgins

I'll clarify that I'm still buying in the Minneapolis market as I don't stray further than a couple miles from my house but just bought/pursued a different type of property strategy within my market.  

@Matt Higgins

It's a good point that pretty much nothing a couple dozen people do, changes the market.  I think what Amber/I are saying is some people shifted buying patterns 6-12 months ago.  I still bought and sold this year but with a different objective so my portfolio reflected a shift.   Ultimately, positioning yourself to take advantage if/when prices drop is important.  I also did what you found which was accepting a couple offers for a bit less than anticipated to move them was important.  Same with rents, full occupancy at a slight discount is a long term plus versus having empty units in the winter.  

@Willie Argo

I get between $50-$100/month for a garage stall.  1/3 of my tenants don't have a car so why penalize them?  I never accept a dog no matter what.  

@Amber Gonion

You are so right.  If you aren't ahead of the curve, you are behind it

It's an age old problem of everyone would like to find a turn key property at a fixer upper price.  With all the information available now days, you have 100's of people looking at every property.  I recently posted a lot for sale, and had 100's of views in the 1st 2 days.  Now an empty lot is a very specific kind of property that wouldn't appeal to the average investor so to have that many people view it is a little crazy.    I bought a duplex 2 months ago that had 35 showings in the first 2 days and 8 offers by the weekend as it was priced pretty competitively and in a super great location in Uptown.  Anything close to a deal gets an amazing amount of interest as some of the realtors can probably share.    

@David Barnett

I'd agree with you.  We are already seeing small landlords sell and bigger players come in and buy.  I personally think it's a loss for MPLS as local ownership is an advantage to a city.  

@Peter O.

@Conor Hesch

I'll echo Bell is very good to work with and I'll share my lender at Bell Bank- Conor Hesch-you can reach him here