All Forum Posts by: Bruce Runn

Congrats, that's a good way to be able to watch what you own as well.  I just bought an off market S MPLS home for $205K with comps $350-$450K all within 2 blocks and I have a 30% bigger lot and back up to a park.  Lots of opportunity for those that work at it.

@Shiloh Lundahl

If someone is only clearing $200/door a month, it's not difficult to identify the problem with your premise.  

I've built a triplex, have another completed plan that is approved, have converted buildings to take advantage of the 2040 plan and am involved in other aspects in small scale development.  Not looking to do a tutorial class but you can reach out if you have specific questions.  Currently have a 3 lot development site available for sale for a bigger developer who could put up a 6 story/70+ unit apt in an opportunity zone.

Zero balance project, got my $ in 3 weeks.  It's crazy she's waited this long to apply.  crazy

@Jennifer Cogley-a legal bedroom has to be at least 7'x10' of unobstructed space especially for section 8 ect.  You can be smaller for market rate people but that is the definition in the code.

@Joshuam R.

We've done a form of BRRR using new construction. Owned a duplex on a double lot- did a lot split, so I own the empty lot for free- built a triplex and post construction, achieved $250K in new equity which allowed us to have $0 in on the triplex that kicks off $30K/yr in free cash and $10K in principal pay down- it also has appreciated $100K in 1st 2 years

I'm waiting for landlords who are freaked out and just want out as they don't understand how to make it work.  I'll buy some of their properties then.  The sky isn't falling, the rules just prevent a lot of common sense things from occurring.  I often didn't raise the rent while I had the same tenant, and made up for it when it became vacant.  An ordinance like St Paul would just force me to raise everyone's rent 3% every year.  How does that help current renters?  My 10 year average increase was 1.8%.  Over that time, an apartment would be approx $120/month more expensive under a rent control scenario versus how I did it.

We have done approx 30 BRRR properties in the past 10 years. In every instance, we have added a lot of value by buying a multi family building that was pretty beat up and revamping it to make it safe, healthy housing in great locations. Our goal was not to flip it but put it into our portfolio so we converted our forced equity which we didn't pay taxes on into great cash flow and as a long term held/income producing asset. We don't GC other people's projects or contract out to other people but work internally. All of the properties not only got increased equity through the BRRRR but appreciated so we could use the equity to buy the subsequent buildings. We now cash flow updated/renovated buildings that will provide housing for a lot of people.

@Jay Hinrichs

Oregon ay have had the entire state until rent control but the devil is in the details.  It has a 7% annual increase + Inflation and you have decontrol.  I like what Oregon did as it stopped rent spikes which is what most people want.  ST paul puts the crush on everything.  You can't even compare the two

@Abdullahi Mohamed

You realize MPLS ( Minneapolis) is a different city than St Paul, right?