All Forum Posts by: Bruce Runn

@Julie S. I have a tenant who was prescribed a pit bull

@Tiana Towns

 Are you saying on your first duplex that has both units rented now, you don't have a positive cash flow?  If that is true, there is an issue that needs solving as tying up capital and work/effort w/o cash flow is not the norm.

@Joseph Lee

@Rich Leone

Adding an ADU
wcmsp-224047.pdf (minneapolismn.gov)

Converting a duplex to a triplex

wcmsp-223283.pdf (minneapolismn.gov)

These two are actually a better recaps from Minneapolis so you understand what is required code wise for an ADU- St Paul should be the same. I agree with Joseph on adding bedrooms versus another unit, especially an attic. I've done both duplex to triplex conversions and adding bedrooms to attics/basements to increase cash flow. If you want to touch base, I can share a bit that can help.

@Matt J.

What is your price range as I know of a SFH that will be coming on the market that the seller would be willing to sell before MLS as he is an agent. It's not a fixer upper but meets most your criteria and has room for upgrades.

@Joe Splitrock I love the "lower the offer" if you think you are the highest.  

@Evan Kraljic

I can attest to the challenge Evan had as I saw it with him before he started.  I was impressed with his vision and commitment and willingness to solicit and listen to advice.  Now that  he has done this one, He'll have the confidence to do more!!

@Corey Hawkinson

I think you have/share a good lesson here. If it's already on the MLS, everyone will be looking at it. You have to hustle and take a risk. No one is going to be putting a 1% deal out there for someone to cherry pick w/o risk.

Because of covid/economy, some of the best buys will be mixed use buildings that have apt's and commercial spaces that are empty if you can figure out how to get the spaces rented out.  I've done this before and they end up being killer deals but you have to add the value and take on the risk to fix up and re rent.  Being successful takes work and it's not a deal unless you can figure out how to solve the problem the last person ran into.

@Erik D.

@Joe Schaak

I'd echo Joe here, if you don't understand St Paul, category 2 or 3 classifications on empty properties, you shouldn't be offering to buy them.  It's a sink hole of $ IMHO.   You may already have researched it but make sure you understand what you have to do before you leap...

@Grace S.

Update?

I've rehabbed properties to the studs/pulled out all electric/plumbing/hvac and rebuilt from the inside out. W/0 knowing the scope of what you need to do, there is no way anyone can advise you. If you have to do what I do but have a good foundation/exterior/floor systems but have to touch everything else including new sheetrock/insulation, it may be like a project I'm just finishing and I'm in at $100 sq ft. As a comparison, we can do new construction at $150 sq ft not counting all the extras you don't have to do on a reno like SAC fees, park dedication, new utility lines ect ect ect so It's worth it to us as we end up with virtually a new building. We also can get about 70% more in rent than you project so our financials are different.