All Forum Posts by: Colin Dingfelder

Some extenuating circumstances have popped up and I would like for my tenants to move out within 60-90 days. Current lease agreement ends 5/31/22 (12 month term). Lease has not been renewed on paper, although tenants have expressed desire to stay. Lease agreement states that 60 day notice must be given prior to the end of the lease agreement for non-renewal. I am wondering if it is sufficient for me to give 60 day notice and ask them to vacate 7/1/22 (or worst case 8/1/22). Do I have any other options? The tenants have been great, and this would not be an eviction or anything along those lines. I appreciate any feedback in advance. 

@Bruce Runn I was thinking along those same lines. Would you mind sharing the $/SF cost for MFH new construction? I’m assuming you are also in the twin cities area.

@Bruce Runn Seems like you have a lot of experience. Thanks for sharing.

@Will Gaston That's phenomenal rent for student housing - I was assuming that it was lower. How many BR are each unit? Thanks again for the insight!

@Will Gaston Great info. Do you mind sharing what your strategy is regarding the “x% rule”? It seems like nowadays 2% is out of the question, and even 1% seems impossible in my market (Minneapolis) for purchasing a MFH. Obviously building new eliminates a lot of the cap ex concerns that you would have with a 100 year old property (roof, foundation, siding, etc). So I guess my question is, how does new construction vs buying change your cash flow goals?

@David Crews Any luck on your findings? I am also interested in the process of building MFH, but have just started the initial research. I would love to hear what you have found out so far.

@Dave Foster Thank goodness for these forums. I was confused with the rules of the 1031 exchange and was interpreting that the value of the property that I am buying can not exceed 200% of what I am selling. I now understand that the 200% rule only comes into play if I am listing more than 3 properties as potential buys. Thanks for your knowledge.

@Darion Fletcher I’m also a relatively new investor in the Minneapolis area looking at the MFH market. Feel free to DM me!

I guess to fully answer your question, you would need to know exactly how many years before retirement. Or maybe a better way to word the question is how long until the rent payments are no longer going towards paying off additional properties? If you are planning on retiring in 10 years and would like to then start living off of the rent you are receiving, that will obviously play a factor in the best way for you to accumulate properties now.

I'm having similar thoughts. The market seems pretty tough in Minneapolis for MFH - tough to find anything even close to fitting the 1% rule.