All Forum Posts by: Dennis Meints

Hi @Jennifer Rogers , 

I've been managing my own STR's in Saint Paul for 5+ years. I don't have a recommendation for managers to hire, but I just wanted to throw this out there: another alternative to STR vs Long term is to do mid-term rental marketed to traveling nurses or traveling professionals. The leases are over 30 days (typically around 90 days), and rents are 20-40% hirer than traditional long-term renting. Also no restriction on how many units can do this strategy (from what I've found in Saint Paul's STR code).

Use FurnishedFinder to connect with traveling nurses coming to the Twin Cities area. It's been a great strategy for me - I bet it would work well for you as well! Good luck!

@Jake Huglen thanks for the advice! Funny how the world get's small on BP sometimes. Appreciate you weighing in here!

If I'm going to sell a chiropractic practice (30+ year successful business) and carry the financing for the buyer, what would be a fair interest rate over a 5 year term? Thanks for any advice!

I've got a partner trying to figure out a fair market price for a NNN lease in rural Minnesota. Location is Pine Island (15 min North of Rochester). The space has been used for medical (chiropractic care). Nearest comps are in Rochester, but with the Mayo Clinic, it's hard to know how comparable those really are.

Any advice on how to determine a fair triple net price?

Thanks for the help!

I'm looking to send a 'notice to quit' to a tenant that's been in conflict with lease terms on several different points (unlawful possession of firearms, not maintaining clean unit, disturbing other tenants right to quiet enjoyment of property, etc). My lawyers say we could file eviction, but it's likely going to be a long road to enforce the eviction without a lot of supporting evidence other than "he said, she said" and anecdotal evidence. 

We'd like to part ways with this tenant and make it an easy decision for them to leave. What strategies have you used to motivate tenants to quit the lease and move on?

Thanks, @Craig Anderson! That was my feeling as well. What do you think about this being in a 4-plex and different apartments being for different sexes or do you think the entire 4-plex should stay either all male or all female? 

Probably safer to keep the entire property either all male or all female, but these are completely different apartments, so I feel like it should work having female apartments and male apartments.

Also, in a gender ambiguous/fluid world is this getting too complicated to sort out? I think clearly defining spaces by sex (biological) and not gender (considered societal) should be possible. Seems like hostels probably have a setup for this that may be useful..?

Appreciate the feedback!

@Bruce Woodruff That's what I'm saying! But I know people do this. How is it managed safely??

Hey BP team,

I have several Airbnb's that I run in Saint Paul MN and I'm looking to actually do more with a 4-plex that will house medical professionals traveling in on contracts for 30-90 day leases (technically outside of STR being >30 days). I notice a lot of these medical professionals are looking for an economic stay and would rent a room to save some money during their contract term.

My question is this: If I'm renting by the room, but I'm not present on the property - how can I manage guest interaction and set up some layers of safety checks/balances? Can I put a security camera in the common areas that would be recording and could be referred to if there was an incident (clearly marked and disclosed to guests)? Obviously, lock's on bedroom doors for privacy and some clearly defined "house rules" would be a must. What else?

Tell me the best way to remotely manage STR by room.

Thanks!

For those invested in the conversation, here's an update:

1) Tenant's with unlawful weapons are moving out with a quit notice.

2) Other tenant who does not feel safe in the building is still planning on moving on (other circumstances playing in on the decision). PM's handling that transition and how she will exit her lease.

3) Building will be 100% vacant again. I'm going to: Make improvements to the worst part of the building (common areas) with new flooring and paint. Add additional security lighting at all entrances. Doors/locks are already new as of this year.

4) Our plan to fill units is as follows:

a) Lower asking price to $1,400 (from $1,550)

b) Require 3x monthly rent in income (previously set at 2.5x)

c) No pets being allowed

d) Ask for bank statements to match pay stubs

Those are just a few updates to the screening process my PM has in place. They are doing other credit checks and background checks as necessary. I'm hopeful with a few more updates, starting fresh, and being more selective with our tenants we can get this property turned around.

Thanks everyone for the help!

@Noah Chappell - Thanks for that point of view. Do you have a PM in the Twin Cities who operates at $100/month per unit? Also, I really like your idea about making it a 55+ community. Have you done that at a property before? 

Thanks for the encouragement and advice!