All Forum Posts by: Account Closed

In my opinion many business are based in other locations or online. I would not recommend a P.O. Box but rather a UPS Store box as it's a real address that receives all mail for you and they can even sign for things. Say you need to buy things for the property while you're in town and amazon has a smoking hot deal you can simply order it to this location, where as with a P.O. Box you can't really do anything besides accept letters.

@Chris Kraemer,

I'm not a real estate agent but I can tell you from my recent FSBO (For Sale By Owner) experience that in any HOT market (Mine was Saint Paul, MN) it's KEY let the market work for you rather then against you.

By over pricing your home based on the current comps in the area your essentially using the market against you. Many buyers will not even see the property to consider going over their budget to have the winning offer.

Also I’m not a fan of significantly under pricing to FORCE the multiple offer game. I believe if your home is priced right then when you have multiple buyers interested there is a legitmate case of multiple offers and if you or your agent can negoicate then your able to get the higher price point it deserved without waste anyones time.

Good luck.

@Matthew Brill I like the fact that you are considering French doors. I see this as a great idea because on a ground level unit this can reduce the chances of damage to the unit and or slider when tenants move in and out, providing the back yard is easily accessible to the movers.

I personally enjoy sliding glass doors also I can reference “sliders” without actually meaning a burger from White Castel’s, but on the other hand when they don’t function properly they can be a headache and feel like a workout just opening them a few inches.

So if bugs are not a huge issue or your tenant understands the French door option means they are responsible for the screen if they desire one then go for it.

As far as the locks @Claude S. has the right idea, the Schlage Keyless locks with keypad entry for the main door WITHOUT a locking lower handle work great. However some people desire a physical key so have home depot match the set, they are also easy to rekey if you have the original key. I would also opt for the Z-wave model as the hub could be secured on the property and act as your remote lockout service that you can charge for in the event they forget the code or lose a key, you could also use it to provide a vendor access on short notice and don’t want to give them the main code.

@Yingchun Li Speaking from a position that I was considering renting out my newly updated condo in Saint Paul, MN I was very much so willing to accept a dog that was within the HOA Rules, but NO cats. Now it should be known that my opinion is bias as I am a dog person with a beautiful Aussie/Border Collie.

But on the other hand I had to consider the materials based on my own dog living in the unit and/or a potential renter. So I opted for the highest quality engineered laminate that was in stock (Pergo Max). 

This combined with a strict tenant screening process could yield a very high quality tenant, because as you can see most landlords restrict pets for the potential damage and liabilities they have experienced or hypothesized.  That as one interviewee put it can be a competitive edge that attracts and retains much higher quality renters for much longer.

Also in an effort to apply some data from my current read "Traction: Get A Grip on Your Business"

Reconsider the renter you already have in the pipeline. Just because a seat opens up and someone may be a good fit for the seat doesn't mean they are the best fit for the seat.

A Rat Terrier could cause more damage then a German Shepard it all depends on the owner.

Thanks for reading.

Good Morning everyone, I haven't posted in a while so despite having many good answers I see this as a great time to get state specific and my name back out there.

In my opinion, I wouldn't open myself up in anyway to any loss.

To reiterate just as others have already said don't participate in this one if you feel like you must do something buy some a high-end cameras system for the site.

In an attempt to provide more state specific information below you'll find my two cents on Minnesota.

As a former permit to carry instructor in Minnesota one of the most common questions asked is "where can I carry" and "is that sign legal"?

In the state of Minnesota it is on lawful for a landlord to restrict firearms or post signage stating they restrict firearms.

624.714 Subd. 17. Posting; trespass. (e) A landlord may not restrict the lawful carry or possession of firearms by tenants or their guests.

I am not an attorney, this should not be considered legal advice, but rather a reference to a legal resource.

Happy Tuesday and happy investing.

Derek

Good afternoon and happy Sunday Funday to all my BP members. I am very eager to learn more about "subject to financing" with a specific emphasis on the state of Minnesota. The short and sweet question: Is subject to financing legal in Minnesota? What are some important things to know or keep in mind that may be specific to Minnesota pertaining to "subject to financing". Please forgive me if this question is already been asked and link me to the correct forum. Also if this is an option in Minnesota what if any resources can you point me to for an example contract, and or an attorney that's well-versed in drafting said contract. Thank you I look forward to your responses.

Chris Luger Hey good evening Chris, Great question! I want to give you my two cents and I'm going to link to a previous post where I commented on some vital HOA information. https://www.biggerpockets.com/forums/311/topics/405977-town-homes-vs-single-family-vs-multi-family-homes-in-minneapolis I recommend reading my post in the above link and then referring to some informational provide below. So from the sounds of how you're describing it, basically it would not qualify for Fannie Mae and Freddie Mac for whatever reason. This could be the case for many reasons. Perhaps too many renters. I am not a fan of HOA's. I don't think it's in one's best interest to wrap up a property that limits your buying pool even more than it already limited by the type of property (condo and its 55+ and no FHA) in my opinion this can create a headache one selling as you mentioned. I think your biggest focal point should be how strong are the HOA's financials then how well is the property being maintained. How stable the financials are will directly impact whether or not an assessment would be issued to shareholders in order to cover deferred maintenance. Has there ever been an assessment since they were built, if so how much and what was it for? Between the information here and the previous link I hope I've given you a good direction to continue your research.

Alex Winder first of all I'd like to congratulate you on your decision to look for an investment property. In my opinion The Twin Cities has a lot to offer both new investors and seasoned investors. As discussed in other posts North Minneapolis and East Saint Paul can yield some great returns. However these two areas can be pretty rough. I am personally attracted to Dakota county and Washington County. I know South St. Paul Minnesota has quite a bit of multi family properties and being that it's an older area finding houses that are distressed for a good price seems rather feasible. Additionally you mention you're considering Townhouses as well. In my opinion this may not be the best direction to go for people new to investing or at all. The positives when going with the townhome are obviously not having to worry about the exterior, roof and foundation. Some of them include water and sewer all of them typically include trash. As I understand it some of them even include window replacement. So from the surface it seems like a rather viable investment opportunity. To the contrary townhouse association's are filled with political drama. Your investment is at the mercy of the association and its Board of Directors. Some associations welcome investors and are renter friendly and others despite the governing documents permitting rentals are not rental friendly at all, which leads me to my next point. In addition to the REI due diligence you're already doing for the area, the property, rent etc. another very important aspects of this purchase are the governing documents. I would advise anyone who is considering purchasing a townhouse within an association to carefully read the governing documents before making an offer on the home. The governing documents could be a make or break it deal, despite allowing rentals I know of townhomes in Lakeville that charge move-in move out fees that are astronomical. To pay the association $250 because you got a new tenant moving in doesn't seem like that big of a deal, but to pay another $250 for them to move out and another $250 for someone else to move in could really start to cut into the passive income you seek. In addition to the governing documents it would be in your best interest to ask a few neighbors within the community what their overall satisfaction is with the board and the association management company since your not going to live there this tone could be a positive or negative for REI. But out of everything I've said the most important aspect of considering purchasing within a Townhouse association is to determine The strength of the financials. If the association has put off important maintenance these expenses can add up and when they can't afford to pay them they can assess the costs to the homeowners. This can be a big problem because even a small assessment like $1000 could be the difference of making profit one year or having nothing. Lastly I have a friend who lives in Chanhassan Minnesota and their Board of Directors proposed changes within the community that would allow the association to terminate a renters lease based on their discretion. Thankfully one of the residence is a real estate attorney and owns a property management company so he appropriately got the rest of the community involved so this didn't pass. But ultimately associations can have a lot of control over what you can and can't do with your rental and whatever control they don't have they could just make your life that much more hectic. I hope this information helps and gives you some food for thought.

Bryan Hanson Minnesota has so much to offer in the various markets surrounding the Twin Cities. A lot of it would depend on your budget for investing. But Todd put it best North Minneapolis and East St. Paul are definitely going provide you with some good returns. On the other side of that coin as other members have pointed out these are not areas that many of us would enjoy a 9:30pm 10pm dog walk right before bed. My personal suggestion would be based on counties rather than just areas, but I am news so my logic maybe bias based on other factors and my personal knowledge of the area. I think Dakota County and Washington County are probably my two favorite. In my opinion I would imagine finding a quality property management company local to these areas could be of great service at a great value. Rochester is also another great area that will alway have some decent growth and Strong rents, as long as the Mayo Clinic is there.

Jenn Orio first I want to congratulate you on your decision to buy an investment property either in California or elsewhere. I'm rather new but I'd like to take the opportunity to drum up some conversation and get your question answered by as many people as possible. I grew up in the Midwest St. Paul Minneapolis suburbs. I can tell you that the cost of living in Minnesota is pretty expensive and the rents reflect this. So this could be a great area to use as an example for potential income property. You mentioned 140K and it sounded to me like it was rather liquid. With 140K you could easily find some very high cash flowing properties in many good parts of Minneapolis as well as some Saint Paul locations. In my opinion Minnesota has a great amount of multiunit properties. From an investor standpoint the upside is a lot of these properties are distressed so buying right making your money going in is very feasible. But ultimately the decision is up to you the possibilities are endless I would suggest writing a list of your top 10 favorite people that don't live in California and checking out their markets. This gives you a great opportunity to catch up with one or many of your friends and check on your place. But the best part of this idea is you always have boots on the ground to do the drive-by of your house or even the "smoke detector inspection" to ensure tenants are properly maintaining your asset. In addition to the property management company you hire for other services.