All Forum Posts by: Jeremiah Dexter

We closed today. The quitclaim deed will be recorded by our title company. Contacted the listing agent and they believe they can still sell the property. Contacted auction.com and they said we may be out of the money beyond the sheriff sale price that occurred. Which also was significantly lower than what we paid at auction.com.

In need of direction. 
We won a forclosure on auction.com with a quitclaim deed (not great but we checked for other liens and there were none). House is still occupied until June (4 more months) until the redemption period is over. However, we just found out they have the house under contract and listed on the MLS and due to close in 2 weeks' time. My big question, what will happen with the house since I hold the quitclaim deed, are they still legal to sell? Also, the bigger question, what will happen with the cash we used to purchase the property? Thank you for any response.

Located in Minnesota if it helps. Also, we are unable to acquire title insurance until after the redemption period. 

Thanks for the reply, I did find that if you are a first time home buyer you can find qualify for a lower down payment loan. I will inquire about any fanny Mac loans with my current lender tho and see if that is an option.

Hello all, I’m in MN and am looking for a conventional loan for a 4-unit property. I currently have a FHA home that is now rented so another FHA is out of the picture. I’d like to be sub 10% on the property as it’s $450k and will need minor updates but my lender said 20% is the best I could get away with. Is this possible or is 20% the best I can find. Thank you in advance! Credit is 740+/- Work in property management and am a realtor in MN

I'm in st paul mn

https://www.yahoo.com/finance/news/mortgage-applications-tank-9-post-120021588.html

Bringing this thread back to life here but I am just wondering any of you in the south twin cities area have had any luck with a general contractor? If so please message me or let me know, is looking for someone who understands our market. Thank you in advance!

At our apartment complex we raise our month to month rents about $400 above the 12 month price. That way when we give a tenant a non renewal it is in their best interest to find a more affordable place, or allows us more opportunity to evict for not paying.

So I work in the apartment business and here is how we do this. We have said persons/add-on pass the background check as normal and then sign an addendum to add them to the current lease. Then they would be locked into the same terms and conditions that the original tenant is. Now if for some reason 1 of the tenants wants out they have to both sign a agreement on this, 1 releasing the other and so on. However the one staying has to show proof of income that they are still able to afford the rental amount without the roommate. Now the only catch is we don't allow sub leasing but this is a loophole to it. If the original tenant decides to move out after the new tenant moves in. Hope this helps give another view of the possibilities. Sorry if it's jumbled it's written on a phone. GL!

Welcome, currently I just have two rentals in Minnesota (Burnsville and Woodbury) but am always looking for people to connect with that don't just buy and hold so I can learn some more about flipping!