All Forum Posts by: Christopher Lombardi

@Scott Cheek, I haven't heard from anyone.  I know a couple properties managers at the shore but they dont have the best reputations.   Good luck to you.

@Tim Swierczek, this is a huge help. Thanks so much. I never would have thought a city would require a landlord class. I’ve never heard of that before but it’s very interesting. Thank you

@Angela Holmes I would make an offer with multiple options for the seller. For instance, tell them you’ll pay cash and close in a month for 260k. Or option two, 290k with a mortgage and three month closing. Maybe option 3 with seller financing. Either way, all options should work well for you and let the seller pick the one that’s best for him. Good luck

I'm a PA and NJ investor and spend a lot of time in the twin cities with in laws.  I was considering getting started investing in Minnesota, and in Saint Paul in particular but was wondering what the laws are like regarding evictions.  How long does it usually take to get a non paying tenant out?  Also, are their any major laws or taxes that out of state investors may not be aware of?   I appreciate it.

Chris

@Account Closed I've never gotten any push back.  Its pretty standard.

The landlord determines that and its written into the lease.  Just make sure the tenants are aware of who is paying before you give them the lease agreement.   When the landlord pays utilities, tenants tend to not care how much they use and on average utility costs are 30% higher for landlord then they would be for tenant.    In my single family rentals, tenants always pay all utilities, but in multifamily, if the units aren't metered out it can be a little more complicated.  But whenever you can, make the tenants put utilities into their own names and pay themselves.  

Hope this helps.

Chris

@Dustin Beam I started the business with my younger brother after he graduated college, who handles the construction side of the business.  My older brother joined us a few years later, as lead designer.  And I handle the investment side of the business.  So yes, I have two partners, but we do not have any outside equity partners besides the three of us.  We use our capital improvements as collateral for new loans to roll into bigger and better deals, but there are quicker ways to go about it.  If you are looking into raising capital through equity investors, you can certainly get to your goal of 300 units much faster. 

@Dustin Beam I started my real estate development/investment business in 2011.  I currently have 120 stabilized units and just under 200 units in development right now.  So I am expecting to hit 300 units in 10 years.   Its very doable.  It may have been easier for me starting in 2010 given how easy it was to buy at good prices, but nonetheless, its doable.  

@Kent McDaniel I believe that it never makes sense to own your house free and clear unless you can’t find an investment that pays you more than the interest on a mortgage rate. With rates around 5% I don’t think it’s hard to find investments paying close to 10%. Why not max out your mortgage and buy an investment property for cash that pays you more than the mortgage? You now have a real asset that puts money into your pocket. It’s owned free and clear and it will help reduce your taxes.

Anyone know if wholesaling makes sense in Class A locations? I seem to only see people doing it in cheaper neighborhoods.