All Forum Posts by: Jared LaLonde

@Kelly Conrad Brushmasters in Plymouth will prefinish. I used to have them prefinish the interiors of wood windows and casing before installs.

@Ben S. One at a time is probably a good option. If any are month to month, you could give notice on one unit, do some updates/repairs, and list at current prices.  Once you have one listed you will have a better feel for demand and how easy it would be to fill the others. Also if you haven't, try to meet the tenants and get a feel for how they act. Do you get the feeling they are upset the building was sold and will be mad about rent increases, or maybe they know they have had cheap rent and will be ok with some increase?  Good luck 

@Matt Higgins either Minneapolis or suburbs are ok with me. Minneapolis is going through a rough time, long term I'm betting it will still be a good rental market. Uptown is looking pretty rough right now though..  I'm putting money to work in mpls because it was already in process, I have a 6 unit project in NE Mpls that I'm planning to start in spring, but I don't want to have everything in Mpls alone. 

This time of year through the holidays is usually slower for leasing, add to it Covid and the destruction done in parts of mpls and I not surprised that its slow in that area.  

@Chris Gottshall I had the same situation, my tenants had been in that unit for 5 years, they didn't leave the neighborhood, but bought a single family house. I wrote the new lease for 9 months so we end in summer, and I'll probably sell that next year. Not because of the neighborhood, but the HOA fees and assessments etc.

I filled a few units in Minneapolis over the last month or so-   they ended up about 10% less rent than I was expecting.  One 2 bed condo in Whittier was especially slow for inquiries, It was previously rented at 1550 and ended renting at 1400. Even with the decrease, the interest was pretty low.  It's a good time to try to keep your current tenants if possible.  

I'm looking for someone here on BP or a referral of a cleaner in the Twin Cities area to do rental turn over and/or post construction cleaning. 

Thanks!

@Brooks Johnson as mentioned by @Brad Schaeppi Bridgewater bank is a good option. I just got a loan for a SF in an LLC, they can get things done quickly too. Send me a message for a specific contact.

Separate note @Tim Swierczek do you have any investment property 2nd mortgage or heloc options? 

Whats the lot size?  I'm curious what design you come up with, I'm working on 2 similar projects in S mpls.  One triplex that will start this fall and another little house that's zoned R5 i'm looking into how many units will fit. 

Take the 2 day Kaplan class, they tell you everything you to know. They have classes continually throughout the year. 

You can schedule ahead to take your test a day or two after your class ends, so you don’t forget anything. 

Come meet a couple that has been investing in real estate for the past 10 years. They will cover how they got started and what they look for in future investment properties. 

Currently have 5.75 for Trustone Heloc.