All Forum Posts by: Jay Lohn

@Bob Avery

Like Wale stated I would go to MNREIA meetings to further your education and expand your team.  Hemlane.com is a management software I use, very effective and affordable. Make sure you research rental licensing requirement per municipality as they very greatly and make some cities a real pain to deal with. Feel free to reach if I can answer any other questions for you.

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I would be happy to answer any questions you have in regards to the Twin Cities market.

You are not going to be able to find anything under $100k in Minneapolis that you would want to even touch. 

We put in our lease that the tenant gets a $100 credit each month for maintaining the lawn and snow removal. We have tenants pay for utilities unless a HOA covers any utilities. I would get rid of the hot tub on a rental, you won't get that much of a premium for rent with it and unless the tenant has maintained one before it will be a big pain in your butt. My two cents.

 Hey Bryce happy to help with any info you may need. 

Jay

If you have done it before you can handle it yourself (still need to assemble a team), but if you haven't before I would suggest getting a manager familiar with the area.  I manage my own properties in Minnesota while spending the majority of time on the east coast.

Can I ask why you are investing in St. Paul?  They just passed one of the strictest rent control policies in the whole country.

I would consult with an attorney to have an iron clad agreement together to protect all parties including payment timeline, responsibilities, roles, expected returns and repercussions in case of default & death.  I would draft a good member control agreement.

Welcome to BP, although I don't invest in your market would be happy to help with any questions you have along the way.