All Forum Posts by: Jeff Rogers

@Galen Ikonomov  Yeah that's my initial thoughts too. Lesson learned - get a better game plan for inspecting roofs for next time!

@Bob Willis Good point on two critical items. Roofs somehow have come secondary to foundations for me. But lesson learned on this one! Thanks!

Good points all around and basically validating my thoughts on the legal side.  Good point @Jared Hottle with the market size and relationship side of it. There are a few different layers of relationships with this one and my end goal is to be easy to work with.  Thanks all!

Hey friends,

I recently purchased a property off market and worked directly with the seller to learn about the property and negotiate the deal. They gave a property disclosure statement and stated there were no known roof leaks but in the past there were some and it was remedied with liquid rubber. Lo and behold after I closed on the property, the tenants let me know there is evidence of a leak still existing and it's getting worse as time goes on.  I did have a property inspection but the inspector was unable to get on the roof to inspect.   Do I have any recourse with the seller to get any money back or have them contribute to replacing the roof??

@Matthew Crane - Yes that really irked me too. No correction when the BP podcast host clearly referred to him as a doctor (MD/DO) when he is far from one. It was an interesting podcast but didn't make sense how he seemed to stumble into a few deals and then seemed like he had it all figured out. Regardless, it's disappointing to see this outcome.

@Matt Wignall

Welcome! Superior does not have a cap on short term rentals. But make sure you get all your numbers figured out, you make your money in the summers with short term rentals. I’m going to venture to guess and say you’re going to have to look for a property requiring some kind of value-add in order to get something where numbers make sense. You might have a little more luck if you go with long term rental to find an on-market property with not much needed for fixing up.

Hi Adam! I'm an investor in Duluth, mostly LTR but have been learning the nuances to the STR market. Both cities regulate in their own way. I haven't looked into Two Harbors so won't be able to help there. Duluth however, regulates STRs pretty tightly over the past few years. Try doing a few searches in the forums, it's been discussed at various points in the past year. But the basic rundown is up until very recent Duluth has had a cap of 60 permits and late last year increased up to an additional 10 permits for sole-purpose STRs added each year based on new housing units created. All permits are used up and any new permits that become available more or less are waitlisted. A few subtleties, there is no limit of permits if you're renting out part of your primary residence, which I do. There are also different limits in certain districts of the city that may be ripe for re-investment/re-vitalization. Some of the cities surrounding Duluth have less regulations and might be an option.

Very interesting question. I don't have the right answer but I have some elderly tenants.  I imagine the ADA, Fair Housing laws or HUD would provide some guidance. It might be helpful to look into the protections in place for elderly and/or disabled tenants.

@Christine Zharova curious how your homework has been going? I came across this thread starting my own research on industrial property.  BP has been great for my residential pursuits, glad to see others diving into industrial on here as well. I have an interesting scenario to basically take over where another investor left off. The deal is to buy a specific plot of land and develop it. There are existing architectural plans sketched out for 6 units. I'm trying to analyze the deal to see if it's a good idea to move forward or not.  I have residential investments and comfortable analyzing these types of deals, but there seems to be more moving parts in the industrial space so I'm struggling to analyze my deal.

@Andrew Tripp I'm looking at a "small bay" development deal. It would be a collection of 5,000 sq ft units with one larger, just over 13,000 sqft.  Your points of consideration, as well as @Cole Bigbee's points are really helpful.  I actually just got off the phone with a broker and he hit on a number of those points, wish I would have read this post before sounding like a total newbie, haha.  Any other suggestions on analyzing a development deal?

@Hunter Heimer I'm not in the Minneapolis market but I'm aware of the Minnesota Chapter of Multifamily and More. There is a facebook group and meetups. The creator was a BP podcast guest awhile back.

@Brian Jordan welcome to the club! Out of town investors need a local contact, or Property Manager, listed as part of the licensing process.

Let me know how else I can add value to your venture, happy to help. 

thanks for the mention @Jennifer Rogers!