All Forum Posts by: Johnny Nelson

About to schedule our first duplex's COO in Minneapolis. We live in the lower unit, tenants in the upper. What do I need to do to ensure a successful inspection? What kinds of things do they look at, and are concerned with? Minneapolis is a fairly renter-friendly city, so if there are any items I need to address before they arrive, What are they, specifically or generally?

Hi Laura! As a beginning investor myself, I like the concept of 3 levels of service, dependent on the margins and building class.  

As you mentioned, talking to potential clients (i.e. the investors) if this is something that they can see a need for, and taking it to the next step and possibly pointing out the need (what's their pain point?) that they haven''t even realized. Further, I would perform a bit of data analysis to show (if that's the case) how much additional $ for rent, or less showings, or higher quality clientele can be attributed to using an designer/decorator. I'm fairly certain some websites have data comparing staged vs unstaged (so decorated vs not decorated) dwelling data, etc...

When someone would actually ask me to get out my checkbook, I'd need to see, pretty quickly the potential for the service, and hence that would be up to you to make a convincing sales pitch based on some data. 

Just setting up and purchasing a QuickBooks Online account. Should I set up our new QuickBooks account with my personal email, or should I create another email account for our (hopefully future and growing) REI business?

Hi everyone! I'm sure this has been talked about extensively, but is there a good template somewhere on BP that has a lease template? Or better yet, a solid and well defined legally sound lease that has Minneapolis Metro,  Minnesota specific terms in it? Thanks - Johnny

Just for clarity, I decided to start in REI just a few months ago, after I bought my first house which was over a year ago.

Okay those are some good thoughts and both comments are expressing similar sentiments 

Starting out in REI, (wanting to househack soon, and buy a duplex). I bought a single family last year and wanted to rent out. However, rents are low in my area, and wouldn't cover my current mortgage. Hence I need to decrease my mortgage payment and or get more possible rent, or possibly sell. Hence, I'm considering adding on a bedroom and bath and refinancing, (also I could add a small bedroom in the basement for 1/4 cost of addition, probably more aligned with making a rental). Make sense? Should I just sell as is? Refinance now and save on mortgage payments asap?