All Forum Posts by: James Cannon

I purchased a Duplex in St Paul, MN in 2016 with my ex wife. We have been divorced for 2 years now and per our divorce I need to refinance or be forced to sell.

I’m wondering if anyone has any advice. This is my first rental property and I’d hate to have to sell it because it cash flows nicely and is in an up and coming area in Minnesota’s Capital city. My biggest concern with refinancing is my credit 640 and the fact that I am now a one income household and had a career change that makes me significantly less money than what I was making when we purchased the duplex ($64,000 per year vs $27,000 although once the rental is factored in it’s around $70,000). I’m in a tough spot and I’m hoping the BP forum can give me some advice. I’m not afraid to hear it straight so please let me know your thoughts. Thanks!

I own a duplex in St. Paul, MN that I currently rent out. Recently I received a notice for a Rental Rehab loan for landlords who provide affordable housing. Because I currently rent to section 8 tenants I thought this would be a good loan to apply for in order to turn my duplex in to a triplex or at least to add another bedroom and bathroom and increase the passive income that the ulhome produces. My question for the bigger pockets community is; does anyone know of any governement loans or grants that are available to landlords who are willing to rent to low income tenants? Let me know, thanks!

Im glad to see most everyone is so bullish on the market. 

The side Im renting Bro., why would I need a rental license for the side I live in? Lol. I know you need one in Minneapolis and its $70 but St. Paul, doesn't appear to be the same. I may just need a fire inspection but the stpl.gov site isn't clear.

@Lesley Resnick all great points. 

@Shiloh Lundahl do you remember the economist's name? 

@Ian Walsh good point, rising interest rates could definitely slow things down or lead to a return of predatory lending. Definitely something to think about and watch closely. 

I appreciate all of the insightful feedback! And even the not so insightful feedback, lol.

@Jay Hinrichs great point about Subprime loans and the "cleaning up of the industry" that alone should give us all a lot more confidence in our Real Estate Investments short and hopefully long term.   

That's awesome @Jay Hinrichs. Were you a Developer/Investor during the last crash? If so how did it affect your business and what warning signs, do you think, we should all be looking out for?

Thanks for the Quote @Eric Delcol. Can you site your source please?