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All Forum Posts by: Kelly Conrad

Kelly Conrad has started 50 posts and replied 161 times.

Post: Minimum requirements to make another unit

Kelly ConradPosted
  • Real Estate Investor
  • Minneapolis, MN
  • Posts 164
  • Votes 30

@Account Closed Is it possible to be re-zoned but then find it can't meet the space requirements to be converted? I understand converting it without re-zoning is illegal, but if the space we have to work with can't even work, then I wouldn't want to even try to get it re-zoned. The fee to do it is too expensive if there's any possibility that we don't meet the space requirements and they still can re-zone (all hypothetical).

Post: Minimum requirements to make another unit

Kelly ConradPosted
  • Real Estate Investor
  • Minneapolis, MN
  • Posts 164
  • Votes 30
Roy N. I checked into the zoning and it does need to be re-zoned (currently for 2 families, I'm not terribly sure of the process to get re-zoned and what factors the city takes into account to accept or deny such a request), but where do I find the other info (if hypothetically it could be re-zoned)? I'm having trouble finding all of those requirements.

Post: Zoning different for duplex vs triplex?

Kelly ConradPosted
  • Real Estate Investor
  • Minneapolis, MN
  • Posts 164
  • Votes 30
Dustin S. Do you happen to know anyone who has gone from the RT1 to RM1? If a neighborhood has plenty of duplexs but maybe not as many triplexs, does that mean the city likely wouldn't re-zone that home?

Post: Minimum requirements to make another unit

Kelly ConradPosted
  • Real Estate Investor
  • Minneapolis, MN
  • Posts 164
  • Votes 30

I can't seem to find this anywhere, so I'm hoping someone could have some insight.

Are there minimum requirements to add another unit to a building? So say we have a home that's a duplex, what would need to happen to create a triplex, assuming it would be in the basement?

I'm guessing it has to be within the existing home, has to have a separate entrance, a bathroom, bedroom, living room and kitchen? Does there have to be a space requirement for the unit as a whole, different rooms? I look forward to your responses!

Post: Zoning different for duplex vs triplex?

Kelly ConradPosted
  • Real Estate Investor
  • Minneapolis, MN
  • Posts 164
  • Votes 30

Hello! We found an awesome duplex that we think has the potential to be turned into a triplex down the road. I've found that it is zoned RT1 per this: https://www.stpaul.gov/departments/safety-inspecti...

However, it doesn't seem to mention a triplex, especially if it's in a home in a residential neighborhood and not a small building. What zoning does that fall under?

Post: Sometimes the best deal you can make is to walk away

Kelly ConradPosted
  • Real Estate Investor
  • Minneapolis, MN
  • Posts 164
  • Votes 30

We were *this* close to finally getting out first rental property, and we were excited. The place was cheap, had tenants already who seemed nice, had a professional management company taking care of it, and during the first look things seemed to be in good shape. It was in a bad neighborhood though...We put in a full price offer and they accepted it.

That night, I didn't get the feeling of excitement I was expecting, but a feeling of panic instead. Panic that caused me to stay awake at night with a pit in my stomach feeling that something was wrong. A few days go by and I try to ease this feeling that we were making a bad mistake, and we get the inspection. 

Upon second look, we found serious water damage that was caused by the landlord/property manager's neglect to fix. They claimed they had been doing inspections, but you can't miss some of these items. We also found that the gas lines all had to be replaced because if there was an arch, it would poke a hole in the gas line.

So after this, we said we're walking away. That feeling came back stronger than ever, and something told me we would be making a huge mistake taking this property.

After we did that, the sellers were PISSED. I am talking not disappointed, but saying our inspector doesn't know homes of that time period (he does, he actually used to buy & hold and manage homes from the exact era! He told us what was expected and what wasn't) and how he caused them to lose a deal on a different property because he "doesn't know anything". Then, they came at us saying it cash flows (it does), and we were getting an awesome deal on the price (sure), and they were SO mad that we said it didn't pass our inspection. It was clear that they were being slumlords and their tenants were fine, but them not doing these repairs caused it to be such a problem. They said this was a great deal and we're missing out. We're wondering...if it's so great, someone else will buy it up in no time, why the huge fuss?

After seeing how angry they were, it just seemed to confirm in my eyes that they were wanting to offload a property that is a pile. The feeling of severe panic was right, and the best deal we've made so far was to walk away and keep searching for something else that doesn't cause a panic that we're making a bad deal. Just wanted to share my experience and say to others that if your gut is telling you over and over that you're making a mistake (and not just butterflies of doing something new-this was a different, much more severe feeling of panic), to trust it.

Post: Home has been listed & de-listed a ton-cause for concern?

Kelly ConradPosted
  • Real Estate Investor
  • Minneapolis, MN
  • Posts 164
  • Votes 30

@Mike McCarthy

Phew! Alright, that makes me feel better. Thanks :D

Post: Home has been listed & de-listed a ton-cause for concern?

Kelly ConradPosted
  • Real Estate Investor
  • Minneapolis, MN
  • Posts 164
  • Votes 30

This is just what could fit in the screenshot. It was last sold in 2008, and looks like the deal didn't go through after the inspection on October 8th, 2015. What exactly is going on here? To me it seems like they're trying really hard to get rid of the property, but why would you keep listing and delisting?

Post: Any Dayton's Bluff investors here? Just accepted an offer

Kelly ConradPosted
  • Real Estate Investor
  • Minneapolis, MN
  • Posts 164
  • Votes 30

Just accepted an offer on a duplex on Minnehaha Ave E in St. Paul. Looking to see if anyone else here has/is investing in that neighborhood. I would like to connect :)

Post: According to my numbers, I just collect money?

Kelly ConradPosted
  • Real Estate Investor
  • Minneapolis, MN
  • Posts 164
  • Votes 30

@Amber Gonion That's a great point! I just sent a bunch of questions over for their PM to respond to and I asked for the last 3 years of rent and vacancy info. That's a great idea. Thank you!