All Forum Posts by: Kevin Kalligher

Thanks for the replies everyone and @Logan Laperriere thats a great idea to keep a couple tenants in the building to lessen the financial burden while doing rehab. I've bumped rents from $600 to $750 for 2 of the units and 2 of the other units have already planned to vacate by the end of the month and made other accommodations. Seems like things are working out alright for all parties involved at the moment. WIll keep you posted and thanks again for the feedback everyone. 

I just acquired a fourplex in Duluth, MN that is severely under-rented ($600/mo). I gave tenants notice the day I closed (no signed leases). Some are leaving, some want to stay. Due to the time of year in MN Im wondering what people have done in the past to not kick someone out during the middle of winter, but also still stick to their plan of vacating the property for the purpose of rehabbing and raising rents. Where's the fine line wanting to be a human but also need to stick to a budget?

My gameplan thus far is if a tenants wishes to stay, to have tenant sign a new lease with increased rent for an additional 90 days, giving them the option to look for housing during that time.

I think it's a good idea to budget for an additional 10% of expenses on top of your initial budget to account for additional unknowns during a rehab.That way it's baked into your numbers. If you dont need to use the extra cash, it's an added bonus/savings once the project is complete.

Hi @Connor Koppang, I have a several STRs in the greater Duluth area. Ive gone through a few different options (self managing, national property manager, and local property manager) and they all have their pros and cons. If youre truly looking for passive income, go for a local property manager. Theres actually quite a few local ones other than Heirloom if you ask around with better terms. Also, FYI there are restrictions with STRs in Duluth proper, however its pretty easy to do in surrounding municipalities. Happy to share if you need more resources, shoot me a DM.

Thanks @timswirezek for the mention. Jayna, I specialize in multifamily/single family residential home sales in the area and am an active investor as well. I'll ping you in a minute and would be happy to provide some insight/clarity for what youre trying to accomplish.

..and seeing the prices what those old home prices go for all along the hillside....I think you've nailed it with that idea. I've thought about this for awhile too. My next thought would be why not scale and go 4plex or 6plex if you have can utilize the efficient infrastructure?

Cheers, @Steven Pool. Ill see you there!

When are you guys planning to do another one of these? I've been wanting get one started for a while now. Since you've got one up and running I'd definitely be down to participate/help out.

Thanks,

Kevin

Who from Minnesota is planning to attend this event? Looking to partner up on flights/accommodation if you're interested. Thanks!

That trip looks amazing man. I did the opposite 2 years ago and spent all my money traveling through SEA/East Asia, THEN got into residential sales. I dont regret it one bit. Its good to see another like minded individual branch out from the business grind and take extended vacations. Keep on keepin on!