All Forum Posts by: LeAnn Riley

Expert Tips for Self-Managing Your Rentals

• Does it really save you money?
• How do you find the right tenants?
• What systems do you need?
• How to divide duties with spouse/partner?

LeAnn's guest will be Renae Tao, expert property self-manager. Renae and her husband Dean own about 50 apartment units in the Twin Cities MN metro, with Renae handling virtually all day-to-day property and tenant management.

Listen and watch to learn about the pros and cons of doing it yourself vs. hiring a property management company. Plenty of opportunity to ask questions throughout the live stream! Save your spot by clicking here.

@Zach Cottone  - I love it when young folks like you are so ambitious and planning ahead. A business/finance degree will help you no matter what you do in life. As Ali said, take the education that is paid for. In Real estate I agree with others that different education applies specifically to what strategy you are deploying. 

My favorite is to combine strategies like value add and multifamily. That way you can scale faster. I started myself with house hacking a triplex when I got divorced and didn't like living with roommates. It was the beginning of a $14 million portfolio. My brother helped me as my mentor in the beginning. I remember we figured out that first deal on a napkin - no computer spreadsheets back then. It's still the same principle. CASH FLOW is what helps you get to the next one quicker. Now, it's easy to get info but the most difficult part is actually executing. Info overload is super common. That's why so many people need a coach to get them in action. What if you could get to your goals faster?....how much more money could you generate?

@Joe Potenza

 In Minneapolis starting to see deals in multifamily. Particularly in the areas that do have C class AND in the areas that had riot damage - even has spread further into what would have been considered B area - Uptown. The landlords are reporting trouble not so much in being paid rent but with renting units. The amount of rent in those areas is falling. Crime is rising.

Now....that is when there will be good deals but you need enough cash to hold through the rough time ahead. The values will come back as this is area's around our lakes in the city...that geographic plus remains. In the long run the area will be rebuilt. Be ready to hold.

I believe there will be even better deals as others said when the stimulus shakes down and the moratorium subsides on evictions. Get your cash together now. I speak about Mpls trends on my you tube in Covid times.

One more thing about C properties. If you can have Section 8, then the rent is guaranteed. Not a bad thing while you wait it out. I built a multi million portfolio in C properties with Section 8 rentals. In fact, bought condemned buildings and brought them back to life. Sold when the price got high and traded up into larger multifamily.

You just need a system to handle that class of properties to hold people accountable.

* Popular paint colors for 2020
* Kitchen and bath trends
* Styling a vacant house
* Virtual staging consults for DIY
* Small tricks for large impact
                                  https://go.leannriley.com/club
LeAnn's guest is Robin Levine, expert stager and consultant, and owner at Sorted Affairs Home Staging. Robin helps you showcase your home in the best light. Her degree in design and fine art are a perfect match for what makes a house look the best. She can work with what you have and with a few additions bring it up to style.

I understand you bought the building with the tenant in place, and it's a 60 day notice. They gave NO notice and someone not listed on the lease is in the unit. Is there a clause about subletting? If not, then the one who moved broke the terms of the lease. Here in MN we have the MMHA. MN Multi Housing Assn. They can likely help you. Also Landlord Resource Network is for landlords who need help with eviction, etc,  Lawyers on staff.\

Security Deposits are due within 21 days of lease ending....the question is...when did it end? You may need to write a letter within the 21 days to the tenant to protect yourself. 

You can figure this out....just ask for help, that's when these issues get solved. 

Join my real estate investing club for FREE at Go.LeAnnRiley.com/CLUB

This Wednesday, July 8th at 4pm CDT, Eric Janson and I are going LIVE on "How to Buy and Sell in an Ongoing July COVID-19 Market". They'll discuss up-to-date critical information for real estate buyers, sellers and investors - current market data, and tips for being ready to act in this rapidly changing environment. Don't miss it!

Save your spot for free at Go.LeAnnRiley.com/CLUB

@Travis Carter
Congrats for taking the leap to investing. I help ambitious people get started so I suggest you first figure out your leverage. Do find an investor friendly mortgage person, sometimes that is the smaller banks or credit unions. If you don't know where to find them then look for an investor friendly real estate agent in your area, just google. They will be able to direct you to a good mortgage partner. Clearly, there is a difference between an investor knowledgeable agent and a typical residential agent. 

You need to know what you have to work with and it isn't always straight money in the bank. There are at least 10 ways to look at leverage. For example: 

a. Do you own a home with some equity
b. The CARES Act allows you to borrow from your 401K plan without penalty (rules apply)
c. Which strategy works best for you personally? House hack, Brrrr, turnkey and many more
d. Do you know how to tell a good deal from a bad deal?

Also in the insurance category and the accountant category, get someone who understands and hopefully is an investor.

Hope this helps you get rolling. Remember, the first deal is the hardest, find a mentor and a local REIA group.

Yeah! Minneapolis made the list. Thanks. We have so much adversity going on right now. 

The market is HOT, HOT, HOT. Listings are flying with 10 to 20 offers within a few days, not enough inventory. People moving toward the suburbs. Rents are remaining high and landlords report payments at above 97%. Also, the county has put in place programs to help those who are struggling to pay rent. The big dive is in commercial properties and larger multifamily properties. Proactive landlords are the winners. Communicate with your tenants and it's much easier to solve issues on the front end, rather than the back end. Still have to wait until July 12 on the eviction moratorium.

8. Minneapolis, MN

Overall Population: 394424

Annual Total Return: 6.70%

Average 2 BR Rent: $1,150

Mean Income: $50,767

Many people are “thinking” about real estate investing and want to buy some property, yet are stuck on HOW TO GET STARTED. The most common problem for beginners is HOW TO TELL A GOOD DEAL FROM A BAD DEAL. I can help you:

• Optimize your leverage
• Refine your strategy
• Use proven tools for a lifetime of investing
• Build an investment property portfolio
• Grow your personal wealth

To get started for FREE, click here. You'll be taken to my free training - "Real Estate Investing Made Simple". From there, you'll have the opportunity to schedule a complimentary strategy session with me.

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $880,000
Cash invested: $220,000

11 Unit Apartment Building

What made you interested in investing in this type of deal?

Nice suburb, good cash flow. Had the same owner for many years, maintained fairly well. Went in and fixed up units as the tenants turned. Raised all units rents $100 or more.

How did you find this deal and how did you negotiate it?

Off market from a real estate agent

How did you finance this deal?

Bank financing

How did you add value to the deal?

Fixed up each unit when tenant leaves, took caretaker off her reduced rent and had her pay closer to market value rent. Building was under rented compared to market so raised all the rents $100. Added to the bottom line right away.