All Forum Posts by: Heidi Backer

@Kevin Powell Thanks! We are trying to clarify the garage situation, but it sounds like they are using the entire garage now. The other tenant is vacating and has been there for 3 years (with what I believe is lower than market rent - $995 for a 2bd/1 bath, 1100 sq. ft plus screened in porch). If we are going to rent the other unit without a garage space we want to ensure we are charging appropriately to offset the potential lower rent on the second unit. 

We are in a similar situation and are going to ask the sellers if they are okay if we show the property before closing...I'll let you know how it goes @Erik D..

@David Barnett I was going to charge at least an extra $100 per month for it, so I'm happy to hear that is aligned with what more experienced landlords would charge as well!

Thank you @David Barnett. The property appears to have enough "driveway" space next to the garage that you could park a vehicle there as well, but it's your typical Minneapolis detached, two car garage with an alley separating you from the neighbors behind you. It's also a less busy street (nothing like Uptown), so street parking shouldn't be too hard to find. When we lived in NE MPLS we had a two car detached garage and never parked in it unless there was a huge snowstorm or snow emergency (it was just too small to comfortably park two cars).

The duplex we are about to purchase has coin-operated laundry in the basement, accessible to both units, but the water and electrical for it is tied to one unit. How would you handle this in terms of who pays what utilities? Thanks!

Hi Everyone, 

We are currently under contract to purchase our first duplex and the sellers want to become renters for a year and the purchase of the house is contingent upon the lease agreement (both parties to need to agree on a lease before the end of the inspection contingency). They want to pay extra per month for the entire garage versus sharing it with the other unit. How much more per month is a detached garage worth in a very cold winter climate and how much will we "lose" from the other unit by not having it available to offer? Any insight is much appreciated!

@Will Pritchett I think they would be excellent renters...they put a lot of effort into fixing up the house and I imagine they are going take their wad of cash from the sale of the home and build a home in the burbs (just my speculation). The daycare is a small one, only 4 children allowed, so I'm not worried about wear and tear. My only concern is liability...so I have a call in to both my insurance agent and attorney. We will also likely change the purchase agreement so the buyer is our LLC and not us.

We have an accepted offer on a duplex and the sellers want to stay and rent for 12 months at an acceptable rental rate. They also want to run their home daycare business from the property. What should we be concerned about here, if anything? I am assuming this could affect our insurance rates, but what about liability? Has anyone had a similar situation? Thanks!

How do I go about finding a bank that will provide this type of financing? We only have about 20k in cash for down payments and it has been very limiting to us, but we have well over 100k in equity on our primary residence. Do I just call banks and ask if they underwrite "bridge loans'?