All Forum Posts by: Matt Olson

@Kevin Ivey

Current and future investor in uptown area, following your post.

@Michelle Garcia

Time in the market > timing the market

Closing on our first property (duplex) in Minneapolis uptown area.  I've been working on the lease drafts all week and wondering for those that have gone through this, if there are any nice to have additions or anything outside your "standard" lease language.  Some ideas I've thought of that I plan to add so far:

1.) COVID section mentioning that the tenants will allow for exhibiting units for future tenants where masks will be required for all parties including Lessor providing 24hr notice. (research tells me some tenants in current times have been very annoying about entering units given the covid environment)

2.) Lessee agrees to not flush any item down the toilet, sink, tub or shower that could cause it to become stopped-up.  If it should be necessary to have a plumber unstop any such appliance, Lessee shall be billed for the maintenance call.

Lawn/Snow I'm still debating on given its a duplex I'd have to pick a tenant to cover it at a rent discount if I wanted)

Any other similar nice to have adds that anyone has added? Anything specific to Minneapolis that I need to be aware of? (I live in Minneapolis so I'm pretty close to the knowledge there).

@Samuel Lindgren Does the city have any data on a years worth of water usage from a few years ago?  If not I'd look at for sale data / rental listings to see if its shared to give you an idea on what it could be for your units.  For example I just purchased a duplex in Minneapolis and the prior owner listed the yearly trash / water amount.

@Samuel Lindgren your best bet would be to bake the averages into the rent and then advertise owner covers water. It’s too messy to split water especially when there is usually one hot water heater for both units.

Tiana, assuming you still live in one of the duplexes and rent out the other half, does that one half cover the mortgage? If so you are 100% cash flowing (sorta) on that one property given you are living in it and your "lack of mortgage payment" is cash in your pocket.

Is the other property cash flowing? If not do you have an ability to improve the expense side?  Raising rent is always an option but harder to do and might not be possible given your tenant situation