All Forum Posts by: Michael Stutelberg

Thank you everyone for this great information. Just knowing that others in MN with a duplex and shared utilities are able to make do and add utilities to the rent is very encouraging. I will look into adding landlord thermostats to the units. 

@Trevor Parker, I like your idea of raising the utility amount if they go crazy on heat in winter, especially by leaving windows open.

Appreciate all the insight everyone!

A few ideas:
1) Use your own cash for flip
2) Live in flip 
3) HELOC
4) Find a partner (family member, friend, friend of family) with cash if you have a deal.
5) Read “No and low money down”

A few questions. What would you charge for someone to live in the basement after your friend left? Your friend is roughly paying $800/month for the summer.

What would it cost to finish the basement? I have no idea what your basement needs, drywall, electrical, bathroom, paint, egress? 

You definitely need an egress window which will probably cost you $2,500 (less if you dig the hole) plus permit for construction and any other materials needed to finish the basement.

But I would start with getting a quote for an egress window. As for ROI, look at the return you could get for renting the basement to another person after your friend moves out.

@Tim Swierczek, so as long as I state that an additional fee x dollars each month to rent for utilities then I should be fine. But I will also look to get a separate meter for electric/utilities.

What are thoughts on a landlord thermostat (only a range of temperatures are allowed) being used so temperatures are not extreme?

I recently purchased a duplex in MN and am wondering how billing for electricity (without separate meters) can be accomplished? I have all utilities in my name but would like to add a fee each month added to the rent to pay for the electricity. Is this legal in MN or do I need to go about this another way (RUBS)? Currently no tenants due to rehabbing the property. The electricity, water/sewer, and garbage are all through the city. Appreciate all the help!

I’ll be getting new appliances for my latest duplex and probably buying from the local small appliance store. They do free delivery, install, and removal of old appliances.

Plus with new you can get a better tax write off (bonus depreciation I believe).

Is the daughter or mom on the lease  for the unit? If mom is and daughter isn’t then you don’t need to let the daughter in. But check with your attorney. 
Also make sure your lease agreement has sections describing that allowing anyone else (who is 18+ of course) to live in the house must sign the lease/have a background check and be approved by you the landlord.

What kind of properties are you looking for from wholesalers? Any specific areas of western and northern Minnesota?

I’m doing a light brown mixed with darker laminate flooring. Menards had a great deal last week. Take a look at other rentals in your area and see what the trend people are installing.

What part of Minnesota is this property located? Have you reached out to a local bank in the city of the foreclosed house?