All Forum Posts by: Mike Pederson

Thanks Marc.  So unlike on the residential side where the buyers agent is compensated from a commission split with the selling broker, a buyers broker gets paid by the buyer in a multifamily transaction?  @Marc Middleton

When buying Multifamily (apartment building 12+ units) is it typical to use a "buyers broker" for representation or to deal directly with the seller's broker?

I am curious if there are any downsides or disadvantages to getting a real estate license as an investor?  I heard that when you are licensed agent you are required to hold security deposits in the brokers trust account, but I can't seem to find anything online that supports or refutes that (this would be a MN license).  

I also understand that you are required to disclose to tenants that you are a licensed agent, but that doesn't seem like a big deal.  

Are there any other things people would consider a downside that I should be considering?

When I have had this issue it has been on a new (to me) property and the listing agent still has a hold on the Zillow address. 

One other time I had my phone number in the description and they blocked it because they don't allow that. 

Worst case just email their tech support and they usually respond within a day. 

Good luck. 

I also recommend @Jeremy Hoese.  Flagship Bank was fantastic to work with.  

Does anyone have a referral for community banks or portfolio lenders in the Twin Cities area that will finance SFH's for buy and hold investors? I have hit the cap on conventional loans and need to find a lender that will help me keep moving forward with #11. I know there are commercial options with shorter amortization and balloon options. Ideally I am looking for fixed rate and 25+ amortization with no balloon and I know it will carry a higher interest rate than conventional loans. Am I delusional in thinking I can find this?

Now most importantly, how much harder is it to get good tenants in place in Nov/Dec vs summer?  My understanding has been that people don't move during the winter months (in Minnesota). I am curious what others have experienced with tenant demand in winter in the upper mid-west. Thanks!  

Experienced landlords, I have a unique question and I am looking for some feedback.  I am buying nicely rehabbed properties and charging near top of the market rent for them ($1,600 per month).  This has been working very well.  However, I have noticed that I am attracting a lot of interest from tenants who have roommate situations (i.e. 4 girls just graduating from college, young professionals, etc) because the rent is not an obstacle for them when splitting it up 4 ways.

For multiple roommate situations I feel like I should be able to get more rent than what I expect from a single family.  Am I just being greedy?  It feels like 4 adults is potentially more wear and tear on a property as well.  Is there a way to structure my advertisements to charge more for multiple roommate situations (4 adults)?  Is that even legal?  If so, what is the best way to structure this. 

Any feedback would be greatly appreciated.  Thanks!

Hey experienced landlords, I am looking for some advice.  I just listed my new property for rent and have gotten an overwhelming response, which is great.  I thought I was already pricing at top of market.  

I started telling people that I would consider applications in the order they were received.  Based on the number of of applications I am expecting to receive at the open house Saturday, I am questioning whether "first in/first consider" is the correct way to go.  I have now e-mailed the application to several people who I believe will come prepared with completed application, application fee, and even payroll stub copies.  

Ethically, am I now obligated to stand by "first in/first consider" or is there a way I can re-position to have more flexibility on which application I consider first.  I also do not want to open myself up to any issues on discrimination etc.  

Advice would be greatly appreciated.  

I am looking for some advice from the experienced landlords out there. I am in process of filling my new SFH and have a tenant that is interested in a 3-year lease or longer. I have yet to do the full background checks on criminal/eviction/credit but proposed tenant seems confident that there are no issues.

Other than a cap to my ability to raise rents during the lease-term, are there any downsides that I am not considering?  Showing the property tonight so would really like to get your feedback and advice asap.  Thanks!