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All Forum Posts by: Matt J.

Matt J. has started 43 posts and replied 270 times.

Post: How to combat the growing hatred for Landlords?

Matt J.
Posted
  • Rental Property Investor
  • Hugo, MN
  • Posts 283
  • Votes 257
Originally posted by @Account Closed:
Originally posted by @Matt J.:

@Eric Weldon-Schilling makes sense. Here’s the biggest thing most people could do better at. Focus on the things you can control and forget about the rest.

Don't like being a renter or don't like the "imbalance" between landlords and tenants? Become a landlord. Buy a duplex via FHA with 3.5% down and rent out the other side. If you can't beat em, join em.

I grew up with the mindset that the rich and wealthy were greedy and selfish and immoral. As I grew up and learned more, my views have shifted. It’s a whole lot more fun spending your time trying to build your wealth instead of complaining online about how unfair life is. Life isn’t fair: what are you gonna do about it?

I don’t think I could be a landlord. I just find the entire system to be inherently exploitative and immoral. If I ever owned more than one property and HAD to rent it out, I would only ask the person renting it to pay the property taxes and all their own utilities. And that would only happen if I inherited a house or something.  I would never buy a property for the purpose of renting it out  because I wouldn’t want to be tied to a mortgage for somewhere I don’t intend to live  

And don’t get me weight I’m not saying every landlord is exploitative and immoral.  And I respect that there are many many good people who rent out houses.  My previous landlord was great. Nice guy, always understanding and reasonable, kept things fixed and never ever came by. I saw him twice: when he showed me the place and when he gave me the key. Everything was done online and He preferred I pay rent with Venmo  when the pandemic first hit we were late with rent the first month but he didn’t give us any problem  he even accepted a check from my parents when they decided to pay our rent for April and may because they knew we were worried  

After that I made sure he was paid on time every month until we moved out  we only left because the place was too small  and we thought we found the perfect house to rent across the street. 
then we found out that this landlord for the house we are in now is a slumlord who won’t fix things and a complete jerk. He wouldn’t give me a copy  of a written lease and is now  trying to evict us for holding over because he terminated our month to month lease because we are a married same sex couple  and not brothers as he originally thought. He takes advantage of the Hispanic community by renting to them without any protections for them and then doesn’t make repairs when needed. When he wants someone out he just tells him they’re there illegally and they hes calling the police so they get scared and leave. 

Sorry you've had poor experiences with landlords. On the idea that making a profit from leasing out property you own being somehow immoral, I just can't get my head around that. Agree to disagree.  

Post: How to combat the growing hatred for Landlords?

Matt J.
Posted
  • Rental Property Investor
  • Hugo, MN
  • Posts 283
  • Votes 257

@Eric Weldon-Schilling makes sense. Here’s the biggest thing most people could do better at. Focus on the things you can control and forget about the rest.

Don't like being a renter or don't like the "imbalance" between landlords and tenants? Become a landlord. Buy a duplex via FHA with 3.5% down and rent out the other side. If you can't beat em, join em.

I grew up with the mindset that the rich and wealthy were greedy and selfish and immoral. As I grew up and learned more, my views have shifted. It’s a whole lot more fun spending your time trying to build your wealth instead of complaining online about how unfair life is. Life isn’t fair: what are you gonna do about it?

Post: REI meet ups in northern MN

Matt J.
Posted
  • Rental Property Investor
  • Hugo, MN
  • Posts 283
  • Votes 257

@Robert Espenson I have some names and ideas I can share. Shoot me a message

Post: How to combat the growing hatred for Landlords?

Matt J.
Posted
  • Rental Property Investor
  • Hugo, MN
  • Posts 283
  • Votes 257

@Eric Weldon-Schilling why are you on BiggerPockets?

Post: Looking to Find a Fixer Upper in Minnetonka School District

Matt J.
Posted
  • Rental Property Investor
  • Hugo, MN
  • Posts 283
  • Votes 257

Thanks Bruce, just sent you a note. 

Post: We’re new to rentals but have been studying for a while now!

Matt J.
Posted
  • Rental Property Investor
  • Hugo, MN
  • Posts 283
  • Votes 257

Welcome! Have you figured out which strategy you're going to pursue? Sometimes the biggest hangup for people to get started is the shiny object syndrome. They bounce from learning about wholesaling, to learning about syndications, to learning about BRRRR investing, you get the idea. Once you firmly decide on your strategy, you can start taking meaningful action to put your first deal together. Best of luck to you!

Post: Looking to Find a Fixer Upper in Minnetonka School District

Matt J.
Posted
  • Rental Property Investor
  • Hugo, MN
  • Posts 283
  • Votes 257

Hey @Daniel Anshus I actually may have walked through that property last weekend and it was definitely overpriced in my opinion; LOTS of work that needs to be done in there. I'm looking for a single family that's at least 4 bedrooms or has room to add a 4th bedroom somewhere in the house. Something with deferred maintenance that a normal retail buyer wouldn't want. Would like at least 2,000 square feet, finished or unfinished is OK. I am actively working with an agent on this so I want to make that clear up front too. 

Post: Looking to Find a Fixer Upper in Minnetonka School District

Matt J.
Posted
  • Rental Property Investor
  • Hugo, MN
  • Posts 283
  • Votes 257

Hey everyone, I know most of us on here are looking to find off-market deals primarily as investments. What I'm looking for is a fixer-upper for my family to purchase as our primary residence in Minnetonka. I live about 50 minutes away so don't have the time I wish I did to drive for dollars in that area. 

Are there any wholesalers in the Twin Cities who are active in Minnetonka (dumb question, I'm assuming there are) and is there anyone willing to drive for dollars for me, with the understanding I would pay you a referral fee for any property brought to us that we were to make an offer on? 

Post: Duluth Minnesota - Would you buy a new construction duplex?

Matt J.
Posted
  • Rental Property Investor
  • Hugo, MN
  • Posts 283
  • Votes 257

@Michael Schraepfer exciting to see you pursuing this further! So $2600 total for a $300,000 property, not quite 1% but like @Tim Swierczek mentioned, the housing stock is SO old in Duluth that these places would end up appreciating faster, and rents would go up faster too. If you're looking for someone to partner on one of these, I'd be open to collaborating! 

Post: Market is too competitive

Matt J.
Posted
  • Rental Property Investor
  • Hugo, MN
  • Posts 283
  • Votes 257

@Jayna Stevens the market is definitely competitive in Duluth right now. But it is everywhere. Have you tried looking more off-market? One thing you could do is track down investors on BP who invest in Duluth (like me) and reach out to see if they'd be open to selling any of their properties. Using DealMachine to drive for dollars and skip trace owners of run down properties and follow up with them can be a good idea. Contacting landlords on craigslist can be a good idea. In a market like this, you really have to look off-market. 

The last 3 deals I've done in Duluth were all off-market. The first one was from a friend of a person I met in the Twin Cities at a real estate meetup. The second was from my wife staying in touch with her landlord from college. And this last one was from my real estate agent who knew what I was looking for (my criteria, etc.). 

Network, network, network, and you'll have a lot better luck. Depending on what you're looking for, I might have something I'd be open to considering selling.