All Forum Posts by: John Woodrich

@Patrick Vos you will want to pay an attorney for advise on this, there is definitely risk that they will be taking over your cabin for the summer. Setup a consultation with @Brad Schaeppi https://minnesotalandlordlaw.c...  You will want a good lease agreement.

Thanks for the recommendations.  Phil helped me with several of my accounts when I was at LBC but I left there at the end of last year to open my own practice.  As Time mentioned, very busy right now but feel free to reach out.

Good advice above. Feel free to reach out to me after 4/15 and we can get on a call to quickly discuss if you are still unsure. As Tim mentioned many people get stuck on this, it may make sense for some people to put the property into an LLC off the bat but for many it may not matter as much.

@Francis A. no problem.  I don't jump on these topics as much this time of year but I wanted to provide you some confirmation as many people don't see it this way as we have more of a cash flow mindset.  Both are good plays, in our market most people are investing for cash flow.  I understand it is quite different in your area :)

@Francis A. In many cases a SF house will have a higher appraised value than a MF property of equal size.  For a buy an hold investor that doesn't mean much as a MF will generally collect more rent but for someone in the flipping world it could be a way to make a few bucks.

Hi @Matthew Smith and Julie - just sent you a message with my new email.

I second @Brad Schaeppi.  You can book a consultation directly on his website: https://minnesotalandlordlaw.c...

Great job @Evan Kraljic!

There are a lot of people making money in both of these areas however it isn't as easy as it was 2-3 years ago and the current demand exceeds the inventory so it is more of a seller's market.  Both cities are also working on tenant friendly rental regulations so many landlords are watching closely to see what happens.  You will also find that it is more neighborhood to neighborhood in certain areas so shopping by price may lead to to an area you are not wanting to invest.

The past few years investors have been able to achieve solid cash flow and they have also experienced nice growth in housing prices which as made the markets a target for local and out of state investors.  Everyone has their own idea as to what a good investment is, I suggest you talk to a couple experienced realtors who work with investors so you can gauge their thoughts on whether you will be able to meet your expectations in this market.  Feel free to send me a message if you would like some referrals as I am not on here as much during tax season.

Good luck!

Thanks for the recommendations @Tim Swierczek and @Daniel Anshus