All Forum Posts by: Nick Holty

Anybody looking to get some details on new MN eviction law for MN. Here is a link to information on new guideline from MN National Association of Realtors. Eviction Guide

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One thing i do is make sure i have a very well put together lease. I also meet in person with tenants when we sign it to make sure they understand the Rules and implications of breaking the lease. Some landlords like to have property in LLC then say that they are the manager. If something get difficult with the tenants , or they ask for something you can always say ill run it by the owner ect...

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Congrats Tony on diversifying and welcome to the twin cities!. Ive seen first hand how stocks and futures markets can build and loose some serious wealth. I agree with Adam Tafel post about it being tough! But looking for off markets deals is one way to make it happen.I know some wholesalers who may be able to help you reach your goal. Would need to be able to pay cash or hard money.

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For house hacking knowing your ARV and your rehab cost is super important! A good book you could check out is Estimating Rehab Cost by Jay Scott. Also don't be afraid to reach out to me if you need me to pull comps in the market your investing in.

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Originally posted by @Eric Bate:

I'm looking for a snow removal company for my duplex in St. Paul, MN. I live out of state.

This is my first time needing to hire this out, so please forgive my naive questions. How do you go about finding a company? (Craigslist? Angie's List? Google? Is there an app I should know about?) And how much should I expect to pay?

Of course, if you have any specific companies to recommend (or warn me away from), let me know!

Thanks,

Eric

DM sent for plowing for 2021

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Originally posted by @Patrick Smith:

I own a duplex in MN and have been receiving a number of inquiries to rent my open unit from businesses that would like to use the unit for their senior care / assisted living businesses. Does anyone have any experience with this? I am open to the idea but don't know much about it and am wondering what I need to be considering before agreeing to rent to one of these tenants.

I'd love to hear from anyone that has experience with this-- how should I be structuring my lease to protect myself? What information should I be asking these businesses to provide to properly vet them? Should I increase my insurance? What should I charge for rent? etc.

Thanks in advance,

Patrick

Out of curiousity what was the company that approached you?

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Originally posted by @David Leander:

Thank you, everyone, for sharing your knowledge. I am brand new to this but obsessively researching daily. At this early stage, BRRRR stands out as the most attractive strategy and Grand Rapids MN the most attractive market. Would love to hear your opinion on that plan for that tiny market, if you have experience. The method and market seem to check all the boxes for our situation.

Congrats David on looking to get into real estate!

Brrrr is a great strategy! Some downsides it takes lots of capital in cash to make it possible. That can be difficult in metro areas but in smaller community its easier to purchase the homes with cash. ARV is very important when doing a BRRR deal so triple check your numbers and pad your numbers a bit to make sure have good margins. Cost overruns are very easy to happen when doing rehabs.

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You looking at starting a new brokerage?

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Originally posted by @Bruce Runn:

@Jason Neff

It is extremely difficult to have a stronger offer than all cash/no contingency which you can not do with a 203K loan. When an all cash offer is made, no appraisal is needed and is not dependent as yours would be. I've sold numerous properties/year and literally would and have taken an all cash/no contingency offer for sizable amounts less as they are guaranteed to close.

Well said, Not always about the total offer price. Sellers want to know you can close so they don't get their property tied up for month while appraisals and inspections are going on.

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All Forum Posts by: Nick Holty

Nick Holty has started 4 posts and replied 29 times.

Post: Mn september eviction update

Post: Mn september eviction update

Post: OFD#1 Tenant Incentives for Good Behavior

Post: New Minnesota Investor

Post: New to House Hacking and Real Estate -- Looking at BRRR long term

Post: Snow Removal Advice Needed in St. Paul, MN

Post: Renting to Senior Care / Assisted Living Biz MN

Post: BRRRR in Grand Rapids, MN?

Post: Realtor w/ Broker License - Passive Income

Post: Buying foreclosures with conventional/203k loans - Twin Cities