All Forum Posts by: Phil C.

So the city only allows one ADU (Accesory Dwelling Unit) which cannot be rented out. So I can't do it. I am surprised since I live in a fairly rural area. Frustrating but Mr Government says "no."

Next plan is to find some nearby land and build or renovate and rent that out and use it persoanlly for 14 days of the year. 

I am considering building a Supplemental Living Unit on my 10 acre property. I live on this property in a "normie" house. But I have a lot of extra land with some fun features like an fruit tree orchard and forest. I have never done STR before so I was thinking this would be a good way to dip my toes in. It would be eaiser to manage since I would be living 300 ft away, I could add equity to my current property, and I could depreciate my supplemental building.

Specifically I was looking at something like....https://denoutdoors.com/collec...   I really like the look and would hire a local buidler. 

Any thoughts, potential pitfalls, or advice for someone who has never done something liek this before.


  

This just came out. There is relief!

http://www.forbes.com/sites/peterjreilly/2015/02/1...

http://www.irs.gov/pub/irs-drop/rp-15-20.pdf

Brandon,

Sorry I didn't back to you earlier. Glad you were able to get everything set up. Count me in.

Ok, if not Dicks then how about Joseph's in Saint Paul. They have a private room but even the main bar area has never been too loud. Not downtown so there is plenty of parking. Good beer and appetizer specials after 8pm.

I have no affiliation with this one. :)

Dick's Bar & Grill in Osseo (right next to Brooklyn Park and Maple Grove). Best bar in Minnesota as far as I'm concerned, plus we can push tables together for the group.

Full Disclosure, my father own's the place. But even if he didn't I stand my "Best Bar in MN" comment. :)

Cheers!

Phil

Thanks for the feedback Justin. I was working on an update a while ago but never quite finished. Feel free to make your own changes and share with the group. PM me if you need any help. Good luck on your transition to RE.

I second Edinarealty.com as the best in Minnesota. Great map feature. I worry about sites like themlsonline.com and trulia.com etc. not having all of the listings ... http://www.inman.com/news/2011/11/21/minnesota-broker-will-stop-sending-listings-trulia-realtorcom

John Spence Robby McCabe
It sounds like there is quite a bit of us from MN. Anyone interested in meeting up for some coffee some time? After April works best for me.

Welcome Mark. I am living in Saint Paul in a Multi-Family similar to your situation. Let me know if you want to discuss the local market, I am always open to discussing real estate. Congratulations on your first investment! Is it in Apple Valley?

Welcome John. I also live in Saint Paul. What a fine city. I currently live in a 4-unit in Riverview so let me know if you have any questions about this strategy.

Inventory is very low in the Twin Cities and surrounding suburbs so you might have to compete with multiple offers on good properties or get creative to find deals.