All Forum Posts by: Angel Alcantar

Howdy. I'm interested in learning more and would at least love to listen to the conversations you guys are having. I actually work in Minnetonka currently so I'm there pretty frequently, not to mention my girlfriend lives in Plymouth. Any way I can join in on this meeting?

Hello.

M1 - March to a Million is a program that is closely tied to GoBundance with the goal to help people reach the $1M mark. We frequently have several GoBundance members come to talk with us and our leadership is comprised of GB members. Not to mention that we've had a few people who have hit the mark and have joined GoBundance. 

Anyways - I mentioned this to tell you that M1 has a women's group as well. That may be a great program for women and can help you reach your goals. Feel free to ask if you have any more questions.   :) 

Hey. Thanks for the reply @John Woodrich . 
I actually called the city so that's how I know all the rental licenses are taken. They also informed me that no one besides one other individual could live with me (not paying rent that is). There doesn't really seem to be a way to allow more than one person with me unless they are family. I was hoping to have a max of four people there - including myself - living at the house. I would rather do things legally as much as possible. 

I understand the legal implications also of putting a friend on the deed. I understand the risk involved with it - and I believe that the friend, if I were to put them on, would be one that I could trust. 

Just one of those things that's a pretty annoying quirk about Mankato. I don't suppose you or someone knows how I can go about trying to change the law at a later date? Haha

Hello,

I posted this in the Gen buying and selling real estate forum on BP. Figured I'd re-post this to MN specific forum in hopes that someone has any experience or knowledge in this. 

I currently live in Mankato, Minnesota. Mankato has a law whereby no more than 30% of your block can have a rentals license. You must own a rentals license to allow any type of rental activity and to allow more than one other person to live in your house, regardless if they are paying rent or not (not related to the family that is) (I think this is a zoning thing). Currently, my block has over the 30% of rentals licenses (some were grandfathered in).

Does anyone know if I can buy a rentals license from an existing party? Or know a way where I could at least have more than one other person stay with me? It seem the law is so tight in Mankato for this. 

I'm in the process of trying to close on a house in Mankato - and I know that getting a RL license would be extremely difficult. My only option would be to put my friends name on the deed with me if I want them to live with me and then figure out a different option later when they move out. 

@Tyler Jensen - Here's a link to the MN specific forum. 

Click here

Hello.

I know to received a down payment gift for an FHA loan, it has to be from:

• Your relative
• Your employer or labor union
• A close friend with a "clearly defined and documented interest in the borrower"
• A charitable organization

Supposedly.

Now - I'm trying to get a gift right now for a down payment. However, it looks like my relatives are a no go.

So - what exactly does "A close friend with a 'clearly defined and documented interest in the borrower'" mean?

I tried to look into it a bit myself and it seems that a fiance (or girlfriend?) would be considered this. 

And possibly a letter from a old friend along with a picture of the two of us? 

It's really unclear on what this is. The only thing I heard for sure is a fiance.

Has anyone gotten a gift from a friend that's not a fiance? What needs to be proven and how is this proven? 

Thanks in advance!

Thanks!

Yeah - In a way I am trying to go around the law - but more like looking for a loophole. I don't actually want to break any laws! 

@Daniel Sprague - Thanks for the connect! Since I see you're from Mankato - have you done this or know if it's possible? 

Hello.

I'm not exactly sure where to post this. I figure the general discussion place would be a good way to start. 

I currently live in Mankato, MN. Mankato has a law whereby no more than 30% of your block can have a rentals license. You must own a rentals license to allow any type of rental activity and to allow more than one other person to live in your house, regardless if they are paying rent or not (not related to the family that is) (I think this is a zoning thing). Currently, my block has over the 30% of rentals licenses (some were grandfathered in).

I have still yet to close on my house, but I had a thought. Would I be able to file for joint ownership with myself and a legal entity with the member of the entity being my friends who will stay with me? This way they would technically be part owners of the property and be allowed to live there. 

I can give more details as necessary - but would love to get some feedback. I realize I may have to talk with an attorney on the matter, but figured posting here would be a good place to start. 

Hello.

My name is Angel, Male, 26, currently living in Mankato, MN. I work in Minnetonka, Minosta as a Associate Client Operations specialist for a pretty big IT/Software eCommerce company.

I just bought my first house in Mankato, MN. SFR 2/2. (Closing on 07/31)

Mankato has rental licenses that do not allow 30% of the block to be used as rentals and it is a PAIN to deal with. My goal is to find ways around that. It shall be difficult - so any suggestions would be appreciated :)

I'm also looking to connect with others in my area and maybe move my job to the real estate field - but i'm open as to what that would be. Have a pretty big network across the country and in Canada.