All Forum Posts by: Amber Gonion

@David Bain what do you expect for rents after rehab? What part of mpls? Occupied or vacant? Buy and hold I would assume.

@Lucas Miles hopefully @Brad Schaeppi will answer here, but I believe as long as your registered agent has a real address and not just a PO Box you should be good. Be sure to post it in tryout lease also to avoid issues later.

@Joe Schaak here is the link to the current version https://stpaul.legistar.com/Vi...

I agree, if someone has no credit history, we cannot make them pay first and last months rent.   If they have a pet we can’t require a pet deposit if it exceeds one month rent.

A little heads up from our local realtor association 

“The City Council on June 3 postponed a public hearing and vote on the SAFE Housing Tenant Protections, which would mandate several measures meant to protect tenants from unfair rental practices.
The online public hearing is now set for 10am on Wednesday, June 24. The council is expected to cast its final vote on the ordinance at 3:30pm that day unless there are substantive amendments.

Several amendments to the proposed ordinance have been proposed:
1. Individualized assessments: Like in Minneapolis, this change would allow landlords to screen applicants using an individualized assessment. While this may be legally fraught, landlords will have the advantage of this language being harmonized between both communities.
2. Rehab and renovations: Landlords rehabbing their property for code compliance will not be required to provide tenants financial relocation assistance payment. This is a significant change to the proposed ordinance.
3. Advance notice of sale: Only buildings with five (5) or more units will be required to give the 90-day notice for sale of the property. (This is a change from the previous draft that required notice for any building with three (3) or more units.)
4. Exemptions: Units receiving subsidies from the federal government will be exempt from this ordinance. Landlords accepting housing choice vouchers, or “section 8”, will not be required to comply with a single provision of this chapter.”

Still no options for non renewals/lease termination.   Basically if there isn’t a police report with drugs, guns, or threats you are out of luck right now.  $600 fine if your claim is not acceptable to the judge.

The moratorium on non-pay evictions and writs of recovery in Minnesota has been extended for 30 days. The legislature is also being reconvened for a special session to navigate, among other things, a more definitive timetable regarding evictions and likely installing some type of written notice requirement prior to being able to file an eviction.

@Joseph Hammel our attorney confirmed the June 12th date. Hopefully there isn’t an extension.

@Will McInerney I think a conversation with @Tim Swierczek would be well worth your time.

Be glad they are moving out, eviction would be a waste of money and without merit since they are leaving.  They are responsible for rent until you are able to fill the unit.  Give them a deposit receipt within 21 days even if the amount is estimated (due to the unit not being filled yet).  Pursuing  collections is court is a losing proposition (collection companies buy this debts for pennies on the dollar for a reason).  Your time is more valuable than chasing around a collection of someone like this.

Welcome @Thomas Piersiak House hacking is the best way for people new to investing to break into the market and gain experience purchasing, rehabing, and being a landlord. Choose a lender like @Tim Swierczek with experience with investments.