All Forum Posts by: Amber Gonion

@Leigh Harris we do everything with virtual tours now. We run the a 360 degree virtual video for clients, tenants, and listings. It is like being there, the client controls the view and can view as many times as they want.

We used to do this for out of town clients, but now even in towns clients can view properties from their home.

This will change real estate services forever.

@Evan Polaski I agree, if everyone is talking about doing something it is already too late to get a deal. We saw str units in Minneapolis being priced based on str rates, we warned our investors that the were overpriced and that they needed to base price on ltr, little did we know our country would have something like this happen and dry up the market. I am sure it will come back, but I am sure some people are in a tough spot.

@Joe A Warner way to take the leap. Everyone always says it is a bad time to invest. Investors that started in 2008 are doing pretty well (they have had renters pay half the mortgage payments already and rents increased during that time) it is always a good time to invest for long term (not always for flipping). You will do well, current conditions will change and you will still have a great property.

@Nirav Shah we are in Minnesota and historically the area has been less impacted by recession than other parts of the country.

@Brittney Lundeen as an owner occupied duplex you are allowed to deny familial status only (children).

The important part here is that apply criteria evenly across the line. Do you require all occupants to have a credit score above xxx? Criminal history, evictions, and obviously income is covered. For the future a credit score will tell you more about a tenant than if they can/will pay. It is as useful as criminal history in predicting behavior.

At this point check your lease closely and gather evidence. I would let them know the smoking needs to stop, and the new tenant needs to fill out an application. Sometimes a face to face gets the point across. I would not push the issue too hard until you are able to file for eviction again. Collecting rent is better than an occupied building with no rent in most cases.

@Patrick Smith if you are 6 residents or less nothing to worry about there is a state law that trumps city ordinance on the matter. You need to be aware of the liability and additional city liability with ambulance calls. Each resident is at a higher end need than average citizens. The city can sometimes make it difficult.

@Trecia Benjamin portfolio loan with a equity credit line is the route many investors take.

@Brett McManus I would do a operating account and separate account for deposits. Keeps everything clean.

@Gus Muller. We have our crew working full time on vacant units. They utilize social distancing inside working in separate rooms and make minimal stops at Home Depot as usual. For maintenance calls they use gloves and masks if tenant is present.

For our listings, buyer showings and rentals we have moved to virtual showings with specialized cameras. Everyone needs to adapt for the times.

@Jacob Hanson we have moved to making sure all the properties we manage have a 360 virtual video (we purchased the special camera a couple years ago for out of state investors to see properties) so that prospective tenants can see the whole place and make a decision about renting before we bring them in for a in person tour. It has worked great, we are not wasting time walking through a bunch of people that are not serious. Both current tenants and prospective tenants love the system. We had not been using the camera as much as we should, but now see that we should have been using it much more.

For property showings for investors, we have found that everyone is supplying latex gloves on the doorstep.

Evolve or be extinct.