All Forum Posts by: Amber Gonion

I am not selling my services since we are in Minnesota so I hope this doesn't get flagged, but if you check out our site (Gonion Group) we have tips on choosing a property management company. I wish you luck it is a scary thing to put your money in other people's hands.

I was a cop in the 4th precinct and there were a couple of blocks near Knox and Plymouth that we could not patrol for a few years because they were too dangerous, we could only respond to calls on those blocks. Walk in to the police station and ask, they will tell you if the area you are looking is ok.

We have a great market here. Many opportunities. Pm me I can help you out.

Another point on the llc, my attorney friend says the first step when he takes a case is to ask for the llc papers including minutes and make sure that everything is in order. He said most people just file for a llc and forget about it meaning they have no protection at all. Be sure to file property papers, have minutes etc.

Your law sound similar to mn state law. The intent of the law is to keep people without knowledge of fair housing, deposit funds, etc from setting up shop without a licensed broker overseeing them. The law is meant to protect the investor and renters (the exception is for the owners is because it isn't right for a owner to not to be able to rent there own property and would result in many properties being empty for longer periods) As an owner setting up the dba is not circumventing anything so long as you have an interest in the property. We set up dba llcs for each individual property. This is just my understanding of the law in my state. Be sure to speak to an attorney to be sure.

I like your numbers. You have accounted for a reasonable fee for management in case you need/want an outside manager later, you are at about 40% of rents for expenses which is realistic I like to see between 40-50%. The price is about right with a little room for negotiation. I would count on 5% more expenses and if you still like the deal you should be good. Talk to a pm in the area to be sure there are no surprises coming up in the area. I would do this deal all day after having a full inspection. It's good but not too good to be true.

A good property management company will save you money in the long run. Years of experience and knowing the laws are what you are paying for. If the investment cannot work with paying for a management company, then it is likely not a good investment. Think about it if you must be the manager for the property or it won't make money then your not an investor your just a property manager.

This is your first indication that this person will be a problem. Move on.

You would not have the right to move her out, but, with proper notice of entry as long as you keep the place habitable.