All Forum Posts by: Rose Ryan

I'm under contract to buy a duplex in Minneapolis, both units currently occupied. One unit has a family with smokers, the other family seems to be voluntarily-smoke free. 

The family with smokers is month-to-month currently, and wants to sign a new lease with the new owners. I want to keep them there because their unit looks shabby, and if they move out I will have to put $5-10,000 to get the place in better shape and get market rent. If they stay I can use that cash to buy the other duplexes that this seller wants to offload :)

I want my units to be smoke free. I'm wondering if others have experience in transitioning current, smoking, tenants to follow a smoke-free policy. Did it work out? Or did your tenants move along to a new place that allowed smoking? 

I think this family would probably stay, since they are using Section 8 and it is hard to find Section 8 housing in a good neighborhood like this one. But, it's a risk that they would move on, and I would have to invest in spiffing up this unit sooner than I'd like. 

Thanks, all!

I'm looking to close on another investment property (SFH or duplex) by the end of the year...and the clock is ticking! I'm searching in Minneapolis (South, SE, NE) or west of Snelling in St. Paul. I've got a great realtor and MLS search set up and thought I'd toss this out there in case any of you are looking to get a property off the books yet this year. Thanks!

I'm in Minneapolis and agree that 3 br is the sweet spot. Just because homes are relatively affordable here does not mean that there is not demand for 3 br homes. I recently bought a 3 br SFH in the Seward neighborhood of Minneapolis. There was a lot of interest when we advertised it for rent and it is rented to a roommate group of three young women. They are great tenants. Remember that the city of Minneapolis does not allow more than 3 unrelated adults in rental units in most zoning districts. A good reason not to go larger than 3 br. I do not think this is strongly enforced by the city, but if you end up with a disgruntled tenant it is ammunition that the tenant could use against you. There are lots of people who don't have the cash for a down payment or are not ready to commit to owning yet (such as our tenants). Our realtor advised us to focus on 3 br rentals because they work well for roommates or families and can me much more easily sold when you are ready to move on. There is just less demand from buyers for a 1/2 br SFH. Good luck!