All Forum Posts by: Roshan Khatri

Somehow it got posted before I could finish.

Anyways, please throw me your thoughts. I don’t want to start a bidding war and some thing tells me I am being played. I know this unit is worth the value I have offered or the middle ground between offer and listed.

Thank you in advance.

R

Hi,

I had my eyes on an apartment in a multi-unit apartment building since it make in the market more than one half years ago.

It has been in the market since, 2 agents down and price reduction 7 times I felt it’s finally the time to approach and make an offer.

I didn’t not have an agent so I agreed to use their agent as a dual agent and she told me she won’t take any offers to the seller unless the buyer is serious and has it in written. So I agree and sign all the documents and send it Friday by noon.

BUT, after about 3 hours, I get an email from her about the multiple offer situation and how surprised she is. It always happens like this. So the seller has told her only to bring the highest and the best offer.

So the “dual agent” is asking me if I want to reconsider my offer price??

What I am surprised is what are the odds that the second offer happened the same day I make mine after a year and half.

If she is my agent too , doesn’t she have more responsibilities than that?

I did make a lowball cash offer, 10%less of listing .

Hi,

I am a novice investor trying to use up some of my savings and buying investment properties in the twin cities.

Last year I bought a piece of land in North Minneapolis, aware of the sketchy neighborhood, trying to catch up with the gentrification.

Was a good deal and am still happy with it. Planning to hold it for few more years. But, my real issue is with junk being deposited in the land and city sending my notice and have been fined twice already.

I don’t know why but people always dump their piles of garbage, their wrecked cars and am already tired, frustrated of cleanings their mess and being notified by the city.

Is fencing a good idea? Any other help, advice would be highly appreciated on how to deal with this situation.

Thank you,

Roshan

@Austen Mueller

No STR allowed. Minimum rentals allowed for a year, and maximum too.

What are some typical loop holes I can look for? Any ideas?

Thank you

Hi,

First of all, I start by acknowledging that my research wasn’t enough and I might have rushed a little bit.

So for the problem, I was looking to start my investment in rental property for a side income and found a small condo walking distance from the University. It had a great view, plenty of amenities, ample street and indoor parking anything that I would want as a renter. It was right within my budget, made an offer, was accepted and ola, my first investment property.

I did some minor renovations and put it on the market for rentals but then I received a letter from the association stating:

1. I can’t rent out a property unless I have owned it for at least a year.

2. The maximum and minimum duration allowed for renting a unit is a year!

So now not only I have to hold it for a year but won’t be able to rent more than a year till I wait for next 4 years for the cycle to be repeated again.

I should have read the fine lines on the HOA documents more closely, but now I am perplexed with the situation and the monthly mortgage I owe the bank.

Any advice, suggestions would be happily received. Thank you