All Forum Posts by: Chris Christianson

Hi @Shane Setzer 

Welcome to Bigger Pockets.  I too am relatively new in the rei industry but I came from a long construction background.  We purchased our first rental in October so I gave myself a crash course in landlording while fixing up the property.  Most of my information came from right here on BP.  Got a great renter in there with an 18 month lease so luck has paid off where experience was lacking...so far...I think.

Personal opinion, if you want to be rich in 10 years, start buying up Nordeast.  Anything near the river between Broadway and Lowry is a simple no brainer.  My goal is to try and buy as many side by side so when NE becomes the next Uptown, or some derivative of, I'm positioned to start building apartments.

Hi @Steve Candor 

Not sure how things work out east but here (Twin Cities), you'd start with zoning.  You can put a duplex in an R2 zone but a 3 or more unit building requires an R3.  Getting re-zoned can be quite a pain in the profit margin but is possible.

That said, I can't more strongly attempt to steer you away from running electrical through outside conduit unless you're striving for the slumlord feel.  A couple of easily patched holes in the drywall and you can pull wires all over a property.  Add an unfinished basement and or an attic and things really get easy.  In the end, you don't have a crap looking asset that's heading in the wrong direction.

I have this conversation with my girlfriend at times.  Nobody thinks one poorly or amateur job is a big deal but string together 10 years of mediocre work and you're place is a dump.  Amateur electrical or plumbing work shortens that timeframe substantially.

Good luck.

Welcome to the site @Joshua Gutierrez 

I was thinking the same thing @Walter Ichikawa-Doyle  just recommended.  A mentor of mine purchased his first home while in college and rented it out to friends/tenants.  He was able to live in this house for free while in college and sold it for a sizable profit when he finished.  I wish I had been that smart back then.  Just make sure you are landlord first and friend second or they'll walk all over you...probably.  Not a bad way to double down on your education.

My friend, who's now 58 I believe, owns millions in real estate and a nice little 48' sail boat on Chesapeake Bay.  If you're in to that kind of thing.

Behind that trend setting refrigerator installation is another partial wall, right inside the front door.  Looks to be 6 1/2 feet or so.  I  hope that's not where the bathroom is.  Equally hope it's not the closet although it would ad an always popular, 70's restaurant/lounge feel. 

The diagonal installation of Pergo flooring is a nice finishing touch.  Must be a 20 year old hipster that still thinks they've never had a bad idea.  I've hired and worked with a few of them.

Might be a day late but welcome to BP @Dave Crussel .  You might find SW Minneapolis to be a difficult place to find good investment properties due to the popularity of flips in that area.  Not much there with good cash flow unless you get really lucky.  I personally feel there's much more lucrative neighborhoods for buy and hold's.  Nordeast for one.

At any rate, welcome!

Are they storing cars or opening a fitness club in this attic.  I suppose chests of gold deplumes might be questionable?  I'm really not sure what they could possibly carry and then store up there that would cause structural damage.  Insulation damage sure.  Damaged electrical wiring or bathroom venting is possible.  I suppose some drywall or plaster damage is the worst case scenario but unless they take out the entire ceiling a damage deposit should more than cover that damage. 

Maybe I'm not well enough versed in mid century construction quality since I don't typically work on anything build between 1940 and 2014 but you can store a lot in a 1920's attic without enlisting the services of a structural engineer.  I know we don't build things that well anymore but really?

I think there are lots of issues that need to be addressed.  Why worry about non issues?  Has anyone here actually had damages from renters storing things in an attic space?

@Account Closed 

Good to hear you get it.  My last business was officed in the Grain Belt, 1910 warehouse which are artist studios purchased by Artspace from MCDA while I was there. 

I too am not opposed to change and growth.  I live in Uptown, more specifically, LynLake.  Let's talk about growth.  I'm not opposed to growth and change but what they're doing right now in Linden Hills is really a travesty.  I have a hard time driving through that neighborhood anymore since it's becoming unrecognizable.  I don't feel the same way about uptown even though we've added somewhere north of 1000 apartments in the last couple years.  It's a bit more of an entertainment hub than residential neighborhood so it's more suitable for development of some degree.

Anyway, good luck with your project.  I'd like to see what you do when you get started.  I'm off to West St Paul to look at a nice 1911 fixer upper that's more my style.  Maybe do a little work on my 1892 rental while I'm there.

Hi @Account Closed 

In the words of Alice Cooper, "If I may put forward a slice of slice of personal philosophy..." The neighborhoods you're referring to are Linden Hills and Edina.  Here's how I see it.  Linden Hills at least is a popular neighborhood for a couple reasons.  One is because of the character of the homes in the neighborhood many of which were built around the turn of the century.  That would be the 20th century, and two, because of the character of the people these homes and neighborhoods attract.  As spec builders tear down these homes and replace them with suburban style boxes and McMansions, the architectural character of the neighborhood declines to that of a suburban subdivision.  This in turn, and in my personal opinion, diminishes the character of the homeowner it attracts.  There are some blocks in Linden Hills now that could just as well be in Woodbury therefore attracting the kinds of buyers that used to move to Woodbury.  The next step is to replace Coffee and Tea Ltd. with a Charbucks and toss the Linden Hills Coop out for a Wal-Mart superstore. 

It's an age old problem in the cities.  Artists and creative folk move into a blighted area due to the low cost.  They fix things up and make them cool, then god forbid, trendy.  Once they become trendy then the less colorful or creative folk have to move in driving up prices and getting rid of all the things that once made the neighborhood cool in the first place.

I believe this is happening in Linden Hills.  The architectural character is well on it's way to the abyss of "Modern design" leaving those that built this community looking for greener pastures.  What's behind will be a shell of what once was and the feeding frenzy will end.

We just purchased our first rental property in St Paul MN.  We got a good deal, for the Twin Cities, at the bottom of Summit Hill on Grand Ave.  Looking forward to getting it rented out. 

I'm heading that way today and looking at a great fixer upper on the bluff in West Saint Paul.  The property isn't right on the bluff but it's close.  Anybody have any experience with West St Paul rentals?  It has a bit of a North East Minneapolis feel to it when I drive through, minus the great brew pubs.  The location seems premium with great views, classic old houses and easy access to downtown and the highway system but the prices are ridiculously low.  What gives?  I have to assume as more and more people wise up to the inconvenience and ho-hum that is the American Suburb, these areas will continue to increase in value.  In the mean time however, any insight on the rental issues here?

Hey @Keith Albrecht 

I just bought my first rental property in St Paul.  It's a 3 bed 2 bath 1600sq/ft home on Grand Ave near the bottom of Summit Hill.  Got it for what I think was a steal.  Hows your search soming along?