All Forum Posts by: Stoddard Barnhill

@Tim Swierczek Many thanks Tim. I appreciate your recommendation and will be sure to reach out to Amber as I get closer. You are kind to help me expand my Network. 

I am just get started and will soon be purchasing a new primary residence and renting out our current residence. This appears to be a smooth transition into the rental property world. 

I have read multiple books and listened to podcasts, most recently the Nathan Brooks podcast on Bigger Pockets and realized I don't currently have the time or skill set to really buy and fix up homes. Overtime I would like to build relationships to do that, but not early on. I own my own business and would like to have rental properties as a diversifying piece of my portfolio. 

Question: Does anyone know of a solid, reputable turnkey rental company in Minnesota? There appears to be a lot of scams out there. Appreciate your suggestions. 

Family has a few properties in Big Sky, Montana. We haven't reviewed the rental agreement in years and need to update it. Looking for suggestions or template from current Montana Property owners. 

Thank you!

@Theresa Harris This is a nice approach. Having the landlord cover the water bill or building that into the rent did not seem like the best option. I will make it clear in the lease regarding the direction I choose which will likely be informing the tenant every 3 months which is exactly when my bills come in currently. 

@Jennifer T. Very interesting how different each state is and even each city. @Tim Swierczek I like the concept of landlord paying trash, water, and sewar and keeping utilities for the Tenant. I would like to avoid if possible, not knowing that a tenant was not covering these expenses! 

I have only been on BP site for a few days and have found so much value from this community. 

@Bill B. Many thanks!! I really appreciate the assistance. 

@Bill B. interesting regarding the Security Deposit and Interest - I didnt know that was something Landlords did or if it is even a requirement. If so, an online savings account would work as well. Ones like Ally Bank currently pay 2.2%

Thanks! 

@Steve DellaPelle Very helpful, thank you! I think Single Family Home is a great starting point and then I can work my way into multi. One step at a time. I looked at competitors in the area of our current property and they appear to have the Tenant paying. 

Thank you for your time and insight!

Hello All!

I am new to this community and have already found great value in the books, blogs, forum, and podcasts. Thank you to all! 

My parents have invested in Montana over the years and I have helped with the finances. I have a family of my own and a single family residence. Our goal in the next year is to buy a new property to live in and rent out our current property as a simple way of starting our real estate rental portfolio. Our desire is to build up the cash for a down payment rather than take out a home equity loan for our first entrance into this space. 

Question: 

• What do most Landlords do in MN in regard to passing on cost to the tenant. I have looked at Craigslist and see most tenant are required to pay for utilities, water, recycling, yard work, etc but not all are setup this way. 
• Is this common for the Landlord to only cover Mortgage, Property Tax, Insurance, and repairs? 
• What is a simple way to transition bills that you are paying over to a tenant once your property becomes a rental? 

Trying to plan things out ahead and be proactive. I appreciate all of your advice and information. 

Best..