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All Forum Posts by: Tim Swierczek

Tim Swierczek has started 13 posts and replied 1463 times.

Post: New member looking to make connections w/ other investors

Tim Swierczek
Posted
  • Lender
  • Saint Paul, MN
  • Posts 1,526
  • Votes 1,623

@David Frovarp , Welcome to the Twin Cities investing community.  Meet-ups are a great way to meet other investors, which you're going to want to do if you Syndicate. I attend several local meet-ups if you see me at one, come say hi.

Post: Looking 2 connect with MidTerm Rental Hosts in the Twin Cities. I have a property!

Tim Swierczek
Posted
  • Lender
  • Saint Paul, MN
  • Posts 1,526
  • Votes 1,623

I would see if you can get some advice from Hadley Hornig. He has several STR's in this area. He is not on BP, you can find him on FB in the Twin Cities Investing group or PM me and I'll connect you.

Post: Looking for GC recs in Minneapolis / St Paul

Tim Swierczek
Posted
  • Lender
  • Saint Paul, MN
  • Posts 1,526
  • Votes 1,623

Dustin Nikituk at Due North Properties. He's not on BP. PM me and I can connect you.

Post: First Commercial Building! (Deal #4)

Tim Swierczek
Posted
  • Lender
  • Saint Paul, MN
  • Posts 1,526
  • Votes 1,623

Way to level up @Tucker Mortier!

Post: How to make $240 the hard way on a Minnesota Rental Cabin on Gull Lake

Tim Swierczek
Posted
  • Lender
  • Saint Paul, MN
  • Posts 1,526
  • Votes 1,623

Opps, there's a typo in the title, but I can't edit it. He's made over $240k.  

Post: How to make $240 the hard way on a Minnesota Rental Cabin on Gull Lake

Tim Swierczek
Posted
  • Lender
  • Saint Paul, MN
  • Posts 1,526
  • Votes 1,623

Have you ever wanted to buy a cabin to AirBnB? Typically, it starts with a great vacation, where you have such a great time that you wonder how much the owner must make each year. I think all real estate investors do this at some point.

Matt Jennissen purchased such a place. Not just any place, but a beautiful place on Gull Lake. He's made a ton of money in this place, but it's been anything but a perfect ride. Learn first-hand the ups and downs of how Matt has made over $240K since July 2022. Learn what he loves about the investment and what he would have done differently.

As always, we encourage you to bring a friend and come to network with other local investors. See you at Jimmy's in Vadnais Heights. Space is limited, so grab your spot today.  No fee is required, but we ask that you consider buying food & drink to support the restaurant.  

Post: Fourplex landlord needs help dealing with chronic noise violations

Tim Swierczek
Posted
  • Lender
  • Saint Paul, MN
  • Posts 1,526
  • Votes 1,623
Quote from @Gregory R Ley:

Can I impose a fine now if it is not in the current lease agreement?


 I believe you can move forward. You need to post it and notify all tenants of the updated policy and the amount of the fines. I needs to be the same for all tenants and should not be retroactive.

Post: LIFT MN - The Flip Side: Lessons & Success Earned with Liz Sibet

Tim Swierczek
Posted
  • Lender
  • Saint Paul, MN
  • Posts 1,526
  • Votes 1,623

Since I'm not eligible to attend I want to endorse this group and Liz. Any Woman who invests in Minneapolis, or St Paul should attend this one. I would be there if eligible.

Post: Fourplex landlord needs help dealing with chronic noise violations

Tim Swierczek
Posted
  • Lender
  • Saint Paul, MN
  • Posts 1,526
  • Votes 1,623

Hey Greg,

We have quite ours in our lease's Tenant's Rules & Regulations portion. I believe they are 9 AM to 9 PM but I'd have to look to be sure. During the allowable noise hours, you essentially express that noise happens and the landlord will not get involved with any noise complaints.  During the quiet hours, you will need to have a fine system. This is important for the reason statted above, you need a penalty that is not eviction. I'd start with a small fine for the first offense. I'd recommend the first offense $50, the second $75, the Third $100, and the Fourth a material breach of the lease subject to eviction. Since you have a noise monitor you may be able to use a decibel reading which is the objective measure to determine a legitimate complaint provided you can get it to accurately record the louder noises.

Post: Group home rental in Minnesota

Tim Swierczek
Posted
  • Lender
  • Saint Paul, MN
  • Posts 1,526
  • Votes 1,623
Quote from @James Hamling:
Quote from @Mitch Seiffert:

I have a single-family house in Minneapolis that I've been approached by a couple of parties interested in using it as a group home. Right now we're inquiring with our insurance provider to validate proper coverage, checking with our rental license if it covers uses like this, and working through what a lease would look like.  Any recommendations?  Is it common to charge more? What kind of lease provisions?  What pitfalls are their to watch out for?


I have leased to several of these. 

It's gone through a bit of a fad-craze so I'd say first thing to look out for is vet'ing the credentials of them, there business. Are they a start-up, do they have any operational, how do they do at it, etc etc.. 

Next is regulations, checking with city to assure it's legal to do. 

I don't check with city for them, I put it on them to get me confirmations of licensure and viability for it. So they they have to submit proof to me of there licensure for it, and that they know the licensure for it all. 

Rents, yes 100% I do adjust billing and it is above standard tenancy rates because they are doing it for business revenue. 

I do the lease as a lease with rights to sublet. So we are leasing to that business, with guaranteed signors for that business. 

I often require a different security deposit. Each situation is unique, if they need to make modifications to the property, for example adding wheelchair ramps etc., I look at worst case of what would it cost to roll-back all changes and add that in. 

I also don't do anything less than 3yr lease terms. 

If it's an entity I've worked with before we may jump directly to the 10yr lease but generally I start at 3yr, and at each review we consider term going forward. 10yr is ideal. 

All maintenance is also on them. SO lot's of language on this aspect. The only thing we cover is main components, HVAC, roof, siding etc.. They cover all appliances, flooring, all those use components that can and will experience wear and tear. 

I find it best if you approach it thinking it's more-so a commercial lease done in a residential asset. My leases end up looking a lot more like a NNN lease than a standard tenancy one.

The pitfall potentials are many, and most speak back to neglect in process. Not defining a certain aspect at start, assuming, these are the major pitfall potentials. Assume nothing, detail everything, and I do mean everything. 

And thoroughly vet the company and operators. Your making a bet on them, that they can operate there business well and thus, will be good tenants. 


 Great post as usual