All Forum Posts by: Whitney Simon

I am purchasing a property that has existing tenants until 4/2019. Can I make changes to the lease that was signed between the old owner and tenants, including increasing rent? I’m in Minnesota.

@Jessica Grewe, @Scott S. -- thank you!! Will reach out to these folks!

@Tim Swierczek - totally agree that keeping these in condo "format" would be ideal. However, buying in this way without having an association established creates a few lending issues...They can be overcome, but have more hassle and $ attached to them. Long-term, it could be worth it. Will definitely continue to evaluate both scenarios! 

We’re looking at buying a building comprised of 4 condos. All are rented out and the association is already dissolved. Looking for an excellent real estate/land use attorney in Minnesota who can help us quickly convert this property to a 4-plex.

I’m interested in purchasing a couple homes to be used for group homes in Minnesota, but i have lots to learn. Has anyone here been through this start-up process?

Hello!

Background: We are just starting out with real estate investing and bought our first investment property last October (a short-term rental that can be easily transitioned into a long-term rental if needed, but it's doing great as a STR so far). Our goal is to buy and hold. The BRRR strategy is one we'd really like to utilize (did this with the house we live in, actually, and it REALLY paid off), but we aren't in a position for a major rehab at this particular time in our lives (cosmetic or minor fixes though - sign us up!)

Question: do we use the cash we have for 2 more single-family homes that we can rent out and gain equity in over time, or sit on the money and wait for a structurally-sound multifamily property (4-plex?) to come along (they are hardly EVER available)?