All Forum Posts by: Alyssa Strom

@Justin Woodford Talk to @Tim Swierczek about down payment assistance programs and check into the NeighborhoodLIFT program to help get you a larger down payment. Prices are high and the market is very competitive for MF rentals so the more money you have to work with the better! As @Daniel Anshus said getting pre-approved will help you figure out next steps.

@Daniel Murphy My husband and I really like the Cape Coral/Fort Myers area. We've spent the last few winters down there (1-2 months). Warmer than the Panhandle during the months we want to be down here. Not an expert on FL vacation rentals though, just personal experience! 

@Matthew Kern Yes to providing them to each tenant. Here's what the Department of Revenue's website says:

If you own or manage a rental property and rent living space to someone, you must provide a CRP to each renter if either of the following are true:

• - Property tax was payable in 2020 on the property.
• - The property is tax-exempt, but you made payments in lieu of property taxes.

Welcome @Daniel Schintz! You're in the right place!

@Jenny Erickson Is it in downtown St. Paul, MN? If so, I'd hang on to it for the next year. The condo market has cooled a bit so selling right now may not get you the best price. 

@Cody Pauly Renting a bedroom shouldn't require a license since your owner-occupying but double-check with the City. https://www.northstpaul.org/99...

@Daniel Anshus Great point! To clarify I meant a customized yellow letter/direct mail piece.

@Abraham Reddy You aren't alone in struggling to find a deal in the Twin Cities right now. Inventory is low and demand for 2-4 unit multi-family is still high. Most owners know it's a seller's market and even properties that seem "overpriced" are selling in a few days with multiple offers. My recommendation is to get in front of a seller before they list. Talk with your realtor about a strategy and mailing list for the neighborhoods you like the most and write a personal letter. Boring but it can work! As far as networking I think in-person events are the quickest way to get to know other investors but you could start reaching out to people on BP and meet virtually for now. Ultimately, if you hear about a deal via networking groups or Facebook groups it usually isn't much of a deal so it's a good idea to let people know what you're looking for as you build your network. Good luck! 

@Grace S. Assuming the address is the one have you listed in the report: If you're going to live there this is a dream house hack. Will absolutely hit ARV in that location and appreciate over time. You could Airbnb the units for better cash flow than you have projected but it still doesn't make much sense as purely an investment property. If you've got to spend some cash before the year-end there are better opportunities out there even if you could get it for $600k.

@Diana Gomez Hernandez You should review the current eviction moratorium in effect in Minnesota in regards to non-renewals. Housing Link and HomeLine both provide a great overview of the current rules.