All Forum Posts by: Amy Kircher

@Joel Owens

Assign them a certain laundry day(s). Tenant A can do laundry on certain days and Tenant B can do laundry on the other days.

Or - just have the other tenant remove clothes from washer so she can start her own load. Easy.

@Keith Linne - thanks for your thoughts.  I’m sure even tho we are in the same state, markets can vary a lot.  I have been going over scenarios in my head such as the added washer/dryer and having the tenants pay their own electric, and pet rent to bring in more cash flow.  Initially tho, I’d keep it the same until their leases are up (one in Jan and other in May) and then make some changes.  Thanks again for your advice.  I am about to make a counter offer of $85k

It’s located in bemidji MN 

@Amy Kircher

By the way I am located in northern Minnesota in a college town with a growing economy. Rentals are rarely vacant.

Old house purchase- duplex, is this a good deal?

I am looking at purchasing a 100 year old house that has been turned into a duplex. Asking price is $89,900 current total rent with tenants placed is $1,400. The tenants are ok with everything as is but I am concerned with the wonky floors in a couple of places (newer floating floor actually has cracks in it at a high point in floor) and the roof isn’t exactly straight but has new shingles so may be ok. Several updates have been done such as electrical and plumbing. I would want to fix some walls (painted paneling that looks bad), put in washer/dryers, and reconfigure cabinets in 1 kitchen.

My monthly payment with taxes and insurance:

$600

300 for repairs/vac/cap exp

130 trash/water/sewer for both

140 electric (for just 1 unit)

= 1170.

So Cash flow would be just over $200/mo

I would manage it myself, up rent $50 each unit for w/d and allow one pet for extra $25 mo each unit. So I could add another $150 a month. I feel like rents could be potentially higher (esp. for the 3 bedroom side)

Too close for comfort? The seller isn’t willing to budge too much from the asking price.

Worth buying?

I currently rent out the lower level of my house so I have some experience plus I’m a big DIY’er and want to expand my portfolio. 😃

Thank you both for the reply.  I think I have some more research to do such as getting a definite quote on what the garage with living quarters will cost and any tax ramifications etc.  Maybe the safest route would be to buy a house in town...

Which would you choose in my position??

I am looking at investing in my second rental. My rental now is great, as it’s my downstairs that has its own entrance, more than pays my mortgage plus gives me several tax advantages and write offs.

I am considering either purchasing a SFR in my college town that has a strong economy OR building a garage with an apartment on my 15 acre property. I would be using one of the two garage stalls for myself. Not sure if that is a pro or con as far as taxes, etc. (I live in northern Minnesota). I would build this a short distance away from my house but still close enough to utilize the garage stall.

So far in my research I’ve determined that the cost would be approx 80k for this garage and apartment vs around 100k or more for a so-so house in town that would rent for the same amount.

I know I wouldn’t have trouble finding a tenant for either option.

What is the best option?

Thanks Jerry - the 'single' meant one person, not marital status but I see where it could be misunderstood.  I was thinking about my water heater capacity!  One person would be good, but 2-3 showers in a row could mean some cold water! : )

Thank you Wesley.  You've got some good information in there I can definetly use! 

@Nathan G. Thank you for your response. Great ideas, exactly what I needed!