All Forum Posts by: Ben Kappel

Hey Chad, I'm from out in Dickinson, and yes it doesn't seem like to many people on BP are from up north. I just bought my second SFH rental in Bismarck actually this last summer, but I did look extensively at a few properties in the fargo area. My issue with fargo is the numbers really didn't add up on any properties, that or they were too close to flood zones, way to old, or needed to much work. It would have been to far for me to organize any type of flip there. I think fargo would be a great spot to start with rentals, but the budget is going to be tight the first few years since homes are really going for a high price. That being said, the homes there might increase in value faster since its more of a stable market. My advice is look for places that are FSBO and negotiate hard, but have a realtor on your side to make sure the paperwork is legit. That's what I did in bismarck and I got a place 14k under appraisal plus I made them pay off all specials and put a few points to closing.

Good Luck finding a place!  Just like planting a tree, the best time to buy(plant) was 5 years ago, the second best time is today.  The worst deal today is still going to be the best deal in a few years. 

I really should be in the lease that just that particular dog, (name and breed in the lease) is approved. If they want another dog it is not automatically approved. A lease addendum must be done and you should be able to charge whatever you think is fair for this "new tenant" being added to the lease.  I feel like the charge you suggest is fair. Just make sure the new dog is listed on the new lease if approved. 

VA loans are the best, get as many as you can! You just need to commit to live in the property for one year. After that move and buy whatever you like, it will still be a VA loan with a low low interest rate and you can rent it out. There is a debt ceiling for total loan amount VA loans allow, but its pretty high. I used USAA and they were very easy to use. I have one VA loan out of 3 properties, but I wish they all are since the rates are so low and you can get 100% LTV. If you don't mind moving every year keep buying.

Best advice is look at the market and see what others are charging.  When I listed my last property, it was one of just a few places that even allowed pets, which means I could charge a pet fee (non-refundable) on each months rent of $100.  Especially if your allowing large dogs or cats. (never allow cats, they destroy properties).  My opinion is deposits don't work, and the animal(s) are gonna cause more damage than that deposit anyway, just stick with a monthly fee, even it its small like $25.