All Forum Posts by: Bjorik Mutize

Hi all, new meetup location! Rock Bottom Brewery

825 Hennepin Ave Suite 125, Minneapolis, MN 55402

Parking a block away, 9th Street and 1st ave. 

I mean i would definitely run this by a legal or tax professional. I would like to say you can but i don't know exactly what it would do. Because if you have the property under your name i'm pretty sure some of those things such as mortgage interest and some expenses you can already account for as an individual.

If you are trying to develop a track record for your business you could honestly begin just to run activity through that entity only all income, all expenditures etc. Get a business bank account. You could also begin building business credit check out nav.com. 

Hopefully i got close to your question on what you are trying to do. Like i said i am not a licensed attorney or CPA. 

It's something, i guess better than no marketing at all. Obviously risking getting called out for soliciting.

Wonder if that guy/girl is going that at all types of retailers. It would be funny finding that card between 2 packs of steak at Costco's.

@Rich Somers btw YES, it is always a good idea to get estoppel certificates from the tenants.

@Ethan Smith how many units is this property?

Absolutely man. Plus with comps you can see what you can do to your units to achieve the same rent premiums. Sqft is a little harder to alternate (i guess adding a bed or bath) but for example amenities and appeal are easy to benchmark.

You want to use the closest sales comps as you can. I'd stick to the using the sales comp approach when valuating 1-4 units because that's how everyone else will value your property including lenders.

Same as you local property managers, online resources like rentometer and rent-cafe

I gather 3 or more true comps from places like apartments.com to gauge against competitors (quality, size, amenities of their units vs yours)

Raise the rent's if comps justify. Remember style, amenities, sq ft etc you want to make sure your condo is competitive relating to the rent you are commanding. Do good research. I've seen/done raising rents just to raise and it's a big mistake lol.

Just out of personal curiosity how often do you see HOA fee's being raised in a year?

Make sure you also verify the comps they give you yourself to make sure they are actual comps. Some OM's provide a lot of disparity of properties that they consider "comps" but aren't credible comps at all.