All Forum Posts by: Blake Wash

Hi, We are in the process of selling two of our duplex properties in Minneapolis. Are there certain measurements or (industry rules) we can use to determine the minimum price we should list our properties to ensure that we receive "X" amount in return? 1% or 2% (troubled war zone) I understand many variables may impact this outcome. However, we were curious if there was a minimum % you should expect as a return. We have owned the properties for about 3 years now with a comfortable appreciation value but the tenants are a headache.

Hello Again BP

Thank you all for responding to my previous post.

I have a problem, I currently own a 75,000 sq ft warehouse space in which I am renting out to tenants temporarily until we commence the new build development. The PMC that I hired negotiated a very.....very....bad lease rate with the tenants $6 per sq ft and the other is $12 per. The tenant leases are now month to month. From a financial and profitable perspective these rates are horrible. My question is this how would one propose 1) A new rate and secondly, if the lease agreements are now month to month, here in Minneapolis are their guidelines in place that would prevent me from increasing this rate to a more landlord friendly price point. Any help will be appreciated.

@Matt Higgins

Hey Matt,

Yes we have active leases for our tenants. I realized upon acquiring them that most of the tenants are on month to month agreements.

@Amber Gonion

Amber, great advice thank you for the recommendations. Smart move with drafting the leases to end after February. Yes, Texas is definitely a landlord state. I guess now I have property in both demographics a favorable landlord (Tx) and a favorable tenant (MN) state...lol

Thanks again for the advice.

@Tim Swierczek Hi Tim,

After reading my post I realized how confusing that sentence was. My tenants rent collection process with the previous manager was a phone call and meet up to collect their rent checks. Moving forward I would like to automate this as much as possible. I am considering "paynearme, or payment through my management software (Buildium)

To be honest my three properties need a ton of work as the previous PMC neglected the properties on every level from maintenance/bookkeeping/tenants.

I'm in day two in which seems to be difficult road ahead of me.

@Daryl Luc Daryl, thank for sending this over. Much appreciated.

@Jordan Moorhead North Minneapolis off of James Ave

@Sarah Brown thank you Sarah. I reached out to a few PMC however, by the time I calculated all of their fees it would have reduced my profit significantly. So, bootstrapping and BP it is for me......

Btw I was just in Idaho for the week in Couer D Alene it was beautiful.

Hello I just acquired 30 units (Multi-Family) in Minneapolis. I was informed that if a tenant is delinquent they have UP to 60 days before eviction. In Texas this is typically 30 days. My concerns are due to the neighborhood and potential tenants as they were previously comfortable with a traditional process as opposed to an automated convenient method. Anyone familiar with property rental guidelines in the Minneapolis area?