All Forum Posts by: Chris Knapp

Has anybody from Minnesota ever heard of a company called "little pink houses of Minneapolis? I'm selling a house in Maple Grove through a realtor, and the listing is expiring soon. This company contacted me about selling it "creatively" with roughly 6-12 month sale time, with their buyers. It seems strange to me. My town house is currently on the market for $382,500 and rents for $2200/month. If anybody has experiences with them, can you let me know how it went.

What are the advantages of filing my taxes and claiming I'm a real estate professional? I have 45 rental units, and this is my second business. I'm trying to figure out the advantages or disadvantages. My main career is insurance... I own an agency that I have basically been using to get a jump start into investing. Any advice is greatly appreciated.

Excellent point... I'm up on northern MN and the market has little inventory which made me think I'd be getting a good price be to sell this flip instead of renting in. Thanks again for your input.

All very good points. I appreciate the input. This was my first "rehab" rental. I own 45 rental units currently and I'm sold on keeping this as my 46th. I was unsure of the tax implications on "flipping". I've never sold a property, just purchase often. I saw some short term pros to selling this one... I'll keep it! Thanks again for all the good advice!

There are endless options to insure multi unit buildings in mn. I own an insurance agency and also have several rentals. Your current agent might be limited on what they can offer.

I have a pretty basic scenario I'd like some opinions on... I bought a property in December for 31k, and put 18-20k into rehabbing it. Im debating on flipping it, or renting it. It would rent for $900-$950/m, and my realtor wants to list it for $99,900. Iv owned it for 3-4 months, and an not sure what's the best play here. I have a loan on it for 38k, at 4.75%. What am I looking at for taxes on a sale, vs selling it 5 yrs? Rent it out, or flip!?

I have a pretty basic scenario I'd like some opinions on... I bought a property in December for 31k, and put 18-20k into rehabbing it. Im debating on flipping it, or renting it. It would rent for $900-$950/m, and my realtor wants to list it for $99,900. Iv owned it for 3-4 months, and an not sure what's the best play here. I have a loan on it for 38k, at 4.75%. What am I looking at for taxes on a sale, vs selling it 5 yrs? Rent it out, or flip!?