All Forum Posts by: Dan W.

I posted a rental several days ago using Rentredi.  I've received only one inquiry so far.  I then posted the same property on Zillow utilizing the property management feature and have received many through them.  My quandary is I like all of the features and customer service of Rentredi, but the syndication feature is weak (Realtor.com and Doorsteps.com). Unfortunately, the inability to cross-pollinate across various property websites and the proprietary nature of each of these PM solutions seems to create barriers in marketing the property. In addition, I'm suspecting some prospective tenants may be turned off by having to download an app to complete the pre-qualification prior to viewing the property, as others have mentioned here. Seems Rentredi might be nearly a perfect solution if the syndication was stronger and one could get more sets of eyeballs on their properties. 

@Dan Vleck thanks for your input.

Hello BP Minnesota members.  I'm assuming someone out in the BP ecosystem will have had some experience with the Minnesota Multi Housing Association.  The association seems to be a good source of information, networking, education, forms, etc.  Before I join for $164, I would really appreciate hearing from current members if they find value in the association and if it behooves a small investor to join. Thank you! 

Greetings, Brian.  If you are looking at the 1% rule, you're good; at least as a rough guide.  As @Michael Lewis Lee aptly stated, lots of ancillary things to consider before one can say for sure if a deal is truly a good one.  Have you used the BP rental property calculator yet?  I think you get a few free spins before you have to join Pro.  This will allow you to add in maintenance, capex, and other things I didn't see in your numbers. Another thing to consider is your down payment.  If you're looking at conventional lending, I'm having issues finding anyone in my area to go below 25% on the down payment.  That's speaking from the perspective of a newer investor with pretty strong financials.  Might want to run those numbers with the 25% just to see if it still works for you.  I would think Mankato is a good place to invest.  Decent population and a college town, without some of the price inflation of the TC. Also, you mentioned it's leased through 2021, so hopefully your inherited tenants are not living the good life with the moratorium and avoiding rent. Just my thoughts, keeping in mind they are worth what you are paying for them!  Good luck! 

@Jonathan Hasan

Although I don't have any profound wisdom to offer you, I applaud you for asking these questions.  It's clear you are ahead of the curve and have a lot of runway ahead of you.  That said, with limited means, it underscores the importance of due diligence, RE education, etc., as you might bust out quick if impulsivity kicks in.  Conversely, being a younger fella (assuming the profile is you), you also have more time to recover from a mishap! 

I'm finding BP is a great way to learn a lot about this business once you can separate the wheat from the chaff. There is a time to learn and there is a time to take the leap. Soak in all you can, save as much $ as you can, and make the leap! 

My family was bit by the COVID cancellation as well, however, we were on the renter's end of the agreement.  We too declined trip insurance...won't do that again! Fortunately, VRBO policy shifted to strongly encourage owners to reimburse at least 50% to the renter (even if inside of the cancellation window), due to the unprecedented circumstances.  The owners of the property we rented generously refunded the 50%.  Neither of us were made whole, but we felt lucky it worked out the way it did. Sorry for your loss @Mike V. Tough situation for all involved. 

@Erik W.

Love your post!  Perhaps I'm an cockeyed optimist, but like any other investment ecosystem, with peaks and valleys come winner and losers.  This will be no different.  My gut tells me the government is propping things up and there will inevitably come a "thud".  That doesn't mean there aren't opportunities embedded therein.  Like Erik W. wrote, "get in the game and play". 

Papa, welcome! Squeeze all of the goody you can out of this site.  Take advantage of the forums and the educational materials here.  The podcasts are great, but there is also great value in participating in the forums and simply reading what some of these very experience, smart people have to say about various RE topics.  The networking opportunities are off the charts.  I recommend signing up for the Pro account to take advantage of some of those perks; primarily the calculators to run deals, even if just for repetition and practice.  Good luck! 

Welcome, Kevin. You are already a step ahead of many with already owning a rental property!  I've not been a member here long, but find myself constantly learning and networking.  I'm only scratching the surface with all of the forums and educational material here.  If you are willing to dig a bit, one can save a lot of $ as opposed to buying RE programs and enrolling in classes.  Good luck! 

Bruce, I guess the thrust of my point was concern about the prevailing winds and rental climate in Mpls.  Doesn't seem to be going in the right direction for the landlord.  That said, thanks for your reply and I wish you continued success in the City.