All Forum Posts by: Dan Wilson

Hi Lisa.  Neat to see someone so close to home! I'm in the Princeton area.  I'm still doing my homework and deciding if RE investing is for me (and my wife).  I've nothing to offer you other than a hearty hello!

 - Dan

Thanks for the responses everyone.  I appreciate the diversity of thoughts here on how to handle the situation.

Thanks, Josh.  Yes, I've thought about the cash for keys idea as well but wondering if the person is unscrupulous enough that you may give them cash and they still won't leave.  Again, this guy's been here for a year without paying, from what I understand.

Hello BP.  Has anyone had experience buying a multi-family where a current tenant needed to be evicted ASAP?  I know there is ample information on the eviction process itself at my disposal, but wondering if there are some nuances when one is assuming ownership of a property and have no prior experience with the particular tenant.  Do you essentially have to have a clean slate with the tenant until they prove to be a poor tenant, regardless of past rental history? In this case the MF is a foreclosure with very little information available, other then that the tenant has been living rent free for a year. Thanks!

Hello Julie.  The MN Attorney General puts out a free publication called Landlords and Tenants - Rights and Responsibilities.  Just google it and download the PDF.  It contains a ton of info that will be useful for you and could save you a lot of trouble down the road.  I believe you'll find this a good start.  I don't know what city you live in, but if your local police department has any type of crime free multi-housing ordinance it's not uncommon for the department to offer (or mandate) training for current owners of rental properties.  I know the city in which I work does and there is a lot of good info contained therein.  Good luck!

Hi Darrin. Welcome! I live around the Princeton area and consider St. Cloud my back yard to some degree; at least in terms of REI. I too am new and still going through a crash course in investing before I make the leap. As such, I've not much to offer but wanted to welcome you nonetheless. Take care.

Dan

Thanks, Eric.  St. Cloud is a great idea. I've had that in mind as well due to the college aspects as well as a larger immigrant population.  I appreciate your response and wish you well.

Jay, I greatly appreciate your response.  Seems to be the general consensus that I look inward toward the metro, which is fine.  I guess I would still prefer to remain in the NW burbs which should be do-able. I'm not completely averse to single family at this point and perhaps this may be an option if staying in my back yard is a priority.  Thanks again.

Garrett, thanks for your response.  As I eluded to in my post (or attempted), I live 40 miles outside of Mpls and prefer to keep my first property close by for simplicity of management and control.  I'm not unrealistic and looking for something I can hit with a stones throw, but within a reasonable distance at least. I believe it's important for me to be able to manage more small details as I learn and grow. To answer your question about research I've done, I'm learning as I go, reading books and utilizing BP.  My criteria is not set  in stone yet but multi-family interests me for a variety of reasons.

I've no interest in commercial real estate and consider the learning curve steep enough at this point simply focusing on residential.

Hello BP members.  I'm a new investor in Minnesota looking at my options for multi-family investing.  My question is this: will I be able to find viable properties in areas 30-40 miles outside of Minneapolis/St. Paul?  Obviously, there are fewer properties, fewer employers, less demand for rental housing, as opposed to high density urban areas,  but I'd like to stay within a reasonable distance from my "starter property", as I currently live NW of Mpls., about that distance away. I've read in many posts and have heard from many experts about the huge number of properties that must be analyzed before you the find "the one".  I don't think the supply exists out here to provide me that luxury.  Conversely, I don't want to sacrifice making a prudent financial decision for purposes of geographical convenience.  I'd greatly appreciate hearing from anyone who may have some insight on this topic and who may invest in a similar environment. Thanks!