All Forum Posts by: Sonny S.

The attorney probably has them under a contract so my guess would be that it might not be of much help trying to bypass her. I would rather try to have a candid conversation with the attorney and see if I could do something at my end to help them move things move forward at a faster clip. Just my 2 cents.

Welcome to BP forums Mark! I am focussing on the South side around Rosemount, Eagan, Lakeville and Apple Valley.

Again good to see someone from the area. Let me know if I can be of any help!

I feel the best long-term solution is good screening. It can eliminate 80% of potential trouble makers. That being said, a landlord should never treat his/her tenants like a slumlord would. In many cases, the landlord can set the standard: if he/she shows a pride of ownership in their property most tenants eventually do too.

Hey Ben, I just branched out in the Twin City area by buying a rental unit in Rosemount last month. Which area are you interested in?

You could try purchasing standard lease from your local landlord/property management association. They are usually current for state statutes and local housing rules. And they are usually much cheaper compared to an attorney. If there are special clauses you need to add, that can be easily done through an addendum.

First of all congrats on your first rental! That being said, if I were you, I would get to work on setting up a plan "B" , especially if there is not much positive cash flow coming to you from your current setup (which is what appears from the numbers you mentioned.) If you have an unexpected vacancy, repair bill or legal expenses to deal with, it could become a source of unnecessary mental and financial stress. It is a good risk management practice to have an exit strategy. And best time to plan for it is before the need for it arises.

My preferred range is between 80k and 140k. Of course, the final decision must be based on numbers, available options and individual objectives as an investor.

Congrats for the awesome deal Dawn! Pretty inspiring for a lot of people out there. And thanks for sharing it with the rest of us.