All Forum Posts by: Forrest Holden
Forrest Holden has started 9 posts and replied 57 times.
Post: Property Manager with affordable tenant placement in Minneapolis
- Investor
- Minneapolis, MN
- Posts 65
- Votes 18
Quote from @Wendy Man:
@Forrest Holden Who did you end up finding? Please feel free to direct-message me if that works better. Thanks.
I know this was a long time ago but I will still respond. https://www.rpmviking.com/
They will not take on low quality properties and will not work with everyone but they have A LOT to offer. I am no longer buying in the Twin Cities though, things seem too inflated and I have found a new market.
Post: Property Manager with affordable tenant placement in Minneapolis
- Investor
- Minneapolis, MN
- Posts 65
- Votes 18
Quote from @Kevin Sobilo:
@Forrest Holden, step 1 you need to become a real estate agent. Step 2 get enough experience and education to become a real estate broker. Step 3 open your own real estate brokerage with all of the costs for things required for licensing like an office, errors and omissions insurance etc.
https://www.propertymanagement...
The property manager you paid $300 to was probably an illegal under the table person doing property management.
For the work involved in tenant placement, many agents (myself included) don't even want to do the work for 1 months rent. Keep in mind that agent is likely splitting that fee with their broker. So, they might get as little as half that fee... OR if they put the listing on the MLS and another agent represents the tenant as little as 1/4 the fee.
Actually they were a licensed broker and nothing was under the table. They were just extremely efficient in a geographic location where the cost of labor and the cost of living is substantially lower. They managed my properties for years with no issues. A property manager can also be extremely successful without listing on the MLS in some geographic locations. I'm just tired to seeing managers that charge 1 months rent for tenant placement and a monthly fee when all they do is place a tenant and collect rent. Luckily I believe I have stumbled upon an outstanding property manager that provides A LOT for a reasonable price. Nothing even close to what I got in West Texas but I understand that prices are higher here and that you get what you pay for.
Post: Property Manager with affordable tenant placement in Minneapolis
- Investor
- Minneapolis, MN
- Posts 65
- Votes 18
I used to own 4 rentals in west Texas. My property manager only charged $300 for tenant placement. I understand that I probably can't get that rate in Minneapolis, but I honestly feel that a full months rent for tenant placement is highway robbery. Does anyone know of any managers or management companies that are actually reasonably priced in the Metro? If not I may just have to start a property management firm and crush the competition.
Post: Divorced and trying to clean up my credit report
- Investor
- Minneapolis, MN
- Posts 65
- Votes 18
I am recently divorced and I'm trying to re-organize my life. I have a home in Jacksonville, NC that I want to get off my credit report. The home is in mine and my ex-wife's name and so is the mortgage. The mortgage was a VA loan (not sure if that matters). Will a quit claim deed remove me from the title and the mortgage in North Carolina? Will my ex-wife have to refinance in order for me to get my VA loan entitlement back? Any information on this subject would be greatly appreciated.
Post: Invelo Onboarding Webinar TODAY!
- Investor
- Minneapolis, MN
- Posts 65
- Votes 18
Quote from @Account Closed:
Hey Pros,
Interested in learning more about how to use Invelo, one of your new Pro benefits? Join the Invelo team for a live webinar today at 4pm EST/1 pm PST to learn more about how to use the platform!
We've also got some Invelo folks in the Pro forums if you ever have questions - feel free to reach out to @Jenna Chau
Is Invelo free for pros?
Post: Twin Cities, MN Property Management Companies
- Investor
- Minneapolis, MN
- Posts 65
- Votes 18
Quote from @Deanna McCormick:
Why not self manage.. Contact MMHA Minnesota Multi Housing Association and become a member if you have rentals.. they have leases, all paperwork, needed, classes on Property Management, and resources for vendors.
You should download the Minnesota Landlord Tenant Laws and become familiar with the laws so if you do decide to go with a PM you'll have the idea of what's required.. Basically no matter what happens your responsible for anyone you hire and their actions.. so know what your planning on paying for.
I was planning on hiring a property management company to interact with the tenants specifically to mitigate liability. Are you saying that this is not the case?
Post: Which is the hardest team member for you to find?
- Investor
- Minneapolis, MN
- Posts 65
- Votes 18
Less than half? You should start paying him a little more, or someone else might take him off your roster. Good people are hard to find.
Post: Which is the hardest team member for you to find?
- Investor
- Minneapolis, MN
- Posts 65
- Votes 18
Quote from @Karl B.:
Contractor. But I'm lumping tradesmen into that category.
And 'finding' them isn't half the issue - it's getting them to show up let alone commit to a project. So frustrating.
Thank goodness of the tradesmen I work with the most (handyman and plumber) they show up quickly - but my electrician - it's like I have to call the guy once a week over the course of a month to get him to show up (the reason I deal with it is he charges less than half of what others charge and he does good work).
Post: Form LLC as own General Contractor
- Investor
- Minneapolis, MN
- Posts 65
- Votes 18
I'm trying to do this right now in the state of Minnesota. In the state of Minnesota, a General Contractors License needs to be held under a business entity such as an LLC. I'm trying to figure out if I should host my GC license under my LLC that is conducting the BRRRRs or under another LLC entirely. Any tips or suggestions?
Post: Where Should I host my GC license?
- Investor
- Minneapolis, MN
- Posts 65
- Votes 18
Hello Everyone.
I have about 7 years of construction experience and I am going to be taking the test to get my General Contractors License soon in the state of Minnesota. The question is, should I host my license under the LLC that is doing the BRRRRs or under another LLC entirely? I would love to hear the pros and cons. I would love to hear how you do business. Thanks!