All Forum Posts by: Jeff Marciniak

Thanks Tim.  That was easy.  I appreciate the advice.

I have a 3BR/1BA home under contract in a small town in Minnesota. The estimated value for the home is $35K, I have it under contract for $18K, and it rents for $600/mo. I was pretty excited about the 3% rent to home value, but learned from the city that they charge all utilities to the owner and not the tenant.

Does anyone know if you can surcharge the tenant for utilities?

Any other suggestions?

@Breyan Lallas, I’m not a flix and flipper, but would interested in sharing some low to no cost strategies you could be doing to find seller leads. You could bring a lot of value to a rehabber if you had a deal in hand, and asked if someone wanted to partner with you. Through consIstent and persistent actIon,I was able to get two propertIes under contract In 90 days. IM me If you‘re Interested in learnIng some basIc methods.

@Sean Lambert thanks for yours and everyone’s comments. I still haven’t met the tenant yet. I close on the house in Nov. I’m in the due diligence period right now, and will be asking for payment history on this tenant. If it’s bad, then I’ll probably let them loose. If it was overstated by the owner, I’ll keep the M2M, and raise rent on 6 month increments as suggested. At least that’s the thoughts for now.

@Alina Trigub thanks to you and all that responded to this post. I think it is sound advice to move on. Since everything I’ve heard about the tenant was hearsay from the current owner, there was a thought that I could give her an opportunity to perform. I appreciate your input.

BP Members, I have a property under contract and will be closing on it November 2nd. The current tenant historically fell behind on their rent, and would catch up every year with their tax returns. The current owner self managed, and obviously didn’t have this tenant trained in well to make rent a priority. The rent is currently $1000/mo. vs. $1200/mo. market value (based on onlIne ads), which is conservative for a 4 BR house in St. Cloud, MN. The lease is month-to-month. I’m looking for a recommendation on how to increase the rent. Do I raise rent immediately to $1200? Do it in increments? My thoughts are to get them on a 6 month lease in Nov. at $1100/mo, and then start an annual lease In June, whIch Is a more favorable tIme to fInd tenants vs. the wInter In MN. Raise rent to $1200 in June ‘19. I look forward to your recommendations.

Cortez,

Getting stuck w/ a property you can't sell, can be scary, and I'm sure wasn't your intention.  However, what isn't known, is whether you did buy right, and just need help marketing the deal.  Let me know if you need assistance on this.  

John,

Do you know the motivation of why the homeowner is selling?  If they HAVE to sell due to some personal distress, they may be open to a significantly lower price, or seller financing on your terms.  If they are motivated sellers that NEED to sell the town home, and they are open to seller financing, I bet you there are BP members that could help you w/ money ideas.  

Hello Twin Cities Bigger Pockets members. I'm a newbie looking to make my first purchase of a buy and hold property. Looking for a CPA and real estate attorney to add to my team, so that I have a good business structure before I start making offers. Essentially, want to get advice from a professional on asset protection (LLC?) and to review landlord forms I've downloaded from Bigger Pockets to ensure they meet MN legal requirements .

Anyone have a referral for me?  I'm focusing on the west metro and St. Cloud markets.   I would appreciate any input.  Thanks.