All Forum Posts by: Jeff Rogers

@Bryon Andrews @Andrew Sparks  Thanks for checking in.  I did close on the property and working on set up. I'm excited to see it come together soon! 

Andrew - glad to hear your property is doing well!

@Tim Swierczek thanks! Much appreciated, I’ll reach out.

Calling all St Paul short term rental owners/investors.  I have a property under contract in St Paul, great location for things to do.  Planning to short term rent the property and use it for personal use from time to time.  I'm looking to network with others familiar with the process of obtaining a permits from the city and any tips or advice.  Thanks!  -Jeff

@Jeramia Matheson,

Welcome to BP. Start with the basics. 
Pick a market and start by researching rules and regulations. A number of popular spots in MN have maximum STR licenses/permits. Likewise across the US. This alone will help you figure out which market is a viable option.
After that, start thinking about what kind of a place you want to add onto the market. On a lake? In the woods? Next to a hospital? What amenities do you want to offer? 

Good luck in getting started!

-Jeff

@Michael Houston In Duluth, most rental properties that get listed on the MLS make note of an active rental license for the property. Realtors should have access to that information as well. There aren't many HOAs here, if at all. If you hire a Property Manager they can sometimes help arrange lawn and snow removal service.

A good place to start figuring out profit/cash flow is to search the forums for the 4 Square Analysis.  Brandon Turner outlined this method in one of the older podcasts and there are previous posts in the forums.  Or explore what BP has for calculators under the 'Tools' section.  

-Jeff

Hi @Meghan McCollum!  I'm a local Duluth investor, happy to share my experience and can give some recommendations to help build your team. I do mostly long term rentals but have a few short term and mid term properties as well.  Duluth has traditionally had a strong college rental market and thankfully any small decline in enrollment rates haven't been as severe as other traditional college cities, eg. St. Cloud. And like many other cities, vacancy rates are still low, lots of demand for housing of all types.  I'll send a PM with my contact info, happy to connect more by email/phone or in person next time you're in town.

-Jeff

@Cory BinsfieldWe're in the same neck of the woods. I get it with the knob and tube.  I'll shoot you a private message with who I work with.

@Chris Schwagerl That's an interesting experiment. Did you survey your tenants or was it learn-by-doing?  I'm undergoing the same experiment actually. I haven't gotten direct feedback but I get the sense that tenants prefer getting charged the flat rate. Only starting to bill back utilities on the multis.

Agree with Nathan and James. If you have a general idea of what parking might be worth, find out what it's worth to them. The value to you might be that they are close to your property. If there are any issues, you know where to find them! I recently did something like this with renting garage space. I let it known to a contractor who was working on the property that I was interested in renting out garage space. We went back and forth a bit on rate but I'm happy with the end result.

@Franky Davis Great story Franky! I'd be curious to learn about your 1031 exchanges. I'm considering trading up this year. I'll dm you.