All Forum Posts by: Joseph Lee

@Jason Nelson, the easy, but expensive, thing to do is hire an attorney. They'll be able to sort this all out pretty easy (I would think). The more difficult, but lower cost, thing to do is find someone local like you're trying to do, and get some help. 

I don't know if there is anyone in the Wilmar area on these forums, but one idea may be to check Zillow (looks like there are 11 or 12 properties for rent in Wilmar) or Craigslist for people who are also landlords in the area- reach out through their listing and explain your situation: you're new to this and would love to ask some questions. Sounds like you have a bit of a messy situation, so you may find it hard for someone to say "yes" to helping you out. Another alternative is to hire a property manager in the area and pay them to take care of it all. Talking to other local landlords can help you get some contacts for both attorneys and property managers.

This isn't anything you can't find your way out of it- you just need to find someone who can guide you through it, and this may be situation where you have to pay for some expert help. Good luck!

Thanks for sharing, @Brad Schaeppi!

My understanding is that this supports the 2040 plan goals and directives, but it does not fall under the ordinances that have so far been discussed at the open forum meetings, so I think it's a different beast. But I could certainly be wrong.

Hi everyone,

I received the following email from the City of Minneapolis and wanted to see if anyone had more information and get a sense on people's opinions. 

As you may already know, Council President Lisa Bender and Council Member Jeremiah Ellison are co-authoring a Renter’s Protections Ordinance set for adoption in early 2019. The purpose of this ordinance is to remove barriers for our constituents to access rental housing, to ensure people are living in safe and healthy conditions and to address rising concerns about displacement. As landlords, you know well that our city is a majority renter population and we look forward to working with you to craft policies that support access to this important housing in our city. We know that many of you bring significant expertise and experience that will help us craft the best policy possible for our city.

While I can't find anything on the city's website about this proposed Renter's Protection Ordinance, I did find a Star Tribune story that gives a little detail on what is being proposed-

Does anyone have details on this? Is this something we should be worried about as a landlord community? There are definitely some aspects that seem very concerning, but I want to ensure I'm not misunderstanding anything before I start emailing council members.

Hey @Colin Percy, welcome to BP! I'll apologize on behalf of the other local TC investors. Posting over in the Minneapolis-St. Paul forums will get you more responses, so maybe re-post this over there.

1) I'd advise adding a picture to your profile and filling it out a bit more- easier to have conversations (even on the forums) with someone when you can picture yourself talking to them in real life.

2) I read your strategy- glad to see you've put some thought into it! One note- home values in MSP are certainly not falling (maybe you were referring to other "values"?). You'll read some commentaries that the market is starting to swing back toward a more "balanced" market vs. being very much in favor of sellers, but values are continuing to rise, albeit maybe more slowly than in the past. Maybe a local agent can chime in with some more numbers here. 

3) What you will notice is that the market here is very seasonal. I'd advise getting hooked up with a local agent soon to start getting a feel for pricing in the metro (I have a recommendation if you'd like), but keep in mind that listings drop like a rock in the Oct.-Nov. timeframe and will be pretty scarce until spring, especially in the small MFH space. Don't be discouraged with the low inventory if your search gets started before spring.

4) As you mentioned, I'd start to get to know several areas where you'd like to invest (down to the neighborhood level, not just city). Look for properties in this area to understand pricing, and just as importantly, start to nail down rent values. Look on Craigslist, Zillow, and Facebook and start to get an understanding for what a 2 BR-1 BA will rent for in this location and that condition, vs. a 1 BR-1BA in that location and this condition. You get the idea. If you don't know what a unit will rent for, you have no idea what you can pay for it and cash flow.

I'll leave it at that, but stay focused, be willing to spend some time and be patient, and you should be able to have success here. 

This is definitely out of my ballpark for now, but interesting to read the conversation. Thomland Homes and Remodeling is in the middle of putting up a side-by-side twin home in  the Corcoran neighborhood (35th St. and 20th Ave.). I thought it was duplex before I looked up the permitting. They were able to get a vacant corner lot for $80k last December. If looking for a quick build cost in the core metro, may be worth giving them a call. 

Hey @David Moore, this doesn’t exactly answer your questions, but check out LandlordLocks.com. They have an awesome product where you can swap the cylinder out with a simple control key without removing the lock frame. You can have all the locks that you order from them keyed to the same master and control key. We use them on our properties and it’s super slick.

I’m sure you could have this all done if you find the right locksmith, so maybe ask about the product when you do find your locksmith- then you won’t need him so much in the future. 

Hey @Amber Gonion, thanks for the insight, I really do appreciate it. The reason it's attractive to do now is that there are some reasonable unsecured home improvement loan products from the MN CEE (Center for Energy and Environment) that I can use to finance the adds since we currently owner-occupy the property.

@Josh Cook- Metro is at the top of my list right now. Their quotes were the most competitive I've seen. I'm glad to hear you've had a good experiences with them. Anecdotal evidence is a crazy drug...

Hey @Josh Cook, I'm probably a little late to the party, but I've been really happy with Skyline Electric. I've had them do panel replacements, pull new circuits, install recessed lighting, etc. They're very competitive on pricing, do really good work, and are always on time and professional. And don't worry, I'm not related to the owner (last name Lee).

@Pavel U.- SE. We're in the Howe/Longfellow area.