All Forum Posts by: Justin V.

@Dale Miller

Zero issues over here in Minneapolis.

Rented the last three units for personal bests.

Occupied three bed upper duplex-> 1 showing then rented by someone who found it online before the next scheduled showing.

Reno 2 bed plus upper duplex: lease signed 1.5 months before finished with reno.

Reno 2 bed lower duplex: listed 1 week before finish: had people moving in 1 week later.

Good screening has been key, but good screening doesn’t have to take many days.

@Jason Ma

Good work taking on something new and difficult. I’m always for trying something once which you’ve never done in real estate investing.

but unfortunately, unless you are a tax code prodigy you wasted your time and lost money temporarily.

Do what my former business partner had us do. Find an awesome CPA who specializes on real estate and owns rentals right here on BP.

Have them look over what you did and save you more money. Get loads of good real estate advice in the process. Deduct what you paid him this year, next year.

Focus on being awesome elsewhere in the business.

I think you did great trying, but surround yourself with experts and leverage their expertise. Know enough to not get ripped off and choose where you want to focus your efforts.

-Justin

@Tim Herman

I agree with tim. My action would be to call a plumber and have him remove the disposal and plumbing it solid. Outlet can stay put, so don’t waste money on the electrician.

@Clint G.

I have menards up here, so not helpful for you.

Do you have habitat restores?

Also amazon and ikea.

@Soniel Estime

Hi

I’ll add my anecdote.

Me and two college buddies wanted to flip a place and try landlording. One was in sales and a people person (think leasing), I had building experience, and the other claimed to be a numbers guy (thought he would be the deal analyzer), but we are all numbers guys. Bought a duplex in December 2015.

We all had time (lots of drinking weekends) and money to pool for a down payment 1/3 splits all the way.

We had slightly different ideas about how to do things. I found myself project managing and putting in most of the effort. It felt like a manager/employee situation from the get go.

None of us were the best partners. I wanted the project done quickly so i could focus on my home renovation. I was the pusher and we all sucked at contracting out at that time (didn’t have much money or a realistic value of our time back then or at least I didn’t). I also wanted to know how to do everything non-construction so I micromanaged a bit and asked lots of questions. To boot I was more of a perfectionist vs a good enough person.

We finished with a refi for 48k 8 months later and 1200 cashflow per month. Felt like a home run at the time. We did it again

In spring 2017 but my wife and I closed on another duplex around the same time and got pregnant midway through while still renovating my place, so 5x the pushing. Finished it fall of 2017.

Landlorded together until summer 2019 and then sold them. Partnership turned into more of a me making them fix the places and them not wanting to or not thinking it was necessary when things broke down/didn’t work (hvac overhaul, retaining wall crumble, turnover things). Every issue I wanted to talk out a bit more than them. I wasn’t really prepared for when they started talking to each other and then telling me how they wanted to do things or excluding me from the conversations entirely. I’m dense so missed the subtle anger they were feeling for months.

After we sold the second duplex they stopped talking to me except for crps (end of jan) and eventually taxes. I got 1 to talk to me again after multiple attempts and I we’re friendly again and hopefully good friends again someday. I haven’t seen my other ex business partner in over a year now. I’ve reached out on multiple occasions, but no luck. I also don’t get invited to much of anything anymore which he’s invited too, since he was a better friend with most of our mutual friends.

We each invested 23k in December 2015 and after a very strongly appreciating market plus many hours we each netted 120k plus our investment back. Landfall win investing wise, but it didn’t save the friendship.

If you can do it alone, don’t partner up is my thought.

@Ian W.

Yes. Credit app everyone 18 plus.

Myrental.com is the one I use.

You can go as deep as allowed by local laws allow. I’ve gotten multiple months worth of statements before if needed, but I’m out of minnesota.

Hello everyone,

Is anyone doing anything about porch pirates at their rentals.

I have a duplex with an enclosed porch with a screen door and mailboxes on the inside so it remains unlocked. Im assuming this makes it safer from porch pirates, but prevents it from being secure bike storage.

The screen door is getting old and I’m thinking I’ll replace it with a full lite door with deadbolt and move the mailboxes outside, but I’d love to have it both ways secure, but accessible for packages.

Any thoughts either way or recommendations?

-Justin

@Mindy Jensen

Going for biggest nerd (or man-child) on the thread:

Lego and cosplay

@Greg M.

Thanks Greg!

This is very helpful and informative for me.

@James Mc Ree

Thanks James,

I should have said potential tenant. Back ground check passed, but lease not signed yet and would be signing and moving in tomorrow. I have a potential back up tenant who would also like to move in immediately, so action would have been to pass on the tenant if needed.

Minneapolis requires dogs, cats, and ferrets to have up to date rabies vaccinations. The tenant is open to getting her cat vaccinated for rabies if required.

I think in the future I’ll require proof of spay/neutering (protect from excessive marking) and include in the lease they are required to have their pets vaccinated against rabies per the lease, but not require proof of vaccinations.