All Forum Posts by: Lucas Miles

@Collins Bonnema we use buildium and really like it, fairly inexpensive on a per unit cost level. Has everything you need in a rent collection/property management software. Lot of customizable features that come included, online applications, email templates, etc. They are consistently rolling out new features as well.

We use batchleads, has a map function that allows you to search with a radius based on a variety of filter conditions that you set. 

@Kyle Vogeler HUD buildings with a HAP contract, often called project based section 8 contract is a fairly specific niche asset type. We stumbled into an off market opportunity like this a few years ago, we were able to close on the project, and now are buying several more of these projects.

Few high points:

HUD will need to approve both you and your management agent as buyers/managers of this property. Manager will need to have experience managing HUD HAP properties, and can be challenging to obtain approval as a buyer without previous experience. This is a tedious and long process, 6-9 months to obtain approval from HUD is not unrealistic.

There is a contract with HUD that stays with the property (rather than with the tenant), one of the differences to a section 8 voucher.

The contract with HUD has a few key terms to be aware of. Things like, what the rents are set to, future rents, how long is the contract, any replacement reserve requirements, potentially return to owner limitations, tenant income restrictions, etc. Many things you should understand prior to getting into one of these.

There are income restrictions for the tenants based on the AMI (area median income). You have to follow these and can't just rent to anyone. 

Definitely are some opportunity to deals like this with less competition, but make sure you understand the details with the contract! 

Anyone from Fairmont still investing? I'm out of Fairmont MN also, been building a portfolio of apartment buildings in the area. Love to connect if anyone is still investing in the area!

I'm hosting a local meetup in Mankato, feel free to shoot me a message if anyone is interested in joining!

@Cate DeBates Triple Net commercial lease is a huge bonus! Congrats on this investment!

@Dillon Dale for multifamily yes we are looking in the general Waseca area. Love to connect!

@Joshua Logan I'm out of the Mankato area, we invest in Section8 apartment buildings (Project Based HUD properties). Happy to connect!

@Trevor Schmitt Hello! I'm an apartment investor out of MN. We have a portfolio of market rate and affordable properties in MN, expanding into IA as well, I'll shoot you a message, love to connect.  

@Marysue Connelly just let her a notice of lease expiring, and that you won't be renewing, make sure she is aware she has to be moved out following all your move out processes by X date. No need to give her a reason for this, no. Make sure you are following your state guidelines for all this process. (Not legal advice, just my opinion).