All Forum Posts by: Marcus Johnson

So this is directly from the City of Minneapolis website where the Renter Protection Ordinance was passed unanimously by the City Council and will go into effect June 2020.  Please read, because apparently as a Landlord now I must accept a murderer, who was evicted, assaulted someone in the first degree, committed arson and robbery all in one.  Good times here in Minneapolis.  

1.  Limits on screening for criminal history cannot consider misdemeanors with dates of sentencing older than 3 years

2.  Cannot consider felonies with dates of sentencing older than 7 years cannot consider convictions for certain felonies with dates of sentencing older than 10 years, including: first-degree murder, second-degree murder, third-degree murder, first-degree manslaughter, kidnapping, first-degree criminal sexual conduct, first degree assault, first degree arson and first degree aggravated robbery. •Limits on screening for rental history

3.  Cannot consider evictions where judgment was entered three or more years from date of application

4.  Cannot consider settlements entered 1 or more years before applicant submits application

5.  Cannot consider dismissed evictions or evictions resulting in judgement for the applicantoCannot screen out for insufficient rental history oIf a landlord requires an income equal to three times the rent or higher, the landlord must allow an exception where the applicant can demonstrate a history of successful rent payment with an income less than three times the rent.

6.  Limits on screening for credit history

7.  Cannot screen based on credit score, but can consider information in credit report if it’s relevant to ability to pay rent

8.  Cannot screen out for insufficient credit history

@Katie Miller

Reach a million dollar net worth by the end of the year.

@Katie Miller

Sell our lake property AirBNB and start paying off mortgages.

@Bruce Lynn

As a seller of properties I would always choose a cash buyer if they have the best offer. People who borrow on the majority are broke.

@Arthur P.

Your right the math doesn’t work. It’s either those with all cash or those waiting for appreciation. There isn’t anyway it works for cash flow in minnneapolis so I sit back and laugh at the fools.

The thing you have to remember about any forum is that because you have no way to vet each investor you have to believe that what they’re saying is actually true. So how much of it is really true

@Benjamin Ford

OK so it sounds like I can’t be of any help either if you’re not to provide any numbers. That’s your choice but this is a forum where the numbers matter. I would say majority of the posters on this forum provide numbers for the current situation so that all of us can help with the. situation. Good luck with your strategy.

@Benjamin Ford

What is your monthly income and expenses, not including student loans?

@Nathan Yee

Do you deduct the cost of your time from your gross income when calculating NOI? If not why? Do you work for free? Or is this not a common practice? If not, then who says so?

@Isaac Johnson

Just remember this. If the top 25 companies in the US suddenly tank, we’re all screwed whether you invest in RE or the market. The Great Depression will be upon us all again, probably worse. I just looked at my portfolio and right now I’m about 50/50 between RE and the S&P 500. The interesting part for me, is my index funds is what got me wealthy first and since 2014 I’ve invested far more in RE. Both vehicles have been quite successful.