All Forum Posts by: Luke Benson

Shoot me a message I have a buddy in Minneapolis

Shoot me a message I have a buddy in minneapolis

Steven Hamilton II our lawyer knew exactly what to do and said we should do it this year because he thinks the 5 year window will increase to 10.

Originally posted by @Steven Hamilton II:

Was it left to you in trust or to her? I say this because if it is held correctly in a trust it could not be subject to other liabilities.

 It was left in her trust. 

@Steven Hamilton II Everything was in their trusts so it is all set up making this a lot easier for us.  But this year we are going to start transferring assets to my brother and I to protect against the future as my mom has parkinson's.  

I have a 1800 sq ft split level house in St. Cloud MN that has had the same renters since 2011. They have been on a month to month since October 2012 and rent hasn't been raised since then. Right now they pay $1100/ mo and all utilities. In 2012 they kept getting behind on the water bill and it was dinging my parents credit so they started paying the water bill and garbage (combined bill with the city) and the renter kicked in $25 to cover the garbage. I am in the process of getting a 1 year lease created for them to sign they want 1 year. I did the math and if we would have kept up on 1 year leases this would be the rent increases over the past few years. 2012-2013 $1133 2013-2014 $1167 2014-2015 $1202 2015-2016 $1238 2016-2017 $1275 The water bill is $135 a month on average. So in reality my parents have only been getting $956 before expenses a month for the last 4 years (super cheap). How can I raise the rent and justify it to the tenant? Can I itemize the water bill as an additional expense they can pay monthly? We were considering putting a new furnace in this year, would that be enough to offset the rent increase? These renters have been awesome always paid, take great care of the house and always send me pictures of things I might want to know about. Thanks for the advice!

In theory Id you had $500,000 in liquid cash what would you buy? A couple single family or get into multi family? We have 2 single family homes now and are looking to continue to grow.

Hi everyone! I am just getting started in the rental world. My father passed away this summer, and left 2 rentals for my mom. Both are owned outright with zero debt. 1) 1800sq ft split level in St. Cloud MN same renter since oct 2011. 2) 2800sq ft modified 2 story in Big Lake, MN with 6 heated garage stalls on 2 acres. I am just getting up to speed on the laws and have been reading a few books, let me know if you have book suggestions! My brother and I will be entrusted with maintaining the estate left behind and will have cash available by the end of the year to invest into a couple more properties. I'm very excited to grow our portfolio and my knowledge! -Luke Benson