All Forum Posts by: Nathan Platter

@Heather Mills ,

Since it appears you're wanting to do this debt free, would you be acquiring and rehabbing all out of pocket?

The strategy sounds fine but will be a slower process (time) as well as more expense with your cash being tied up inside each property.

I'm a fan of the  BRRRR method, where you use debt to create assets and then have the renter pay your debt off over time. More properties in less time.

With the current tenant, it's up to you+tenant how you want to handle the situation. The law will enforce the lease agreement, as long as it legally abides by your jurisdiction's landlord laws.

For future tenants, adding a type of "escape clause" only benefits the tenant. Only add the possibility of ending the lease early if it could also be beneficial to you, e.g. 2 months rent if they want to end early.

Hey @Paul Kelley ,

Welcome to BP, never too early to get started!

@Ryan Substad

It seems more like an indirect way of raising municipal revenue and removing the 'interested landlords.' Doesn't seem like a problem to individuals who view real estate as a business rather than a hobby.

Interesting to see the Sharing Economy mature and develop!

@John Reel

If this potential mentor is genuinely doing well at their business, their goal for this meeting is to find how you can contribute to that business.

Unless this mentorship is a charity (<1% chance) you will have to add value to this relationship.

Ask questions such as.

1. What are we in the business of doing? Finding deals for investors, helping homeowners get out of sticky situations, managing investments,... 
2. How do you (Mentor) get paid, and what bottlenecks are you facing in growing the business?
3. Are you open to creatively compensating me? Examples include a flat amount per deal you do, or an equity stake in something,...

Ultimately, ask questions that show what you want and how you want to provide more value than the cost of mentoring you.

This deal is SOLD

Please message me if you're looking for more Twin Cities area properties. 

Hi @Kyle Baron ,

The "big book" about MN Landlord law can be found here: https://www.revisor.mn.gov/statutes/?view=part&hea...

If you want a more visual version, go to the Minnesota Landlords and Tenants Rights and Responsibilities here: https://www.ag.state.mn.us/Brochures/pubLandlordTe...

504B.271 indicates you (landlord) will take possession of the items and must store and care for them for 28 days after notice of abandonment (when they tell you they're gone).

Hi @Sean Trily , 

I'm glad you included St. Louis! I'm personally looking to do deals in that market. The other ones that have caught my personal attention are Atlanta and Tampa, they somehow seem familiar to my hometown (Minneapolis)

If you want a local's input, @Kyle Eckert is a STL investor.

Hi @Kevin Meyer,

Trust is the foundation of any business relationship, and understand you wanting to change managers quickly.

@Millie H. does quite a bit of business in Indianapolis, she may have some good PM's in mind.