All Forum Posts by: Pavel U.

Section 8 renters can be lucrative and long term benefits for the owner and tenant. Section 8 units must pass inspection at least 1 time a year for lease renewal or the tenant will loose the voucher, so they must keep it the house in a standard condition. I see win, win for everyone. But with only a Great PM!

No thanks. Two of my section 8 experiences ended up with close to $10,000 EACH in repairs after "winning" with section 8. Never again.

1 Vote

Originally posted by @Tim Swierczek:

@Gordon Olson the section 8 requirement was shot down. It was ruled to be unenforceable, at least as it was written.

It was shot down and later re-enfoced again. See https://www.mprnews.org/story/...

4 Votes

There's your solution. Take your money out of 401k and mutual funds use it to pay off your debt.

Watch this youtube . com /watch?v=Oo1cXGBGVgA

0 Votes

Originally posted by @Ryan Rush:

@John Morgan. Sorry to hear that. It’s hard. We will make it though. I will probably sell a few of mine off to pay off a lot of the debt and build it back up a little slower. I’ll let you know how it’s going. What’s your plan?

Whenever I sold real estate, I've regretted it later. Almost always. Also keep in mind realtor fees, closing fees, capital gains, depreciation recapture.

2 Votes

Originally posted by @Frank Wong:

I own both and I prefer SFRs and that's all I buy now.

Why is that Frank?

0 Votes

@Joshua Holt if you have 1 tenant, you can turn it into a NNN lease. That tenant will be responsible for everything, from remodel to all repairs, all utilities, and property taxes. You'll essentially have zero responsibilities, and when that tenant leaves, you'll have a nice, remodeled unit for which you didn't pay. If you have 5 offices, you will be responsible for all of that. So while the numbers of having 5 offices look better INITIALLY, when you count in utilities, lawn care, snow removal, repairs, property taxes etc I wouldn't be so sure, UNLESS you can rent-out each office for more than $1,000/mo?

0 Votes

I would run the numbers again. If you split the office into 5, you will be responsible for all utilities (used by those 5 offices), cam, property taxes, insurance etc. That is a huge chunk that will eat into your profits. Also consider cost involved in splitting 1 space into 5. If you leave the space as-is and find 1 tenant, that tenant will be responsible for their utilities, cam etc. You can also have the tenant pay for their own remodel. I believe you'll make more $ if you rent it out to 1 tenant. It starts to make sense if you divide the space into 15, or 20 offices. Then you can pay for utilities, cam etc and you'll still be better off vs having 1, or 5 offices :)

0 Votes

@Jordan Moorhead I doubt it... Frey and Lisa are generally on the same page with all of this. Including Section 8 that just passed. Look at both of their twitter accounts.

0 Votes

@Grace W. Minneapolis is not getting any better than Seattle. See: http://www.safeaffordablempls.org/wp-content/uploads/2019/06/Minneapolis-Screening-Criteria-Draft.pdf and http://www.safeaffordablempls.org/wp-content/uploads/2019/06/Minneapolis-Security-Deposits-Draft.pdf

0 Votes

All Forum Posts by: Pavel U.

Pavel U. has started 1 posts and replied 179 times.

Post: Section 8 Housing Requirements in Minneapolis

Post: Section 8 Housing Requirements in Minneapolis

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