All Forum Posts by: Pavel U.

Snow and Rain don't lead to more wear and tear. Tenants do. Just budget extra $100/mo for snow removal per season.

Maybe in North Minneapolis (where you don't want to be) :) 

Hi Justin, welcome to BP!

My advice is to stay local, preferably within 5-10 miles from your house, and to avoid investing in Minneapolis for the time being due to recent ordinances - makes it undesirable to be a landlord.

Hey Eric! Long time no talk. I completely agree with the credit score requirement. Too bad City of Mpls wants to implement 500 minimum score requirement on landlords...

@Brian Hughes what are the "work arounds" if any, choosing the best tenants when you "can't" be looking at the background checks and such? Or that law is not implemented in Seattle yet? I heard end of July?

@Matt Higgins What Tier is your property? Tier 3 I'm assuming if City wants to inspect it every year? Only Tier 3 requires annual inspections because it "requires excessive city services, poorly maintained or managed, may be at a higher risk for fire damage". All mine are Tier 1, and inspection is done once every 8 YEARS. You can also stop renting to Section 8 tenants and that will eliminate your Sec 8 annual inspections. @Brian R. This draft is just that, a draft, I'm not too worried about it, and if it goes into law, there are always work arounds. But you don't have to buy in Minneapolis, more options for the rest of us :) 

Correct. Tried mandating section 8 and failed after a bunch of landlords sued the City of won. Minnesota doesn't allow rent control, so if that policy gets approved (credit scores, background checks etc) many landlords I know will increase their rents significantly, to mitigate potential risks. As for credit score numbers - one very large (over 15,000 units) landlord I know stopped using credit score numbers long time ago, and relies on debt, payments, etc info located within the credit score report.

It sounds like they applied for the unit “normally” and after moving in decided to apply for section 8. I’ve had that happen to me. I was blindsided because I didn’t accept section 8 but figures they’ve been there for 4 months and the unit looked good. So I accepted. After they moved out it cost me over $7,000 in repairs. 

Yup, a sump pump

Get a bid from Adam Mills LLC - http://adammillsllc.com I think you'll be pleased with $ and job.