All Forum Posts by: Amber Gonion

@Eric Reed Conforming: 620,200

FHA: 469,600

@Jacob Gerber just a polite email would be warranted. Often the younger tenants don’t understand what could happen if water gets on the floors.

@Alexander Lang in MN the issues with HOAs was addressed in the adjustment to the law in 2011. Before that it would happen that a townhome association would reach its 20 year mark and then realize that the had no reserves for driveways, siding or roofing.

Now the HOAs are mandated by law to have and evaluate reserves every three years. This reduces the risk of investing in townhomes for investors worried about sharp increases in dues.

@Nandy B. My husband did a 46k sfh. FHA loan, did rehab on the kitchen, yard, and porch. About 10k plus sweat, sold a year later in 2008 for 120k.

Under the proposed rule, landlords can’t deny an applicant on the basis of a misdemeanor if the conviction is older than three years and felonies seven years or older, and in certain cases of arson, assault or robbery, convictions more than 10 years old. The ordinance would not allow eviction judgments to be disqualifying if they happened three or more years earlier.

The ordinance would also limit how credit screenings are used, including preventing landlords from denying an applicant because of insufficient credit history. The proposed ordinance would also cap the amount landlords can charge for a security deposit at a month’s rent.

This is not good for Minneapolis.

MINNEAPOLIS (FOX 9) - The Minneapolis City Council voted unanimously Friday morning to approve a controversial new ordinance designed to protect renters.

The ordinance prevents landlords from using old criminal or housing records to deny applicants. 

Previously, property owners could look at someone’s criminal and credit history before renting to them, sometimes going back a decade. Renters said mistakes of the past should not affect their future, especially something from ten or twenty years ago.

The ordinance passed 12-0.

@Johnny Nelson we sit in closings almost every day across from sellers that have owned properties for ten years and never increased rents. They often buy properties set rents, fill them and are happy with the returns. They don’t want rock the boat and find new renters or do turns so they leave the rent in place. Often they don’t even make up new leases just let the first lease go to month to month.

Check when the lease is up, notice period and increase. Be sure give notice before the 1st of the month waiting until the 1st will put you into the next cycle and additional days.

I don’t feel bad at all raising rents for these renters they have been paying less than market rent for years, what’s so bad about paying the going rate?

@Jordan Theisen set up a Llc and run two business bank accounts operating account and deposit account.

@Robert Tinker this is a lease violation. You PM should be handling this, if they fail to transfer utilities and don’t correct it when informed the PM should be working to remove them, this likely won’t get better, only more expensive.

Shutting off utilities that they are responsible for is likely your PMs effort to building a case to remove them. Going to court for eviction for a unpaid utilities likely will result in them paying the bill and staying. Be sure to check your state law (PM will know) concerning allocation of payments, depending on the state and circumstances you may not be able to allocate their payments to pay utilities and charge late rent. Often late or no payment of charges other than rent are not legal grounds for eviction.

Pm and attorney are your best guides in this situation.

@Nyia Xiong Welcome, take in as much advice as you can it is cheaper than learning from mistakes.