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All Forum Posts by: Amber Gonion

Amber Gonion has started 12 posts and replied 658 times.

Post: St. Paul SF, Fix and Flip, ARV $150k

Amber GonionPosted
  • Real Estate Broker
  • Hugo, MN
  • Posts 688
  • Votes 596
@Nathan Platter I think I am already on your list, but add me if not. Congrats on the quick sale.

Post: Minnesota real estate

Amber GonionPosted
  • Real Estate Broker
  • Hugo, MN
  • Posts 688
  • Votes 596
@Connor Ifkewitsch congrats, great to see you starting out young. Let me know if you want to network.

Post: how to disclose a wet basement to a tenant

Amber GonionPosted
  • Real Estate Broker
  • Hugo, MN
  • Posts 688
  • Votes 596
@Michael B. Great answers from everyone. I would like to add that you should be sure to require renters insurance just to additionally cover yourself. We always recommend it anyway as a buffer between the tenant suing the landlord if they or a guest have a 50k slip and fall or sewer backup they can go to their own insurance before tapping into yours.

Post: Late fees in Minnesota

Amber GonionPosted
  • Real Estate Broker
  • Hugo, MN
  • Posts 688
  • Votes 596
@Jason Nelson 8% is the max on the unpaid portion of the rent. There two ways of going about it, one is to collect 8% on the date after the rent is due, the other is to collect a small amount each day until you reach 8%. Neither is right or wrong I prefer 8% on the 5th of the month because I enjoy the extra income, but collecting in accruing amounts gives the tenant motivation to pay once they are late. It is good to have a hard date of when you will file for eviction if the rent is not paid, but be aware that if they go to court and pay the rent they will be able to stay. Late payments sometimes are a huge red flag and other times a great way to earn 8% on a short term loan. Not all late payers end badly. Each situation needs to be evaluated based on the type of property, the reason for late payments, and your resources to cover lates.

Post: How to avoid taxes with primary income from flipping properties?

Amber GonionPosted
  • Real Estate Broker
  • Hugo, MN
  • Posts 688
  • Votes 596
@Clayton Coombs. Since the flipping market is like real estate and has highs and lows I would consider tax free annuities as part of yiur strategy. You are able to put your money in and collect either a lifelong payment or a set term. You only pay taxes on the money paid out. Great for stability and providing income streams for bank loans etc.

Post: New Investor in Minneapolis, MN

Amber GonionPosted
  • Real Estate Broker
  • Hugo, MN
  • Posts 688
  • Votes 596
@Tanner Wild welcome to bigger pockets. There are many questions that get answered here, and lots of great stories and connections. We recommend to look at properties long before you are ready to buy and run the numbers. The more properties you see the better prepared you will be once you see a good deal.

Post: I want this property, how do I get it?

Amber GonionPosted
  • Real Estate Broker
  • Hugo, MN
  • Posts 688
  • Votes 596

Your agent should be giving you all these options not our group.  If you don't think your agent can give you every option available and suggest the correct one, find a new agent.

Post: Some beginner questions for St. Paul MN area

Amber GonionPosted
  • Real Estate Broker
  • Hugo, MN
  • Posts 688
  • Votes 596
@Bobby Esposito @Tim Swierczek would be an excellent choice for a lender, we work with Tim often as we share many clients in common. Because of the frequency of transactIons it makes thIngs go smoothly.

Post: AppFolio vs Buildium for a 90 unit and growing portfolio

Amber GonionPosted
  • Real Estate Broker
  • Hugo, MN
  • Posts 688
  • Votes 596

I have used both Appfolio and Buildium. Out of those two options I would suggest Appfolio for a larger portfolio. As you stated, it has many more features and capabilities and is a better option if you intend to grow. I prefer Yardi and RealPage Onesite over Appfolio, but they are much more expensive. 

Post: Dishwasher repairs: When to say no?

Amber GonionPosted
  • Real Estate Broker
  • Hugo, MN
  • Posts 688
  • Votes 596

Ask yourself this, at the end of their lease if it still smells will you fix it when you show it to a prospective renter?