All Forum Posts by: Todd Solberg

Hello all, I hope this is where to post on deal analysis. This is an off market deal brought to me in a good school district in Rochester, MN

In talking with a realtor typically multi's are selling for 100x the gross rent.  Rents are currently 1550/month so 155,000 would be the selling price. The owner is asking 220,000 

A standard 10 year old sfr is selling for about 200,000.

Let me know what you think on an offer, if any, I should make. 

Thank you!

Up/Down Duplex built in 1980s or so. and located in a c+ area I wouldn't be afraid at night.

-Unit 1: 2 bedrooms, 1 (full) bath

-Unit 2: 2 bedroom, 1 (full) bath

-All utilities, garbage, etc are paid by renters. Nothing paid by owner except for insurance & taxes.

-I don’t anticipate any major repairs or replacements being needed in the near future.

Recently replaced the fans in both units’ furnaces.

Brand new dishwasher in unit 1. (unit 2 doesn’t have a dishwasher)

Recently serviced the dryer in unit 2.

980 sq ft for unit 1 (upstairs). 845 sq ft for unit 2 (downstairs).

-2 car detached garage and also a shed in the backyard.

Here is the basic financial info:

-Rents received in 2017: $18225

-Insurance in 2017: $901.49

-Taxes in 2017: $3,200

expenses outside of insurance & taxes are:

-Management fees (8% gross monthly rent)

-Repairs & Maintenance:

o$838.42 in 2016

o$2,045.97 in 2017

-Mortgage interest expense

-City rental license fee ($35/yr)

Will be there!

Are there assumable loans out there anymore? Banks tell me they don't exist whenever I apply for a mortgage. 

Question on talking to the city/county/state and how to protect yourself.  As landlord do you document when you call the city and who you talked to to protect yourself from any litigation because the "new person" at the city/etc. gave you the wrong information?  I'm guessing that is rare. 

Thanks this was a helpful post....I hope all the security cameras he installed were ok'd by you! 

welcome to BP!  From what I have heard Minneapolis is not a landlord friendly market. That said, I would recommend house hacking which will give you experience while building equity. 

In Minnesota the actual filing fee is about $150. And you can do it yourself via the secretary of state office. You can then assign a DBA (doing business as.) Example: ABC, LLC doing business as Kittock Properties. I think the DBA is free.

Hi Karen! Welcome to BP! Keep me updated on your progress...very excited for you!

I have created an event for May 18th @ 7pm Keller Williams. You can find it at:

Hello!

We meet every 3rd Thursday 7-830pm @ Keller Williams 2765 Commerce Dr NW, Rochester, MN 55901 this is a small, non intimidating, group to talk about real estate investing. Please join us!

@Sean Cole

Welcome to BP! This site is amazing and the people are very helpful! 

I agree...house hack for sure...wish I would have done that!