 New investor (by Andrew [MN]) Mar 26, 2019 11:02 AM
 New investor (by DJ [VA]) Mar 26, 2019 2:45 PM
New investor (by MikeA [TX]) Mar 26, 2019 4:49 PM
New investor (by Robert J [CA]) Mar 27, 2019 8:13 AM
New investor (by DJ [VA]) Mar 27, 2019 12:10 PM
New investor (by BRAD 20,000 [IN]) Mar 28, 2019 10:32 AM
New investor (by BRAD 20,000 [IN]) Mar 28, 2019 10:40 AM
New investor (by Andrew [MN]) Posted on: Mar 26, 2019 11:02 AM
Message:
State Specific Question About: MINNESOTA (MN)
I'm a new (potential) real-estate investor. I'm currently looking at owner-occupant duplexes in the St. Cloud area. I've seen that a rental license is required in St. Cloud including inspection. Since I'm viewing a potential property in a couple weeks, I'd like to know if anyone has had experience with renting in St. Cloud and dealing with their particular brand of red tape. What are some common issues you run into? I'll be asking and learning more about tenant screening (specifically with college students) at a future time. For the moment I'd like to focus on finding a property that will be able to get approved for a rental license without major repairs. Thanks! --74.207.xxx.xx |
New investor (by DJ [VA]) Posted on: Mar 26, 2019 2:45 PM
Message:
This sounds like the Andrew I spoke to earlier. Glad you came here to learn.
It may be useful for posters to know this will be your first real estate purchase (not just first investment), and that you plan to live in one side.
It's a great way to start out - having a tenant pay (or help pay) for your housing.
Look in the upper left area of this page, and click on "Landlord/Tenant state laws", for studying. You are wise to learn in advance and try to get it right from the start.
There are some MN landlords here who should be able to help you wade through some state-specific things to look for. --68.10.xxx.x |
New investor (by MikeA [TX]) Posted on: Mar 26, 2019 4:49 PM
Message:
Welcome. I've seen a lot of guys start out by living in half a duplex and letting the tenants pay the mortgage. DJ has set you on the state laws as a good start. I would also consider attending some training, I hear the Landlord Boot Camp offered here is very good. Personally, I read probably 20 books to help me get my feet under me, Jeffrey sells a number of good books on this site. There are a lot of topics to consider from buying at the right price, meeting local regs, financing, tenant selection, leases, and maintenance to name a few so you need to expand the learning to help you avoid expensive mistakes. As always, you can post questions here and get some excellent advice absolutely free. --50.26.xx.xxx |
New investor (by Robert J [CA]) Posted on: Mar 27, 2019 8:13 AM
Message:
Many of my friends make the mistake of buying a home instead of a duplex with rent coming in from one side. Over the years they rent goes up and the cost of living there for the owner goes down. You build wealth, equity and the ability to buy more income property over the years.
Ownership in the rental business is easy, so long as you stay on top of repairs. --47.156.xx.xx |
New investor (by DJ [VA]) Posted on: Mar 27, 2019 12:10 PM
Message:
Contact the codes enforcement office (or whatever they are called in St. Cloud), and ask them as many questions as you can think of - as many as they are willing / have time to answer. Be polite and appreciative of the time of the person you speak to - start by saying "I need your help, please". If it's not the right person, speak to as many people as necessary to get as much information as you can. Get written info / directions for where to look online, as well as this person's explanation of how things work.
--68.10.xxx.x |
New investor (by BRAD 20,000 [IN]) Posted on: Mar 28, 2019 10:32 AM
Message:
Andrew,
I hear horror stories from some areas which require licenses and inspections. In one case the city is threatening to pull my friend's license which means he cannot rent ANY of his multi million dollar investment. His city's license os by LANDLORD, not by PROPERTY.
Like HOAs I don't want mealy mouthed govt employees managing my business. They generally don't like LLs. It only takes ONE govt employee to ruin your "day".
BRAD --73.102.xxx.xxx |
New investor (by BRAD 20,000 [IN]) Posted on: Mar 28, 2019 10:40 AM
Message:
Here's my advice to every new investor:
Knowledge is power and profit.
There is TONS of knowledge out there for what you hope to accomplish but it does not come to you. YOU have to get up and go get it. Invest in your knowledge as you would a college degree to earn a healthy six figure income.
You need to learn 3 new basic skills:
-Learn how to find properties and buy right
-Learn how to rehab/repair
-Learn how to manage a rental. Lotsa legal stuff and managing people to learn.
These can be learned one at at time in that order.
How?
Get to National Landlord Convention in May. Learn from great speakers and rub shoulders with multi millionaires at dinner, etc. Millionaires don't come t knocking on your door to teach you how to become rich. YOU must go to THEM. Convention is geared for that.
Info on this home page. The agenda usually covers the basic topics I outlined.
BRAD
--73.102.xxx.xxx |
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