Most residential leases have a clause in them that say the tenant is responsible for all “Attorney Fees”. This was very common until the Minnesota Tenant’s Bill of Rights passed last year, in 2010. Continue reading “Attorneys Clause in Leases”
My Eighth Investment Property, my second 4-plex
My eighth investment property was a bit more creative. It was a 4-plex, built in 1984 (i.e. no lead paint issues). All four of the apartments were three bedrooms, 1 bath. As with most of my properties, it was a distressed sale. Continue reading “My Eighth Investment Property, my second 4-plex”
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My Seventh Investment Property, my first 4-plex
I owned three investment properties at this time, and was preparing to buy another. I saw values going up considerably, and thought it might be worthwhile to buy another rental property. Continue reading “My Seventh Investment Property, my first 4-plex”
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My Sixth Investment Property and First Sheriffs Sale Purchase
Continue reading “My Sixth Investment Property and First Sheriffs Sale Purchase”
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My Rental Strategy And Property Management
I recently did a guest post for Kim at Eyes On The Dollar. Kim is a private practice Optometrist and a personal financial blogger. She has some great tips for financial independence and getting out of debt. She is not someone who just says “Spend less, pay bill”, she actually experienced the thrill of paying off over $30K worth of credit card debt!
Here is the link to the post regarding my Rental Strategy. I hope you like it.
There are many so called RE investors that pretend to cash flow, and they are not calculating any of the soft expenses. Management, Vacancy and Maintenance are the big three. Maintenance being a thing you can put off, and see profit, but it is in actuality deferred maintenance. I allocate 10% of rents towards maintenance in my budgets, 5% for vacancy, and 7% for management. And I expect ~15% ROI if I make the purchase.
All investors MUST have a rental strategy if they are going to be profitable. My net worth went up considerably after I started investing in rental property, and it continues to climb. My income, already decent, went up by over double.
Read More at: Rental Strategy And Property Management
Please let me know what you think of it.
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When You Purchase Properties, Make Sure You Know your Market
Know your market. When a great deal comes up on an investment property, there will be multiple offers. You want yours in, and accepted, before the other offers even come in. Knowing what a good price is saves time. The ‘other guy’ is writing an offer while you are still thinking about it. Continue reading “When You Purchase Properties, Make Sure You Know your Market”
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My First Investment Property
My first investment property I was ever involved in was before I ever owned a place for myself. I was living in my dad’s duplex while I was going to college. I was lucky, he paid the bills, and I paid for my college. He lived somewhere else, although it was close by. This is the story of how I became the owner of my first property. Continue reading “My First Investment Property”
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Why is my Renters Credit Score different?
The difference in a renters credit score, and the one you get is this. Many background check companies, such as mcccgrp.com, use a true FICO score, developed by Fair Isaac Corporation (FICO). If you are gong to be a successful landlord, you need to understand the relationship between tenant performance and credit score. Continue reading “Why is my Renters Credit Score different?”
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My Introduction to Landlording, Trial By Fire
I am a landlord in Minnesota. I have 24 renters, located in Eagan and West St Paul. This is my introduction to landlording and journey…. Continue reading “My Introduction to Landlording, Trial By Fire”
