Evictions and Terminating Tenancies (in Minnesota)

hand-65688_1280-PDIf you have a tenant that you want to get rid of, there are many ways to go about it.  In Minnesota, here are the main ways and reasons to evict.  Minnesota is the host cost eviction in the Nation, so make sure you are prepared.  In 2013 the costs were as follows: $320 court costs, $100 to serve the summons, $55 for the writ.  $125 to serve the writ.  Plus vacancy, repairs, lost rent, and aggravation. Continue reading “Evictions and Terminating Tenancies (in Minnesota)”

My Rental Strategy And Property Management

chess-335142_1280-PDI 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.

Avoiding Lockouts and Keeping Track of Keys

SchlageOne way to reduce tenant lockouts is to have a deadbolt with a key, not a locking door knob. Change the actual door knob to a hall /closet knob.  One without a lock.  The security is provided by the deadbolt, you do not need two key-able locks.  That way, you can only get locked out if you had the keys when you left.  

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How to Find Investment Property

man-156785_1280-PDThe best investment property is one you can walk to.  But if the deal is super-great, going across the country is OK, but it better be real super-great.  If it’s that great, others across the country are also looking at the property.  And local investors have already passed on it.  You will pay more in expenses when a property is located more than a few minutes away from your main location.  Wherever you are, you have to know how to find investment property.

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