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”
Why Avoid Tenants with Credit Scores Below 600?
The fact is, about 85% of America has a credit score above 600. At 600, you start to get below a 50% default rate on mortgages, and an even higher default on rents. Remember, you are not looking for an average renter for your quality unit; you want a quality renter for your quality unit. Continue reading “Why Avoid Tenants with Credit Scores Below 600?”
Evictions and Terminating Tenancies (in Minnesota)
If 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)”
A Week in the Life of a Landlord – 2014-03-16
What is it really like to follow me in my footsteps? Keep in mind, every day began with my real job, from ~8-~5. This is somewhat is a typical week, maybe even a bit slower than most. Follow me in a week in the life of a landlord. Continue reading “A Week in the Life of a Landlord – 2014-03-16”
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”
Malware SUCKS!
I was attacked by a malware virus, but now all is permanently well, I hope. I just know malware sucks!
I deleted and re-installed my WP site this AM, but if I would have had WordFence, it would have been easier. I have it now. I have only been blogging for a month now, I backdated a few entries to make it look like a longer period (lol). Luckily I had a backup.
In any case, I should have had something like WordFence already, but I would never had thought my small site would ever be a target. I guess I should take that as a compliment.
Thanks again to other bloggers who helped me out!
My Sixth Investment Property and First Sheriffs Sale Purchase
In Minnesota, we have a fairly involved foreclosure process. After a sheriff’s sale, the owners has 180 days to redeem the property, and prevent the property from returning to the lien-holder. This was my first sheriffs sale purchase, and my sixth investment property purchase.
Continue reading “My Sixth Investment Property and First Sheriffs Sale Purchase”
A Day in the Life … Busy Weekend
The weekend started pretty well. I finished up a few things in the apartment that I was turning over. The tenants were scheduled to arrive at 12 noon, so I had some time to do a virtual tour and a final once over. Continue reading “A Day in the Life … Busy Weekend”
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.