Subscribe to RSS
  • The Best Inv...
    It is amazing how often I ...

    The Best Investment Property Holding Entity is the LLC

    It is amazing how often I am asked by people starting in real estate investment: "What type of corporate structure ...
  • Low Ball Off...
    Whenever I am working with a ...

    Low Ball Offers on Bank Owned Foreclosure Properties

    Whenever I am working with a buyer and we are looking at bank owned (or REO) properties, the question always ...
  • 8 Tricks to ...
    Making offers on foreclosed properties can ...

    8 Tricks to Getting Your Offer Accepted on that Foreclosed Property

    Making offers on foreclosed properties can sometimes be a daunting task even for seasoned real estate agents and investors. Each ...
  • Once a Bad T...
    I have been beating myself up ...

    Once a Bad Tenant, Always a Bad Tenant

    I have been beating myself up lately over my bad tenants. In the last 30 days, I have had to ...
  • 7 Questions ...
    Several days ago, I referred to ...

    7 Questions to Ask Your Realtor About Investment Property-My Response

    Several days ago, I referred to a great post by Chris Lengquist's at Kansas City Real Estate Investing named: 7 ...
  • 7 Secrets to...
    Now I am not suggesting that ...

    7 Secrets to a Happy Tenant

    Now I am not suggesting that you let the tenants live there for free or pay rent as late as ...
  • Expiring You...
    Even though I own a lot ...

    Expiring Your Leases

    Even though I own a lot of investment real estate, I had never put much thought into when my leases ...
  • Landlords: ...
    When is the last time you ...

    Landlords: Watch your Water Bill

    When is the last time you examined your water bill? Are you sure it is correct? How much water should ...

Tenantsshow all tenants articles

Landlord Call to Action:  Don’t Wait to Start The Eviction
Landlord Call to Action: Don’t Wait to Start The Eviction(7)

I was in eviction court last week in Hennepin County.  I love sitting and listening to the other court cases.  Sometimes it is a little like a case of Cops or Judge Judy!  It is good entertainment to hear what the landlord and tenant say about why they are in court today.
This last week I [...]

Eviction Woes
Eviction Woes(4)

I get a lot of questions about tenant evictions.  I suppose it is like any job, it is the one thing that landlords have in common across all investment properties.  Here is a recent note I received:
I have a renter who’s lease expired in September so she is on a month-to-month lease currently. She has [...]

Can You Be Liable for Comments About Tenants?
Can You Be Liable for Comments About Tenants?(1)

Everyone knows the drill, you take a rental application and you call the previous landlords to see what this person was like as a renter.  Surprisingly, despite the number of tenants I go through in a year, I rarely get those calls.  When I do, I am happy to tell the caller what I think [...]

read more

Buying Propertyshow all buying property articles

How to Buy a HUD Home
How to Buy a HUD Home(1)

In the past 12 months, I have been showing and selling many more HUD properties.  I would estimate that 1 in 10 are HUD listings up from 1 in 100 just 2 years ago.  The process is much different than buying a typical REO and you need an experienced agent that can help you navigate [...]

The Offer Conspiracy Theory
The Offer Conspiracy Theory(2)

I just had it happen again today.  Property has been on the market for 75 days.  I checked with the listing agent last night, no offers.  We wrote up an offer and I sent it in around noon today.  He writes me back at 2pm and says he now has 2 more offers.  What!?!#@%
This has [...]

Short Sale Terminology
Short Sale Terminology(0)

I got a great question from a long time reader, John Gall, today.  He asked:
When I look at the [other company's] site which I’m sure pulls from MLS I’m seeing the following status on the listings.  It would be interesting to have an explanation of why one is chosen vs another.  Some are obvious but [...]

read more

Selling Propertyshow all selling property articles

Question:  Is there typically a 1099 on a Short Sale
Question: Is there typically a 1099 on a Short Sale(2)

One of our team members asked the following question today:
Can you or the team answer a question about 1099 income on a short sale. I thought a home owner who sold via a short sale wasn’t liable for the difference with the Debt Forgiveness Act?
I’ve just received an approval from the bank on my short [...]

Save Money in Taxes When You Sell
Save Money in Taxes When You Sell(3)

What can a 1031 Exchange Do for You?
When you go to sell your appreciated property, it would be a real waste to give away much of your hard earned equity because of capital gains taxes. A 1031 exchange appeals to only one kind of investor: The investor who wants a better investment without getting socked [...]

Scam:  How to Sell Your House in 5 Days-Update
Scam: How to Sell Your House in 5 Days-Update(2)

Back in November, I came across an article that talked about how this writer saw an ad on Craig’s list for a property that was 50% below the market price for the neighborhood. It had him intrigued. He proceeded to check out the upcoming open house only to find out that it appeared to be [...]

read more
Three Interesting Housing Articles
Three Interesting Housing Articles(1)

I found these very interesting housing articles recently published.
BofA developing foreclosure rental programs to deal with distressed properties-BOA, Fannie and Freddie are trying to figure out how to move some of these non-performing mortgages or worse these REO properties that they own.  Banks have an estimated $50 billion worth of REOs on the books right [...]

Cheap Locks and Such
Cheap Locks and Such(7)

**Update:  See the below comment from EG, who tried these locks.  In retrospect, I was wrong on this article.  Paying more for locks is the smart thing to do, because I have found that the front doors on my rentals take a lot of abuse.  A cheap lock is going to just result in many [...]

Fall Projects for Your Investment Property
Fall Projects for Your Investment Property(1)

Fall is a great time of year.  The grass slows down growing, I can open the windows and not have to run the A/C.  Kids are back in school.  I am realizing I like fall because of all the things that I don’t have to do or take care of!  Oh well.
This is also a [...]

Landlord/Tenant Law Training
Landlord/Tenant Law Training(7)

I was thinking about using some cliche’ to start this post off with like:  “You can’t teach old dogs new tricks” or “you are never too old to learn”, but I just couldn’t bring myself to do it!  I was invited to a training course about a month ago that was sold as landlord training.  [...]

Tips for First Time Landlords
Tips for First Time Landlords(3)

When it comes to being a first time landlord, there are plenty of things that need to be considered aside from purchasing flats to rent. Being a landlord is a great way to bring in some extra money and even make a living; this, however, is not to say that it is easy or [...]

Raising Rent on Your Section 8 Tenants
Raising Rent on Your Section 8 Tenants(1)

Despite being a landlord for over 6 years, I swear I learn something new in this business every month.  Have you ever leased your property to a tenant (Section 8 or not) for less than you were really trying to get?  Most of us have.  Maybe it is a slow rental time of the year, [...]

read more

Owning Propertyshow all owning property articles

Rental Inspections Challenged in Court
Rental Inspections Challenged in Court(0)

The Minnesota Supreme court overturned a lower court ruling this week that could hurt the many cities that are now requiring rental inspections.  The case involves a Red Wing city ordinance that requires that all rental properties have on-site inspections performed by the city.  Any landlord that was unwilling to allow the inspection was issued [...]

PO Boxes & Landlords
PO Boxes & Landlords(1)

I am not sure where this came from or who starting teaching it.  I have heard many old-school landlords say that they use a PO Box for their rent checks.  I guess the theory was that you don’t want your tenants to know where you live.  I suppose in case of a zombie apocalypse that would be [...]

Minneapolis Occupancy Limits
Minneapolis Occupancy Limits(0)

For as long as I have owned properties in Minneapolis, I have always been confused by the occupancy limits per unit.  The official language of the housing rules and standards for occupancy is:
The maximum occupancy for a dwelling unit located in in these zoning districts [R1, R1A, R2, R2B, R3] is one (1) family plus [...]

read more

Leasingshow all leasing articles

Market Rents are Up, Vacancies Down Again!
Market Rents are Up, Vacancies Down Again!(1)

If you were a landlord and lived through the mid-2000′s, you saw market rents fall as many better tenants were buying houses and vacancy rates were climbing. I had to make major upgrades to many of my rental units AND take 10-20% drops in monthly rental amounts to get or keep some places rented. This [...]

LL Tip: The Landlord Trap, Do not get caught in it.
LL Tip: The Landlord Trap, Do not get caught in it.(0)

Our guest blogger is Eric Drenckhahn, edrenckh@gmail.com, 651-283-7651.
This is a rental situation that is run across many more times than you think.  If you think it is your tenant scenario, it may be, but it happens so often it isn’t funny.
So you have found a tenant.  They are solid people, from a criminal standpoint.  Not [...]

Advance Rent Payments:  Collecting the “First and Last” Month’s Rent
Advance Rent Payments: Collecting the “First and Last” Month’s Rent(1)

Matt Engel is our guest writer for today.  Matt is an attorney and a Minnesota Real Estate Show radio partner.
Q: “I have a new tenant who will pay the first and last months rent in advance due to bad credit.  If they are late on a month can you still evict or do you wait [...]

read more

Contacts and information

  • 612-281-5419
  • Scott Ficek

Copyright, Scott Ficek-2011

Re/Max Advantage Plus
MN Real Estate Team
17850 Kenwood Trail
Lakeville, Mn 55044
952-898-5800

Social networks

Most popular categories

© 2011 Gadgetine Wordpress theme by orange-themes.com All rights reserved.