Everyone in Minneapolis seems to have a different take on the TJ Waconia fraud cases associated with North Minneapolis.  I don’t claim to know everything about it or even have an opinion if they are guilty or not.  A great summary was written by MyFox9 News, with a nice counter point by the Minneapolis Mirror.

In April 2008, the City of Minneapolis “took charge” of 141 North Minneapolis properties previously owned by TJ Waconia.  The interesting twist is these properties are no longer owned by TJ Waconia, but by the banks that foreclosed on them.  Almost all of those properties are now on the market for sale via the MLS.

Recently, I was trying to write a purchase agreement on one of these properties.  I spoke to the listing agent to see if the property was still available.  They explained that they receently received an email detailing the following:

• A buyer would submit a purchase agreement as normal on one of these properties.
• Once it was accepted by the bank, the buyer’s agent would need to contact the Greater Metropolitan Housing Corporation, a non-profit.
• The non-profit will then have a new truth in housing inspection performed.
• The buyer will then be required to sign an assumption of all required repairs (which is typical with foreclosure properties).
• The buyer will also be required to submit a repair plan for the property including cost estimate, time tables, and contractor names.
• Once received, the non-profit will submit all this information to the attorney overseeing the lawsuit against TJ Waconia.  He will approve the sale.  How will approve it or what other information he may require is still uncertain.
• Only then can the closing be scheduled as the title company will need this approval in place to proceed.

Quote by listing agent for time requirement from acceptance to closing=90 days!

How does the City of Minneapolis believe this is going to help North Minneapolis?  What buyers are going to wait 90 days to close on one of these 141 properties where there are almost 600 other ones to buy?

I decided to upgrade the look of the site.  The old design had been with me for 12 months and I just thought it was time for an update.  I hope you like it.  Now you can see when the next Investment Property seminar is coming up and the top posts.  It is also much easier to sign up for the posts via email in the first sidebar.

If you are a RSS Reader, come over to www.MinnesotaInvestmentRealEstate.com and check out the new design.

Hope you like it.  I do!

Scott

You could almost argue that this entire blog eventually ends up at Tenants.  They are why we are in business.  They are the customers.  They are the headaches.  They are the money (inbound from rent and outbound from repairs).

Here are just a few of the best posts from the last 12 months about tenants:

• Once a Bad Tenant, Always a Bad Tenant
• Investment Property Rent Collection
• Can’t Evict if Always Late on Rent!
• 7 Secrets to a Happy Tenant
• Reverse Prospecting for Tenants
• Section 8 or Not Section 8

As I tell my new investor clients, “being a landlord is unlike anything else you have ever done”.  It is good to read everything you can about being a landlord and managing tenants.

There are really several categories that are similar on this blog, owning property, landlord ideas, tenants, leasing, etc. I use owing property as general category for simply owning a property. These are ideas on how to save money or make life as a landlord easier for owning property. Here are some of the more notable posts over the last 12 months:

• Investment Property Accounting
• 7 Ways to Generate More Income from Single Family Investment Properties
• Here are the methods that are helping me manage 28 rental units
• Stop throwing money away at your rental properties!
• Who do you call when your Investment Property is on Fire?

More “best of the Investment Property Blog” coming over the next couple days.