Archive for October, 2008
Beware of Expired Rental Licenses
I have previously written about the new Minneapolis Rental License Fees. I have even talked about how the City of Minneapolis has hired people with the sole purpose for finding unlicensed rentals.
When buying an investment property anywhere, not just in Minneapolis, it is easy to assume that the property that you are buying has a [...]
I have previously written about the new Minneapolis Rental License Fees. I have even talked about how the City of Minneapolis has hired people with the sole purpose for finding unlicensed rentals.
When buying an investment property anywhere, not just in Minneapolis, it is easy to assume that the property that you are buying has a rental license. You need to check! In many cities, you can simply call the licensing department. In Minneapolis, you can simply dial 311 and they will tell you.
The problem with no active rental license is that it can cost significant amounts of money ($1000 fee plus license cost in Minneapolis) to get the building licensed again. In some cases, the building may not be eligible for a license (See my License Lost for Good story).
Do your homework!
Carnival Of Real Estate is Coming!
For those of you that have spent anytime cruising the real estate blogosphere, you may have run across a reference to the “Carnival of Real Estate“. The goal of the Carnival, as it is know in the real estate blogging community, is to:
..bring together the best real estate bloggers from around the [...]
For those of you that have spent anytime cruising the real estate blogosphere, you may have run across a reference to the “Carnival of Real Estate“. The goal of the Carnival, as it is know in the real estate blogging community, is to:
..bring together the best real estate bloggers from around the country (and world) to share information about what we’re all passionate about: real estate. This is intended to be a forum for everyone to participate. Like a potluck, everyone brings something and may the best dishes be recognized each week. [from their website]
The interesting part about the Carnival is that each week it is hosted at a different blog/web site. I am excited to announce that on November 3, this blog, Minnesota Investment Real Estate, will host the Carnival. It will give our readers the chance to experience different blogs, new writers, and interesting articles that they may have not have been exposed to previously.
Mark the date on your calendar!
Scott Ficek is a Realtor with Re/Max Advantage Plus in Minneapolis and helps new and seasoned investors buy and own Minnesota investment property. He owns and manages almost 30 investment property units from single family to multi-family. Find his website at www.minnesotainvestmentrealestate.com or receive his blog via your RSS Feed or in your Email.
Tenant Love Notes
Maybe this isn’t the right title for these letters, but if you are a landlord for any length of time, you will get one. They are similar in concept to the “Dear John” letter that soldiers used to receive.
This tenant love notes is slightly different, it is usually sent with the rent check folded up [...]
Maybe this isn’t the right title for these letters, but if you are a landlord for any length of time, you will get one. They are similar in concept to the “Dear John” letter that soldiers used to receive.
This tenant love notes is slightly different, it is usually sent with the rent check folded up in it. Typically it is used to explain why rent is late, but more often it is to explain why they have short paid their rent this month. Here is an example of one:
If you read the letter it starts off by saying: “I am sending you five hundred dollars [when the rent due is $800] and I will pay the rest of Oct rent on the 31st of Oct.”
At this point, you need to make a decision whether you are going to wait for the remainder of the rent ($300) or not. I believe the decision is going to depend upon their previous pay history, the condition of the apartment, time of year, and your motivation.
If I am not willing to wait, I can start the eviction in Minneapolis. Most likely, they will be out by Mid-November (assuming they don’t pay). I would then have to clean and prep the apartment for showings for a December 1 move-in. Although leasing apartments in December is possible (and has actually gotten easier with the low vacancy rate), it is not my favorite.
I have decided that I am going to wait and see if they follow through on their commitment. If they don’t, the next day, I am at court.
Next Investment Property 101 Seminar
[ November 18, 2008; 6:30 pm to 8:00 pm. ] Are you watching the prices of the investment properties around you fall like rocks? Are you still unsure how to get started with investment real estate? Attend this FREE one and a half hour seminar. There is no charge at all, no contracts you sign with us, no consultation fees, no hidden agenda. The seminar [...]
| November 18, 2008 | ||
| 6:30 pm | to | 8:00 pm |
Are you watching the prices of the investment properties around you fall like rocks? Are you still unsure how to get started with investment real estate? Attend this FREE one and a half hour seminar. There is no charge at all, no contracts you sign with us, no consultation fees, no hidden agenda. The seminar simply will be an excellent opportunity for you to learn more about our process and meet a team of investment real estate professionals that can hold your hand through the finding, financing, buying, renting and owning your first investment property.
Let our experience get you started!
Register for the seminar by filling out this quick registration form or call 612-281-5419 for more information.
Minnesota Investment Property Seminars
There is still time to register for the Investment Property 101 seminar for newer investors being held at 6:30pm on Tuesday, August 21 in Burnsville.
We also have a few spaces left at the popular Investment Property 201 seminar, titled: How to reduce your taxes by owning investment real estate, coming up on October 28 at [...]
There is still time to register for the Investment Property 101 seminar for newer investors being held at 6:30pm on Tuesday, August 21 in Burnsville.
We also have a few spaces left at the popular Investment Property 201 seminar, titled: How to reduce your taxes by owning investment real estate, coming up on October 28 at 6:30pm in Burnsville.
Click here to register for either Investment Property Seminar.
After Hours Calls from Your Investment Property
The majority of my customers are new investors. The most successful ones want to know everything about not only how to buy an investment property, but how to own one and be a successful landlord. A frequent question that I get asked is: “How often do you get calls at night”. This must be one [...]
The majority of my customers are new investors. The most successful ones want to know everything about not only how to buy an investment property, but how to own one and be a successful landlord. A frequent question that I get asked is: “How often do you get calls at night”. This must be one of those stereotypical images non-landlords have of owning investment properties.
Truthfully, owning and managing 28 rental units, I get a 2-3 calls after 8:00 pm per year. They are probably evenly divided between a heat out call and some neighbor calling about a bad tenant doing something they shouldn’t be.
The heat out calls I obviously take seriously and deal with immediately. Occasionally I am frustrated by those calls as the heat had not been working all day, but the tenant waited until after hours to contact me.
When I get the irate neighbor call, I handle it in several ways depending upon the neighbors posture and request. If it is something simple, like a stereo playing after hours and the neighbor is reasonable and courteous, I will commit to calling the tenant to talk to them. I do, however remind the neighbor to call the police so we can get a police call on record against the tenant for possible future eviction.
If the neighbor is irate and has good reason to be, but is being respectful, I may drive down to the property and see what is going on. I will recommend for them to call the police immediately, though. Only a couple times have I got an irate neighbor that is insulting or demeaning on the phone. Then I simply remind them that I am not the tenants parents and they should take it up directly with the tenants or the police (end of call!).
Taking calls after hours will also vary depending upon what type of properties you own. If you have single family houses in nice areas, I would expect you would never get a call unless the property burned down! In rougher areas, you will probably take more calls.
Have you always wanted to buy investment property, but never knew where to start? Don’t Wait! Get Started now.
Scott Ficek is a Minnesota Real Estate Agent with RE/MAX Advantage Plus in Minneapolis and helps new and seasoned investors buy and own Investment Property. He owns and manages almost 30 investment property units from single family to multi-family. Find his website at www.minnesotainvestmentrealestate.com or receive his blog via your RSS Feed or in your Email.
