Author Archive

Investment Property 101 Seminar

[ December 16, 2008; 6:30 pm to 8:00 pm. ] Have you always thought about buying investment properties? Have you read all the books, bought all the tapes and watched all the infomercials, but still can’t seem 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, [...]

If you're new here (and you like what you read), you may want to subscribe to my RSS feed. Thanks for visiting! Scott

Have you always thought about buying investment properties? Have you read all the books, bought all the tapes and watched all the infomercials, but still can’t seem 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.

North Minneapolis Foreclosure Tour: The Investor Feeding Frenzy

[ December 6, 2008; 12:00 pm to 3:00 pm. ] Our last Investment Property 201 Event of the 2008

Every day we get asked where the best deals are for investors in the Twin Cities area. Hands down we have to say North Minneapolis. For several years now, the majority of North Minneapolis has been going through a transformation. Crime is down, rental [...]

Our last Investment Property 201 Event of the 2008

Every day we get asked where the best deals are for investors in the Twin Cities area. Hands down we have to say North Minneapolis. For several years now, the majority of North Minneapolis has been going through a transformation. Crime is down, rental demand is strong, foreclosures are running rampant, and good deals are everywhere. Nice properties in nice parts of North Minneapolis are selling for $49,900, $39,900 and even $19,900.

We have put together a program for new and seasoned investors to capitalize on this perfect storm of investing and buy up properties that sold for up to $200,000 just years ago. Our team has assembled real estate agents, a general contractor, leasing agents, property managers, and the financing to make this a rare turn-key investment.

If you have ever been interested in the great opportunities in North Minneapolis, let us drive you around. This is a rare bus tour where we will drive you around the areas, show you both rehabbed houses and for sale properties. The tour will leave at noon on Saturday, December 6, from nearby Robbinsdale and will take approximately 2-3 hours. We handle parking, finding the properties, and logistics. You simply sit back and listen and see how so many investors are taking advantage of these great deals. Because of limited seating, a reservation is required. Contact us now!

Contact us now by filling out the registration form or call me at 612-281-5419 for more information.

How Busy is Your Real Estate Agent?

If you boil down all the slick marketing, the websites, the bus benches and the business cards with their pictures on them, Real Estate agents are just sales people.  [Any real estate agent reading this, don't throw things at me].  We get paid by producing.  Plain and simple.
Just like any sale profession, the better the [...]

If you boil down all the slick marketing, the websites, the bus benches and the business cards with their pictures on them, Real Estate agents are just sales people.  [Any real estate agent reading this, don't throw things at me].  We get paid by producing.  Plain and simple.

Just like any sale profession, the better the agent is at their craft [selling real estate], the busier they should be, and therefore the more successful they should be.  In this market, if your real estate agent is not working his tail off just to keep his head above water with the volume of transactions, well then, I suspect he one of the following:

1. Worthless.  S/he is either too new in the business or has not developed enough experience to find solid investors.
2. Not an investment property agent.  The average real estate agent is not doing great (that is why so many have left the business).  Listing standard owner occupant houses is rough.  Most will be overpriced and stay on the market for months.  Investors on the other hand are out in full force and in some areas (like North Minneapolis) it is like a feeding frenzy.

I am not sure who I am writing this post to (agents or customers).  I guess maybe both.  As an investor, I would be cautious of the agent that is just sitting around in this market looking for business.  As an agent, I would work hard to pick up some investor clients and light the world on fire.

Scott Ficek 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. He is also a Minnesota Real Estate Agent with RE/MAX Advantage Plus in Minneapolis and helps new and seasoned investors buy and own Investment Property.

Do you need a “Cure or Quit” Notice?

I have posted many times about evictions in Minnesota.  A question that comes up occasionally is does the landlord need to issue a “Cure or Quit” notice prior to filing an eviction on the tenant?   I suspect that the people asking the question have attended a seminar or read a book from someone in another [...]

I have posted many times about evictions in Minnesota.  A question that comes up occasionally is does the landlord need to issue a “Cure or Quit” notice prior to filing an eviction on the tenant?   I suspect that the people asking the question have attended a seminar or read a book from someone in another state that has that statute.

Although I am not an attorney, I understand that Minnesota Law does NOT require the landlord to give the tenant any notice prior to filing an eviction.  I can speak from personal experience that I have never given the tenant anything and the judge at the eviction has never asked me if I had.

Asbestos Removal and Greener Alternatives

There are many things to consider when remodeling or purchasing an older home. Homes built before 1980 have the strong likelihood of containing asbestos. Due to a steady progression of technology and green sustainable methods, there are many ways to ensure your home or property is asbestos free. If you are interested in saving money, [...]

There are many things to consider when remodeling or purchasing an older home. Homes built before 1980 have the strong likelihood of containing asbestos. Due to a steady progression of technology and green sustainable methods, there are many ways to ensure your home or property is asbestos free. If you are interested in saving money, remodeling and improving your carbon footprint, here is some information to get you on the right track.

Used in millions of homes throughout the last quarter of the 20th century, asbestos insulation can become a real dilemma for homeowners due to causing a variety of health problems, including Peritoneal Mesothelioma and Malignant Mesothelioma. These types of cancer take the lives of thousands each year.
Non-regulated asbestos material can be legally performed by homeowners, regular contractors, or licensed asbestos abatement contractors as long as the National Emissions Standards for Hazardous Air Pollutants (NESHAP) are not violated. Asbestos removal in public facilities, homes and workplaces must be undertaken by a licensed asbestos abatement contractor. One the removal is complete, green insulation options should be given serious consideration, such as: Cellulose, Cotton Fiber and Lcynene.

The United States Green Building Council (USGBC), in a study conducted in 2003, estimated a savings of $50-$65 per square foot for well-constructed green buildings in the U.S. (see table below) during that year. The numbers continue to improve as more eco-friendly options become available, and those kinds of figures have finally begun to attract those who thought eco-friendly construction was just a bunch of hogwash.

Appliance Service Plan or Not?

I have come across many examples of landlords that require, in their lease, that the tenants carry an appliance service plan on the furnace, water heater, and kitchen and laundry appliances.  In Minnesota, this is called Centerpoint Energy Service Plus.  It costs about $8-15 per month, which is added to the tenant’s utility bill.
In the [...]

I have come across many examples of landlords that require, in their lease, that the tenants carry an appliance service plan on the furnace, water heater, and kitchen and laundry appliances.  In Minnesota, this is called Centerpoint Energy Service Plus.  It costs about $8-15 per month, which is added to the tenant’s utility bill.

In the event that one of the covered appliances breaks, that “insurance policy” allows you to call Centerpoint and have a technician fix the broke unit.  Only if the appliance is completely unrepairable will you incur a cost.

Pros:

• The landlord shifts the cost of the plan to the tenants.
• You can virtually eliminate any appliance repair/replacement costs.
• The tenants can make the repair calls themselves without bothering you as the landlord.

Cons:

• Confirming the tenant has put the service plan onto their utility bill is difficult to police.
• Some states this may not be legal.
• Some tenants will simply refuse.

Other thoughts:

• As you increase the number of properties you own, it is NOT cost effective to pay this yourself.  With 28 rental units, I would be paying $300-400 per month in just service fees.  That would only be effective if I have something break every month.  Otherwise, I save the cash and just replace/repair units as needed.

Scott Ficek 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. He is also a Minnesota Real Estate Agent with RE/MAX Advantage Plus in Minneapolis and helps new and seasoned investors buy and own Investment Property.