Comments on: I Know You Have Questions! http://www.minnesotainvestmentrealestate.com/misc-real-estate/i-know-you-have-questions/ How to find, buy, and own Minnesota investment property. Thu, 20 Nov 2008 21:03:56 +0000 http://wordpress.org/?v=2.6.3 By: John Gall http://www.minnesotainvestmentrealestate.com/misc-real-estate/i-know-you-have-questions/#comment-88 John Gall Sat, 15 Mar 2008 03:09:12 +0000 http://minnesotainvestmentrealestate.com/uncategorized/i-know-you-have-questions/#comment-88 Thought of another question related to late charges. What is normal for late charges? I charge $40.00 but i'm not sure where I came up with that. Because mine kicks in on the 5th, my renter often pays on the 4th which is past the desired 1st or earlier :). So with this in mind i'm wondering if the late fee if paid along with late rent a few days after might not be a good thing. And if so maybe I structure my leases a bit differently to encourage paying higher rent for those who want to pay say anywhere from the 5th to the 10th. I wonder if it might not help cash flow to say make the rent paid by the 3rd $1550.00 then instead of calling it late after the 5th, make a tier and call it a rent option or something and say from the 4th-7th $1600.00 and 7th-10th $1625.00 and then after the 10th it's late with another $40.00 as the actual late fee. Then after the 15th the eviction starts. This might create a situation where your tennant if paying consistantly chooses to pay the higher rent because it suits their lifestyle. I'd assume as long as the lease is written properly this would be legal. Thoughts? Thought of another question related to late charges. What is normal for late charges? I charge $40.00 but i’m not sure where I came up with that. Because mine kicks in on the 5th, my renter often pays on the 4th which is past the desired 1st or earlier :). So with this in mind i’m wondering if the late fee if paid along with late rent a few days after might not be a good thing. And if so maybe I structure my leases a bit differently to encourage paying higher rent for those who want to pay say anywhere from the 5th to the 10th. I wonder if it might not help cash flow to say make the rent paid by the 3rd $1550.00 then instead of calling it late after the 5th, make a tier and call it a rent option or something and say from the 4th-7th $1600.00 and 7th-10th $1625.00 and then after the 10th it’s late with another $40.00 as the actual late fee. Then after the 15th the eviction starts. This might create a situation where your tennant if paying consistantly chooses to pay the higher rent because it suits their lifestyle. I’d assume as long as the lease is written properly this would be legal. Thoughts?

]]> By: Scott Ficek http://www.minnesotainvestmentrealestate.com/misc-real-estate/i-know-you-have-questions/#comment-82 Scott Ficek Tue, 04 Dec 2007 03:16:06 +0000 http://minnesotainvestmentrealestate.com/uncategorized/i-know-you-have-questions/#comment-82 Thanks John, weekend was good. I have 3 kids, ages 5 and under so weekends are not what they used to be!! I initially answered your question in this comment, but I think it is better as a post (it needs more attention than a comment). Thanks John, weekend was good. I have 3 kids, ages 5 and under so weekends are not what they used to be!!

I initially answered your question in this comment, but I think it is better as a post (it needs more attention than a comment).

]]> By: John Gall http://www.minnesotainvestmentrealestate.com/misc-real-estate/i-know-you-have-questions/#comment-81 John Gall Sun, 02 Dec 2007 17:06:57 +0000 http://minnesotainvestmentrealestate.com/uncategorized/i-know-you-have-questions/#comment-81 Another question I thought of. When screening a tennant, if they have bad credit but a solid rental history would you rent to them? Do you recommend credit checks or focus more on criminal and rental history. Hope your weekend was a good one. Another question I thought of. When screening a tennant, if they have bad credit but a solid rental history would you rent to them? Do you recommend credit checks or focus more on criminal and rental history. Hope your weekend was a good one.

]]> By: John Gall http://www.minnesotainvestmentrealestate.com/misc-real-estate/i-know-you-have-questions/#comment-80 John Gall Wed, 28 Nov 2007 21:19:51 +0000 http://minnesotainvestmentrealestate.com/uncategorized/i-know-you-have-questions/#comment-80 One More: 1: Of all the types of rental propety, is there one type you'd recommend for a first timer? One More:

1: Of all the types of rental propety, is there one type you’d recommend for a first timer?

]]> By: Scott Ficek http://www.minnesotainvestmentrealestate.com/misc-real-estate/i-know-you-have-questions/#comment-79 Scott Ficek Wed, 28 Nov 2007 04:37:19 +0000 http://minnesotainvestmentrealestate.com/uncategorized/i-know-you-have-questions/#comment-79 Great questions John. I will tackle each one in post. Thanks for the comment! Great questions John. I will tackle each one in post. Thanks for the comment!

]]> By: John Gall http://www.minnesotainvestmentrealestate.com/misc-real-estate/i-know-you-have-questions/#comment-78 John Gall Wed, 28 Nov 2007 04:29:31 +0000 http://minnesotainvestmentrealestate.com/uncategorized/i-know-you-have-questions/#comment-78 Great Blog! I have a few questions, feel free to use what seems worth answering. 1: Aside from watching asking prices for rents on places like Craigslist is there a good way to determine the fair market value in a given city or area for a property? 2: If you could purchase only one property would you choose a 4 bedroom and skip 3 bedrooms or consider all looking for the best deal with the best cash flow or overall appreciation potential. 3: Will a 5BR rent much higher than a 4BR given roughly the same overall finished square footage of the property. 4: If you had $45k to invest, would you buy one property with 20% down to get some cash flow or buy two with 10% down and break even on cash flow or have a small negative cash flow? 5: Are any suburbs in particular gold mines for rentals? 6: Are outer suburbs with inexpensive newer housing stock like Otsego and St Michael, Albertville still viable for rentals for single family homes? Thanks for your consideration. John Great Blog! I have a few questions, feel free to use what seems worth answering.

1: Aside from watching asking prices for rents on places like Craigslist is there a good way to determine the fair market value in a given city or area for a property?

2: If you could purchase only one property would you choose a 4 bedroom and skip 3 bedrooms or consider all looking for the best deal with the best cash flow or overall appreciation potential.

3: Will a 5BR rent much higher than a 4BR given roughly the same overall finished square footage of the property.

4: If you had $45k to invest, would you buy one property with 20% down to get some cash flow or buy two with 10% down and break even on cash flow or have a small negative cash flow?

5: Are any suburbs in particular gold mines for rentals?

6: Are outer suburbs with inexpensive newer housing stock like Otsego and St Michael, Albertville still viable for rentals for single family homes?

Thanks for your consideration.

John

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