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Minneapolis Occupancy Limits

From Minnesota Investment Property Bl, 3 year ago, Read 4 times. Similar articles

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 up to two (2) unrelated persons living together as a permanent household, provided the family plus unrelated persons shall not exceed a total of five (5) persons. Ok.  Seems... Read more
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New Saint Paul Vacant Building Fees

From Minnesota Investment Property Bl, 4 year ago, Read 0 times. Similar articles

The cities continue to try to find ways to make up their budget shortfalls.  The City of Saint Paul has now imposed a $275 fee for their inspectors to review your plan to rehab a Category 2 property.  You must pay the fee prior to them considering your project. Read more about it here at my Saint Paul Homes site. Related Posts:Saint Paul Proposes Required Landlord TrainingCYA Clause for my REO BuyersLosing $189,834.04 in 3 YearsThe Recession is Over!Burnsville Follows Minneapolis with Vacant... Read more
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Investment Property 101 Seminar

From Minnesota Investment Property Bl, 4 year ago, Read 0 times. Similar articles

January 19, 20106:30 pmto8:00 pmFrom his experience of owning 15 rental properties, Ryan O’Neill will teach you a concrete, non-infomercial way to build wealth through real estate. This seminar will be a one and a half hour presentation in regards to wealth building through real estate. 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: how you get... Read more
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Question: Is there typically a 1099 on a Short Sale

From Minnesota Investment Property Bl, 4 year ago, Read 0 times. Similar articles

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 sale but they say the seller will be issued a  1099 for approx. $150K.  She would do better with a foreclosure than have that type of tax burden. Here is the answer by Deborah Beneke, CPA at... Read more
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MAAR Report: Home prices continue to stabilize in November [Really']

From Minnesota Investment Property Bl, 4 year ago, Read 0 times. Similar articles

As much as I want to believe the following stats, I am skeptical.  I think they make some good assumptions and per the stats, sales prices are rising.  I think it is a little early to call the war won and that we are on a recovery.  If you pull your head out of just the housing market and take a look at the rest of the economy, how can you say we are on the recovery road'  With unemployment at 10%+, a 2nd stimulus package looming, congress’s approval rating at historic lows, and inflation... Read more
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Best Property for First Time Investor

From Minnesota Investment Property Bl, 4 year ago, Read 0 times. Similar articles

I was meeting with another Realtor on our team on Friday.  He wanted to discuss buying investment properties sometime in the future as a long term retirement plan.  One of the questions that came up was “what type of property would you buy if you had to do it all over again”.  I had actually answered this question a long time ago when a reader asked “What Type of Property Investment is Best for First Time Investors“.  Now 2+ years and 100’s of properties later, I... Read more
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How to Mow the Grass at your Investment Property

From Minnesota Investment Property Bl, 4 year ago, Read 0 times. Similar articles

Who mows the grass and shovels the snow at your investment properties' Maybe you do. Eventually you may want to ask one of your tenants to take care of the work. Here are some tips on how to make this a winning situation for you and your tenant: Find a tenant that takes pride in where they live. Someone that is often just making their rent payment is a good candidate. They will appreciate the extra money. Do NOT reduce their rent. Keep the rent at the standard amount and instead, pay... Read more
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IP201 Seminar: Getting Started with QuickBooks for Investment Properties

From Minnesota Investment Property Bl, 4 year ago, Read 0 times. Similar articles

January 26, 20106:30 pmto8:00 pmAre you still using excel spreadsheets to track your rent amounts from each tenant'  Are your bills sitting in huge piles on your desk waiting to be turned into your accountant'  Are you unable to track your monthly cash flow or see if you are even turning a profit at this rental property thing'  Maybe you bought QuickBooks, but never could get past installing it (the software can have a steep learning curve). Maybe this should be one of your New Year’s... Read more
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Foreclosure Inventory down 60% Year over Year

From Minnesota Investment Property Bl, 4 year ago, Read 0 times. Similar articles

A Special Research Report from the Minneapolis Area Association of REALTORS® Q3-2009 Lender-owned foreclosure inventory available for sale in the Twin Cities has fallen by 60 percent in the last year, falling from an estimated 4,886 at the end of last September to 1,960 this year. Short sales are a different story'basically holding steady over the last twelve months (Figure 1). Lender-owned Minnesota foreclosures now account for only 7.9 percent of the total inventory, while short sales... Read more
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Minnesota 2009 Certificate of Rent Paid

From Minnesota Investment Property Bl, 4 year ago, Read 1 times. Similar articles

If you owned a rental property in Minnesota during 2009, you are required by the State of Minnesota to send each of your tenants a MN Certificate of Rent Paid.  Depending upon the tenant's income, they may be eligible for a tax deduction for a portion of the rent they paid for 2009. Although you must send your tenant this form, this does not affect any Minnesota taxes you pay or anything else. It is simply for the tenants tax reporting purposes.  You can find the 2009 Minnesota CRP here. Like... Read more
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Investment Property Seminar

From Minnesota Investment Property Bl, 4 year ago, Read 0 times. Similar articles

December 15, 20096:30 pmto8:00 pmAttend our free, non-infomercial way to build wealth through real estate. This investment property seminar will be a one and a half hour presentation in regards to wealth building through real estate. 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: how you get pre-approved, what type of loan product to choose, and then... Read more
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