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Rental Management GuysEvery year, the Minnesota Association of Realtors publishes changes to the standard forms we all use including purchase agreements, contingencies, etc. Often small changes are made to simplify language, remove ambiguity or lessen confusion. Other … [Read more]
Fair Market Rent Evaluation
Determining Fair Market Rent can difficult ascertain at time. Here is a process that can help with the fair market rent evaluation. I had a recent question: "Aside from watching asking prices for rents on places like Craig's list is there a good … [Read more]
Tenants Withholding Rent until Repairs are Made
Withholding rent until repairs are made by the landlord is a strategy that some tenants will use to forgo or delay paying rent. Although this is a legal maneuver in the state of Minnesota, the tenant must follow strict guidelines or be subject to … [Read more]
Renting to Friends
I know it is very common for people to rent their homes or apartments to friends. I suspect that like most things in life, 80% of those rental relationships do just fine. I probably just here about the 20% that do not. Here are some tips to making … [Read more]
Realtor: Keeping the best for himself?
When meeting with new clients, a question often comes up: "How do I know that my Realtor is not keeping all the good deals for himself?". The answer to that question depends upon your Realtor and their trustworthiness and motives, but generally I … [Read more]
Landlords Sue St. Paul over Tenant Protection Ordinance
We have been watching all the new ordinances coming out of St. Paul and Minneapolis. Last July, St. Paul enacted the Renters Protection Ordinance. While there are multiple parts to this ordinance, one that is especially challenging for landlords … [Read more]
Calling Rental References
Calling rental references should be a common practice, so why aren't you calling me? I lose 8-12 tenants per year (both by my choice and by their choice). In the last 4 years, that I have owned the majority of my properties, I have probably … [Read more]
Investment Property Short Sales Pitfalls
There are many pitfalls when buying investment property short sales. I have said it before: I am done with Short Sales. Unfortunately, I feel like Al Pacino in the Godfather III when he says: "Just when I thought I was out, they pull … [Read more]
7 Ways to Increase Rental Property Income
I have yet to meet a landlord that doesn't want to increase rental property income. One of the best ways that I have found is by adding single family houses to your investment real estate portfolio. They are stable, good income producing … [Read more]
Repairs by Tenants
It would be great if tenants paid on time, they stayed forever and if anything broke, the tenant fixed it (and paid for it) themselves. Unfortunately, none of those are really true! Over the years, I have seen a few leases state that the tenant is … [Read more]
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