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...]
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...]
Maple Grove Approves Rental Moratorium
Recently, the City of Maple Grove implemented a 1 year moratorium on any new rental properties. This will take affect on July 1 and prevents single family homes and townhouses from becoming rentals. According to reports, the city has seen a 30% … [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...]
Where Should I Buy Investment Property?
New investors often ask me "Where is the best place to buy investment property?". Or the question may be "I have heard that investing in property in [insert any state here] is great. What do you think about it?". The answers to these … [Read more...]
Tenant Application-Red Flags
Receiving a tenant application can require some detective work and a good ear. A prospective tenant calls you and wants to see that 3 bedroom apartment that you have for rent. What types of "red flags" should you be watching and listening for as … [Read more...]
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