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...]
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...]
Minneapolis Rental Owner Workshop
The Minneapolis police department sponsors rental property workshops several times per year. The next one is scheduled for January 15 at the 5th Precinct at 3101 Nicollet Ave in South Minneapolis. It is from 6-9 pm. It is free and here is just … [Read more...]
Tracking Tenant Rent Payments
How do you track your tenant rent payments? Are you using spreadsheets, maybe Quickbooks, or are you doing it in your head? Every day, I am amazed by owners that have more than a few properties that don't have any system for managing rent payments … [Read more...]
8 Upgrades to Make Your Rental Unit Look Fresh for the Market
If you're like most landlords, you want to get your rental unit rented as soon as possible. Unfortunately, sometimes this means cutting corners or doing quick fixes so they can get them on the market. This can leave your rental looking tired and … [Read more...]
Rental Property Fire
A rental property fire can happen, what do you do? This is a new one for me. In the last 30 days, two different customers have had a rental property fire! I swear I had nothing to do with it. One happened because of faulty wiring in the attic … [Read more...]
Governor Walz Again Extends Eviction Moratorium
The Governor extended the Peacetime Emergency declared in EO 20-01 until May 14, 2021 (EO 21-19). That means, the eviction moratorium in EO 20-79 is also still in effect. Evictions can be filed for one of the exceptions in EO 20-79 (seriously … [Read more...]
Paying Interest on Investment Property Security Deposits
In Minnesota paying interest on investment property security deposits is required. Here is the state statute on it. I hope I am "preaching to the choir" when I remind everyone that in Minnesota, you must pay your tenant interest on the security … [Read more...]
After Hours Service Calls from Your Investment Property
The majority of my customers are new investors. The most successful ones want to know everything about not only how to buy an investment property, but how to own one and be a successful landlord. A frequent question that I get asked is: "How often … [Read more...]