Archive for January, 2017

Don’t Forget To Send Out Your CRPs!

said on January 30th, 2017 categorized under: Paperwork, Paperwork, Paperwork!

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If you currently own rental property in the state of Minnesota, it’s that time of year. Property owners have until January 31, 2017, to complete and distribute Certificates of Rent Paid (CRP).

You must complete and distribute a CRP to each person who from you unless your property is tax exempt.

Without a CRP, tenants cannot take advantage of the Homestead Credit Refund or Renter’s Property Tax Refund.

Failure to provide the CRP on time can result in a fine of up to $100 for each incidence.

If you purchased the property last year, or your tenant only paid a portion of the rent, your CRP should be pro-rated to your length of ownership or the amount of rent you actually received.

For further instructions, or to download the form, click here

How To Win The Minneapolis Duplex Sellers Race

said on January 20th, 2017 categorized under: Selling A Duplex

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Selling your duplex in the spring is like a track event at the Olympics.

Countless Minneapolis and St Paul duplex, triplex and fourplex sellers heard the market was hot. So over the winter they painted, updated, fixed and maybe even raised rent so they would be ready to sell in April or May.

In fact, they are simply waiting for that first blade of grass to stretch up through the snow,before they take rush onto the market with everyone else.

How can you compete, let alone beat these duplex sellers who spent their winter in training?

Run the race alone. After all, even those of us who are out of shape can win any race if we have enough of a head start, right?

So it’s important to understand that the spring real estate market begins the week after the Super Bowl.

Oh, I know. You’re thinking we’re sure to have snow, maybe even cold. Who wants to buy a duplex then?

Lots of people.

See, after the holidays, and the playoffs, we Minnesotans are looking for things to do. And we count the remaining weeks until spring, inside, on the Internet.

And if you’re a duplex seller who has your property ready to go then, you get the undivided attention of those Minnesotans who are ready to do something.

And if you wait until April or May?

Get out your gold shoes.

 

 

Call or email me today to see what you can do to win the race.

Twin Cities Duplex Lending Limits Keep Up With The Market

said on January 16th, 2017 categorized under: Financing

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You may have heard Minneapolis and St Paul duplex prices are up. That’s good news if you’re a duplex seller; not so great if you’re a duplex buyer.

If you’re considering buying a duplex using an FHA loan, you may also be concerned that rising prices will exceed the program’s lending limits, forcing you to either bridge the gap between your 3.5 percent down payment and the loan limit, or even pursure a conventional loan with much higher down payment requirements.

There is a bit of good news. If you live in Hennepin, Ramsey or any of the seven counties in the metro area, the maximum loan limit on a duplex has been raised to $425,450. That means with just a 3.5 percent down payment, you can buy a property priced up to $440,340.

You can also use an FHA loan if you’re in the market for a triplex or four unit apartment building. The loan limits for those types of properties have been raised to $656,350 and $815,650 respectively.

If you take the long view, that’s remarkable. Over the next 30 years, your tenants may have contributed as much as $815,650 in your retirement account; even if the property never goes up in value.