Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Rental Basics in Minneapolis : Real Estate Advice

  • All610
  • Local Info42
  • Home Buying267
  • Home Selling50
  • Market Conditions17

Activity 13
Thu May 11, 2017
SM answered:
I moved here a year ago and it was a very involved process trying to find a rental for me and my family. The renters market seems to be very competitive at this time of the year. I suppose the culture is to mostly stay put in the [very] cold winter months and then blitz the market when mid-spring rolls around. With you living in Arizona, I would suspect the weather conditions are pretty favorable for moving anytime during the year and so the Arizona culture might be a bit more laid back on the moving scene.

It is so competitive here that many many properties are rented "sight unseen" (where a renter secure's the property without even physically inspecting it! just going by pictures alone.) We were burned several times after scheduling to view a property only to be contacted shortly thereafter by the agent who would say the property was rented "sight unseen."

Seeing that you have restrictions with the dog and the need to be close to transit I think you should be agressive in securing a place before you move here if possible. Public transit is pretty good here so you will have some options. but you will have far fewer options if you are beginning your search in July. just my two cents.
... more
1 vote 1 answer Share Flag
Mon Jun 22, 2015
Josh Lund answered:
Hello Greg,

The typical SFH has 2-4 bedrooms, usually has at least 1 full bath, has 1-2 car garage. In MN this would typically range from 125k to 400k depending on location and size of home. Many homes in MN also have a basement, which not typical in Southern States. If you would like info on a property or have mortgage questions, we would love to see if we can help.

Josh Lund
Branch Manager
Gold Star Mortgage Financial Group
333 Washington Ave N Suite # 101
Minneapolis, MN 55401
Office # 952 884 5442
jlund@goldstarfinancial.com
... more
0 votes 1 answer Share Flag
Fri Jun 19, 2015
Josh Lund answered:
Hello Greg,

The Typical Multi-family home is going to be 2-4 units. Bedrooms are going to be 2-3 per unit usually, and usually only one bathroom ( FULL ) per unit. Garage will be 1-2 max, and more frequently have a single garage that is in a separate building. Also NO garage space is common.

If you would like to discuss further, we can see if this can be an easy process for you.
Please contact me at
Josh Lund
Branch Manager
Gold Star Mortgage Financial Group
333 Washington Ave N Suite # 101
Minneapolis, MN 55401
Office # 952 884 5442
email - jlund@goldstarfinancial.com
... more
0 votes 1 answer Share Flag
Tue Nov 26, 2013
Ken Carpenter answered:
Minneapolis has a landlord/tenant hotline that can help you with this question. They have attorneys on site that can offer free consultations. Call 311 for more information.
0 votes 6 answers Share Flag
Mon Jul 29, 2013
Susan Hofflander answered:
Hi, Devi!
I'm not sure what type of information you're looking for. Is this your first rental?? If so, good for you for taking the leap in to your life!!

Here's what I would do if I were you, take a pen and paper and write out an entire list of all of the expenses you think you will have and how much they will be for a month (i.e. car payment, rent, electricity, gas bill, food, gas for the car, insurance, laundry, eat out, paper goods, groceries, cable TV, internet, etc.). If you're not sure how much these things will cost, look online to get estimates. For example, a month of groceries for one person eating normally will usually cost $150-$200. Some pay less if they eat out more, some pay more if they like lots of gourmet foods, that kind of variable. Your electric bill will most likely be more in the summer than in the winter months.

Then, factor in the "things" you're going to need to live on your own, like furniture, dishes, pots and pans, lamps, etc. Based on this list you will be able to determine if this fits in with what you're earning. If not, then you should find something cheaper or wait until you've saved enough money to make it worth your while.

Good luck!
... more
0 votes 3 answers Share Flag
Sat Feb 23, 2013
Claire Bastien Sales Associate answered:
You would probably want to check with a short term rental agency if you prefer not to use the short term stay hotel suites. There are several options available in town, you could contact one of the these below to get started. Some options might be available on Craigslist as well.

http://www.chs-us.com/short-term-apartments-minneapolis.php

http://www.intownsuites.com/locations/minneapolis-south-zbm/

I hope you found this helpful.

Claire@breg-tc.com
... more
0 votes 5 answers Share Flag
Tue May 1, 2012
Susan Hofflander answered:
Hi, Ms. Pettiford!

I would say the general rule of thumb applies here, "If it sounds too good to be true, it usually is". There are assumable loans, but I've never heard of one where the buyer doesn't have to go through the qualifying process. And, part of that process is having your credit pulled.

I would advise you to have your own agent. This would be a real estate transaction, so it's a good idea for someone to be working in YOUR best interests.

Good luck!
... more
0 votes 7 answers Share Flag
Tue Mar 27, 2012
Kris Lindahl Team answered:
Go to the home and ask the seller if they are trying to rent the home. If the home is vacant request the seller meet you at the home with proof of home ownership (Closing documents, mortgage statement, drivers license, etc.). ... more
0 votes 1 answer Share Flag
Mon Mar 12, 2012
Christopher Block answered:
Good Answer Mike. I want to just reiterate that you can not go FHA twice in most circumstances. It is actually 2 years of rental income before it can be considered. I believe it is a year if you have enough equity in the home, which I am guessing no.

The city of Minneapolis is expensive, and on top of your license I would suggest creating a LLC and puting this property in it. It is a smart decision to protect yourself.

Absolutely it is a great time to rent, and I hope you at least work with a good leasing company that can go over all of this with you. I would not advise trying to do this on your own. That is of course unless you are a season pro:)

I don't work Minneapolis, so if you are buying there I can't help you. But I do know good Realtors who do work that area. If you are looking into the North suburbs that is my area. If you would like a referall or just have some more questions feel free to contact me directly here on Trulia. I have had 2 buyers over the last two years that had to go through this, so I have the right team in place that I can point you towards.

~Chris
... more
0 votes 6 answers Share Flag
Sun Mar 11, 2012
Mary Jo Quay answered:
First of all, read it. I've noticed that some landlords have long, detailed leases with hidden clauses.
A client of mine gave verbal notice to his landlord with ample notice. He talked to the manager several times about moving out, the manager was in agreement.
Only when he turned in keys did the manager mention that it should have been in writing. He was month to month, and that expired Nov. 30, 2011. He moved out November 30, to comply with his notice and landlord requirements. He was later billed $3500 by the landlord for a winter move out. The lease stated that if he moved out Dec 1-March 1, he was responsible for rent during those months, and they charged him his security deposit for 'sanitation' of the apartment. Yes, we are fighting it, but save yourself the effort by knowing what is actually in the lease, and do not sign if you are not in agreement.
A relocation client wanted to rent a townhome in the west suburbs. That landlord had a 14 page lease. Really!
The client wanted me to read it, send him a synopsis. Not a good idea. Read it yourself, or have an attorney review it. If something is unclear, ask for clarification, and maybe even initial if there are changes.
... more
0 votes 2 answers Share Flag
Sun Aug 8, 2010
Anna M Brocco answered:
For any legal questions you may have, do consult with an attorney who specializes in real estate, he/she will be your best source of information as it specifically relates to you. As for the late rent--how was it normally paid--was it picked up at the location, mailed, etc., consider paying via method already in place--as for property manager and appointment cancellations--if you really would like to stay on the premises, consider suggesting a meeting halfway, or going to the manager's location, etc. ... more
0 votes 1 answer Share Flag
Sat Sep 5, 2009
Dan Asleson - HALO Properties answered:
Let me preface, by stating I'm not an attorney, but I do own and broker a management company in the Twin Cities.

Unless there is a specific clause in the lease regarding an early termination, the current tenant is legally obligated to fulfill the term of the lease. Understandably, that may not always happen due to any number of reasons a tenant may need to move unexpectedly. I would either allow them to sublet, or amend the lease agreement to allow an early termination as soon as you're able to find a new tenant.

Additionally, depending on your lease the tenant may be responsible for any costs incurred in finding a new tenant. i.e. any leasing fees you pay your management company.

Regarding the double rent issue, it is my understanding of current legal precedent that you are not allowed to collect double rent, even if you get permission of the current tenant to do so. Please consult a trusted attorney for verification on this, or contact me and I can get you in touch with one.
... more
0 votes 3 answers Share Flag
Search Advice
Search

Followers

272