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Minneapolis : Real Estate Advice

  • All618
  • Local Info42
  • Home Buying271
  • Home Selling51
  • Market Conditions17

Activity 482
Sun Apr 21, 2013
Betty Johnson answered:
Interesting. Are you coming to the Twin Cities for work or school?
Great place to live and play. Rents vary of course with the location, size and condition. I will have 1 for rent this fall for $1500 a month plus utilities. ... more
0 votes 2 answers Share Flag
Thu Apr 18, 2013
Dean Gupta CRS answered:
Yes there few things can be in your favor. First live in the building yourself--so it is owner occupied. 2) then if you can show the Rental leases from 2 or three unit, then 60-70% of that income can be used towards your income and your qualifying could go up. But main thing here could be your credit scores. You may also qualify for city programs, down payment help too. There are 100's of programs are there and some fine prints are there. These rules and conditions keep changing virtually every month. So you have to work with a lender that you can trust. I can recommend you but you will have to call me. I probably can not give contact info in these write ups. Good luck. ... more
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Fri May 10, 2013
Dean Gupta CRS answered:
Blaine & Champlin are two very different community. It will depend on many factors. 1) Where you work 2)What is your family status? 3)what price range 4) Where does your friends/relatives live?

Blaine has lot more housing Options. Housing stock is comparatively newer than Champlin. Blaine has lot bigger commercial,Retail, employment base than Champlin. Champlin is generally called a sleepers community. If you visit our site at and go to communities. You will find all the information to compare the cities.
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Tue Jul 19, 2016
Chase Lenz answered:
How bad? Explain what happened.
Tell them you willing to put down extra in a damage deposit.
Provide prior rental references that will have good things to say about you.
Have pay stubs that shows well above what they are looking for in minimum income guidelines. ... more
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Wed Apr 10, 2013
Dean Foerster answered:
It's the Aquila Neighborhood. Here's a map of the neighborhoods in SLP:
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Mon Apr 8, 2013
Ben Johnson answered:
0 votes 6 answers Share Flag
Wed Apr 10, 2013
Ben Johnson answered:
Depending on the rest of your financial situation Matt Stengle at RoundBank may be able to help you 651-463-8300. I have used him for unique situations in the past and he has done a great job. ... more
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Mon Jun 15, 2015
Matt Ashworth answered:
Wood will be better for you in the long run, and better for resale. Perhaps consider a tile "landing" of sorts in front of the sliding door?
0 votes 15 answers Share Flag
Mon Apr 15, 2013
Don Tepper answered:

Any good real estate lawyer can do the paperwork. There are two documents--a pretty standard lease and a customized option. Each one is different, but generally the option specifies the purchase price. It also specifies the option fee--the amount of money you're paying for the option. That's generally credited toward the purchase price if you buy. It specifies whether any of your lease payments will be credited toward the purchase price. And the option specifies the length (make it for 3 years or more) and under what conditions the option can be extended.

You may be told that the option violates the "due on sale clause" contained in the seller's mortgage. That's probably true. The seller is giving you an equitable interest in the property--that is, the right to buy the property--even though you haven't bought yet and may never buy. The lender--if it found out and if it cared--might foreclose on the property. But not too many find out and even those that do generally would rather have a performing loan than foreclose on it. A real estate lawyer can give you guidance on how to minimize those risks.

Then at some point during the option you'd purchase the property. You'd go out and get a conventional mortgage and buy it.

There are also a lot of other ways to purchase the property. The seller could do a "wrap mortgage." There's also a technique using landtrust--see for more information. Essentially, the seller would put the property into a trust. You'd be added as the resident beneficiary. The land trust documents would--similar to a lease-option--specify the length, conditions, etc., of the arrangement. The price can't be set up front--it'd have to be sold to you at full fair market value. On the other hand, that would be lowered by payments you'd be making in the lease.

Again, a good real estate lawyer should know how to go about it.

Hope that helps.
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0 votes 5 answers Share Flag
Wed Jul 2, 2014
Chris Block answered:

It is quite possible the agreement could have been for a year. I know some agents that will do standard 3 or 6 month agreements. Some like to have every one go till December 31st for simplicity sake.

The reason why realtors are sometimes loose on the length is because exactly what you said. It just is not good business to try to hold a buyer to an agreement they don't want to be a part of. This is a customer service biz, and in truth the realtor did not contact you for 6 months. I contact people at least every 2 month's that is in your situation, because guess what I would like to still have your business! You feel good with the other realtor AND THAT IS JUST FINE!

There is a legal side of things when it comes to procurement. Bottom line? Everything you said in the question makes sense to me. If you feel this current realtor deserves your business then just tell prior realtor about the situation. If the contract is still current request a cancellation (and request a copy of the contract too). That way you can provide it to your new realtor and move on.

I like to think the majority of realtors out there will understand and do what is best for YOU. Hopefully this guy or his broker does not make a mess of things. Just remember at the end of the day we realtors are here to serve the customer. If you are happy with your current situation then that is how it should stay.

Hope this helps!

Chris Block
Realtor North/NE Suburbs
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Wed Mar 27, 2013
Mark Claessens e-Pro NHSS answered:
Dear Christopher,

I help a LOT of tenants get into rentals. And your request is something I see every day. I need to get you up to speed.

Just to be fair, I just ran a search for you for 3 bedrooms or more. And I am letting you know I am covering the entire 13 counties and surrounding area. Here goes.....

One in Ellsworth, WI for $ in Hutchinson, MN for $ in Richmond, MN for $ in St. Michael, MN for $1095.......and one in St. Paul for $1095. That is it.

Seriously, the going "normal" rate for a 2-3 BR home or townhome right now, or even half of a duplex, is about $1300 a month.

Then I checked on duplexes, which I did not have in there before, and I found 3 more options. There is an upper and a lower duplex in Mora, MN for $850 and $895 respectively. And another up/down duplex in Dayton's Bluff (St. Paul) for $1000. That one does not give me even a clue if it is the UP or the DOWN.

If I raise the price to $1200 I got a couple more, one being in Edina. If I go to $1300 there are a couple more.

I would be glad to help you with this. But you need to understand the market and be very realistic.

Please feel free to give me a call. Just click on my website below and shoot me an email or give me a call. I don' t bite....and just so you are aware, you don't pay me anything for my assistance.

Have a good evening,

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0 votes 2 answers Share Flag
Mon Apr 8, 2013
Donald James answered:
Good questions. I am assuming your have your own buy-side Realtor. Your professional Realtor should lead you through contracts line-by-line.
0 votes 5 answers Share Flag
Thu Dec 5, 2013
Brian Amiot answered:
Here is a great website for statistics. You can look at the percentage of original price by city, zip, etc. Plus a whole lot more!
0 votes 14 answers Share Flag
Mon Jul 29, 2013
Chase Lenz answered:
1 months rent is my standard commission.
Call me and we can negotiate a discount based on your situation.

Chase Lenz
0 votes 5 answers Share Flag
Sat May 20, 2017
If you're looking for a lender that can lend on an employment contract and one paystub as opposed to waiting for 30 days in the position, I can help with that. I don't know of a specific doctor program anymore other than one that SunTrust offers but that's typically for consolidating debt racked up in residency. ... more
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Thu Mar 21, 2013
Claire Bastien Sales Associate answered:
It's a little early for homes to be listed for rent in June, but check out my rental listings on my website.

Also you can keep an eye out on Craiglist, but you'll probably not find much right now for that time frame.
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Fri Feb 7, 2014
Kevin Bumgardner answered:
Great question Brie!
There are some good areas in both Minneapolis and St Paul that could meet those needs. I'd be more than happy to give you a tour when you're in the area. I have many ideas around the Grand Ave area in St Paul or along Selby. You might also like many of them in SW Minneapolis...all depends on what kinds of shops and eateries you enjoy. We can talk about it too.
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Fri Mar 15, 2013
David O'Neil answered:
Tax value is just an estimate for taxation purposes and is not what it will necessarily sell for. I wouldn't stress to much about it. Tax values, particularly in Minneapolis, are often quite low. Have a good, quality, local Realtor do a market analysis on your property and that will give you the actual price your home will sell for.

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Sat Apr 6, 2013
Elizabeth Fuller answered:
First, check the rules. Senior condos may not be rentable to others. Your concierge, if you have one, will tell you. If not, you need to check the rules. Remember, these were built under HUD jurisdiction for the most part, and may be restricted as to more than age. If you need help, I do have quite a bit of experience in this area, and have sold these senior coops and condos as well. Liz, 612-986-4105 ... more
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Fri Apr 26, 2013
Jessica Tracy answered:
You can go online at and click on the FHA Lender list to find a mortgage broker in your area. I would also check to see if any local banks or mortgage brokers are holding classes for first time home buyers. The classes noramally have mortgage brokers there to answer any of your questions, plus Realtor, attorneys, home inspectors, and insurance agents to discuss the home buying process. Good luck with your first home! ... more
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