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Minneapolis is now a dump.

My husband and I are looking to buy our first house. I am a first generation home buyer but my husband is not - his parents own their house. Does that automatically disqualify us for that program?

What if you deed the property to your LLC but don’t file it with the county?

But Minneapolis is a horrible place 😮

MN is not longer MN NICE… yeah the job payments are better BUT the taxes are higher, groceries cost more (due to transportation and truckers charges more for the bad road conditions) utilities are costly because AC is needed on spring and summer and heater on winter. Maintenance on a house is expensive because the home is exposed to drastic weather changes ( humidity, rain and mud affecting foundations, snow, wind and ice this last one brake your water pipes) you car will rust on a few years and battery will die frequently. And if you are people of color… GOOD LUCK because you will never be treated equally.

I am sure they are moving to Minnesota because Tampon Tim has OUTDONE their goofy governor.....and they want to help make Minnesota more like California.

How does the DP change for 1099 clients that work for them selfs?

With banning so called "Assault Weapons" and "Red Flags" why don't they focus on a place like North Minneapolis? I mean that would be a good place to start and focus on both of those issues right? Right???

0:55 as a Washingtonian I am offended

Jealous Minnesota didn't get the building frenzy of Florida/Texas/others during the hype of previous years so that supply would grow. Make too much for first time home buyer programs, but not enough that I'd feel comfortable buying in this market--especially not with the price-to-rent ratio leaning so heavily in favor of renting. Seems like the Twin Cities market will never make financial sense to own and at least for me it doesn't make sense for other reasons outweighing that yet.

🤣 the angry landlords leaving comments. Showing your true colors of valuing money over human beings. Sounds like a good policy and hope it goes into effect. Landlords are a drain on society and anything that helps reclaim those properties to someone who'll actually live in it is great.

Excellent explanation of the current state of the local market. Thank you!

Just to let you know Congress has not passed any crypto laws therefore there is no taxes on crypto my prediction is the IRS is going to have some major lawsuits coming its way!

hhmmm, that's not Washington DC, that's Washington states and they don't have state income taxes.

State tax city tax sales tax income tax property taxes says it all.

Democrats strike again-stay up at night dreaming up more taxes. The North Wind (Humphrey)used to say he never saw a tax he didnt like

Minnesota property taxes are out of control. Thanks Gov Walz

Wait until it is 30 below

Do the LLC have to have a 80 paydex score even though you buying real estate

I've stayed in some objectively scary neighborhoods in Chicago and what I've seen in Minneapolis is actually worse. I think people are in complete denial about how many dangerous people are out on the street even in neighborhoods like Loring Park. It's very obviously unsafe.

Good video, thanks for sharing your knowledge. One question...is there any downside to purchasing a new property as the investment property and staying in your current home? Or perhaps is there more upside to that? Thanks in advance

Neighbors: Hell no! Not the no go zone for police! <8( Hoods gangs, crips and bloods: Home! <83

I'm 52 and lived in Minneapolis from 1994- 2007 it was great back them but moved when the immigration laws changed. It got bad quick

Very interesting the comments... People are all different...I like the weather in the midwest...Lived in the midwest most of my life..The winters here are Dec. Jan. Feb. and March.. I keep track of the very cold days during this time frame.. We have on average 18-20 days extreme cold, that would be 0 to 30 below.. Some winters we have scant snow and very few extreme cold days...One winter I rode my bike about 3 days a week...Am an outdoor persons and enjoy being out in the brisk weather....The weather here is for people who are full of energy to burn... I like it..Remember, we are all different...Went to visit my sister in Arizona... Was so hot that just going for walk you sweat and feel like a wet rag.. My sister and her husband are couch potatoes.. They do three things. Shop, visit their son and family and go to church most of the year.. I couldnt live like that...They have to go walking in an indoor arena...Not for me....Enjoy wherever you live...Went sledding last year...Take care...

What a dumpster. Mostly peaceful

nice and useful info. Thanks Chris

Mpls has become the West end of the South side of Chicago.

Hot spot for woke liberals

They still build houses like crazy here in MN, must be all the Californians still moving here and can afford to buy the houses

no more woke liberals please

I disagree. as a Minnesota born raised resident . It is quite diverse .But Minnesota nice is not a thing. People are rude, they cant drive and well. The only thing id agree with is the beautiful scenery. like Duluth ,Lake Calhoun, Minnehaha Falls, the boundary waters and many other lakes to enjoy fishing and whatever outdoorsy fun you chose. Minnesota does have plenty housing options for all income and budget and excellent healthcare plans. Minnesota however, is not just a fit for everyone it does depend on your needs and home dreams .But it is place that I call home and I wouldn't live anywhere else.

Our household income is over the 98k income limit just by a little, how else can we qualify for this? This is huge news for us!!

I travel through downtown using public transit. Stop. 😂😂😂😂😂😂

Kick out the somalies trying to smuggle our German cars back to Africa

Does this program impose any limits on refinancing?

I would suggest that it is never a good idea. Many Minnesota people buy a cabin on a lake, but it turns out to be a financial and time drain. Every single time you have a vacation you are always committed to going to one place and when you don't you feel guilty or ashamed. Most people that have a second home have really created a prison and a nightmare for themselves. Besides the money you will gain after you sell it is actually less than the cumulative expenses of upkeep, utilities, taxes and insurance, in addition to keeping the home safe. Almost 100% of the time nothing is gained...After the honeymoon period ends, you will regret it for the rest of your life. The rest is just happy talk.

I should be able to sell my property to whoever I want. What insane bureaucratic overreach with plenty of loopholes pointed out in the comments. It will discourage investment and decrease housing supply. The fact that Chris didn't list a single issue with this law is crazy. What a moron.

This sounds like a bad idea for Minneapolis. It will make selling a house more difficult for property owners and lead to a decrease in the supply of homes for sale. The decrease in the supply of homes will lead to a higher market equilibrium price. If the goal of Minneapolis city government is to lower the market prices for homes, this policy will have the opposite effect.

If my rent payment was in effect, I would not leave when a real estate showed up, nor would I let strangers into the house.

As a landlord, I would love for my tenants to buy my rentals whenever I want to sell a rental. This makes it so much easier for the landlord and also saves money on realtors commissions. Whenever we sell a rental, of course the first person we ask even before listing the property on MLS is the tenant. I don't see how the current law would benefit anybody as without the law any tenant can make an offer on the rental whenever the rental goes on the open market anyway. I think this law is just another useless policy that will change nothing.

when lease ends. DO NOT RENEW LEASE when tennent is not longer under contract. He no longer has first right. PERIOD. Property owner has the right to sell and not sell and choice of buyer. so glad I no longer rent any properties. Got out before pandemic and all the drama about not being able to evict non-payers. THANK YOU JESUS for getting me out of 'land-lording' right on time.🤓🤠

More home owners are simply not going to rent out their home.

Minneapolis Taxes (2500-4000 a year/208-333 a month), mortgage payment (240k house - 1100 a month), insurance (100-200 a month), and maintenance/cap ex (plumbing, new roof every 30 years, new ac, furnace every 20 years, water heater ect) - 300 a month. Cost of owning - 1600 a month. Average rent for a 1 bedroom - 1300 month (plus another 100 for renters insurance).

Turn off the annoying background music 🎶. Your voice is good enough. 😳

This should only apply to institutional investors--not individuals or small LLCs with under 5 properties. 30 days to vacate should be increased to 90 Days.

Idiotic law. I'm a long time landlord and the vast majority of tenants have poor credit and live paycheck to paycheck. Another unhinged Democratic initiative. The eviction moratorium was deemed illegal by the Supreme Court. If this law is passed it will be struck down.

Are you allowed to rent the property out as a first gen home buyer?

If a person was able to purchase the house with enough for a down payment then moving won't much of an issue.

Nailed it! Preach buoy!

Second