Apartments for Low Income

Questions and Answers

Your Questions About Apartments In Minneapolis

November 27, 2012

Robert asks…

Landlord accidentally signs lease over current resident!!!! IDK WHAT TO DO!!!?

I live in Minneapolis, MN and signed a new lease with a rental company on April 13th for the lease to begin on May 1st. My landlord called two days prior to me moving in to inform me he made a HUGE mistake of signing my May 1st lease, even though the current resident in the apartments lease goes through the end of May, and I wouldn’t be able to move in until June 1st. I have no idea what I’m going to do!?!? Please help!!!!!

Administrator answers:

Kyle is 100% correct.

The mistake has been made even though the lease is signed by all parties (assuming it is). Which means the rental company or landlord owes you the amount for 1 month’s rent so you can find temporary housing elsewhere. Or you can have your landlord find alternate housing for you for that month (either way is legal in many states/provinces). Tell your landlord to choose. Keep in mind he HAS TO do one or the other as your lease is enforceable.

Richard asks…

REALTORS / BANKS, will it even be possible for me to buy a home?

Hey guys. My fiance and I are very, very interested in buying a home. We have been saving up like crazy the past few months (for a down payment). I’m wondering if we’d even be eligible, or should I just stop dreaming.

** We are looking for homes in a very low priced area in Minneapolis, MN. The homes usually are $40,000 and below. We would definitely at least have a 10% down payment. **

This is our situation:
1. We were evicted from our last apartments, because of our ex roommates’ negligence. Would this effect the likeliness of being approved for a home loan?
2. Our credit scores should be pretty good. We have always paid bills on time. The only negative thing within our credit history, was back when my fiance was 18 (24 now), he stopped paying his bills for an old cell phone, because he lost his job.
3. Our combined monthly income is only around $2500, depending on how many jobs I get per month with my photography business.
4. Our only bills are a car payment from me, cell phones, and car insurance. Which, together, equal around $500.

What do you guys think? Be completely honest! Thank you! :)

Administrator answers:

Sorry, but federally regulated mortgage institutions are the only legal way to finance real estate at this time. The Dodd-Frank Act of 2010 took affect Jan. 1, 2011 and requires all Private Financed Real Estate Transactions to meet certain requirements. There are 387 different regulations that now must be met for Rent to Own or Owner Financing a Land Sales Contract, including things like the Buyers Credit Score and Finances must meet HUD Loan Requirments at the time the Rent to Own or Land Sales Contract is signed plus the buyer must attend classes on the Pitfalls of Private Real Estate Financing.

If the all of the new regulations are not met, the buyer is entitled to a refund from the seller, of all the money the buyer has paid on the mortgage plus twice the amount of interest paid.

Betty asks…

What happens when an apartment building gets condemned?

Is there any assistance, especially for low income people, dispossessed as a result of the landlord’s apartment building being condemned? (Minneapolis, MN)

Administrator answers:

No there isn’t. You usually have 24-78 hours to get out. It depends on why it was condemned.

Laura asks…

Where to live in northwestern part of Minneapolis?

I am relocating to Minneapolis and don’t have much time to look for an apt. What are some clean safe areas in Minneapolis and where should i ‘stay away from’? I am working in Maple Grove as well as some days at a downtown location so I am wanting somewhere between there.

Administrator answers:

Just today found a great website that lists the towns in Minnesota and what makes them good or bad. (1st link) so that you get an idea.

If you are going to be working in Maple Grove, stay in that area. Otherwise, too much travel time.

Go to craig’s list (2nd link to exact category—Maple Grove is 3rd link) for an apartment.

Just scrolled through them and everything looks a bit expensive for one person—4th link an apartment complex.

Don’t go to Brooklyn Park or Brooklyn Center—go west instead to Plymouth or Crystal, etc. Or Minnetonka or Hopkins (or get out a map and put in the names of cities by Maple Grove for a search on craigslist…. You want to be WEST of Highway 100 or even Highway 169 and NORTH of 394—394 would get you into downtown Minneapolis.)

Happy Hunting!
PS Went a bit crazy looking for apartments on Craigslist. It’s YOUR turn to click….LOL

Nancy asks…

What is the average rent/cost of living i should expect in Minneapolis, MN?

I’m thinking about packing up my life and getting outta dodge (virginia actually) and i’m exploring my options. Minneapolis looks really nice and I know a person or two there already, but I’d like a larger spectrum of knowlege on this one. can the world at large help me out?

Administrator answers:

In Minneapolis, the overall cost of living is 12% below the national average. Average apartments for rent cost approximately $800 a month, with average 2-bedroom apartments going for $1,000. The overall cost of living in St. Paul is 9% lower than the national average. While this is not as favorable as Minneapolis, the price of apartment rentals is somewhat cheaper. Average one-bedroom apartments go for about $650, two-bedroom apartment rentals cost around $800 and three-bedroom apartments for rent average $1,000 per month.

Lewis
lstretch@mortgagestar.com

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