Minneapolis landlord with long history of troubled properties sells out

  • Article by: RANDY FURST , Star Tribune
  • Updated: January 24, 2013 - 6:58 AM

"There are mostly winners here," said buyer Steve Frenz, a Minneapolis developer.

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waterdogzJan. 23, 1310:22 PM

Zorbalas appears to be quite the class act. Private jet indeed.

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FrankLJan. 23, 1310:49 PM

So is Mpls going to go after troublesome tenants to help this new guy out?

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BUDJan. 23, 1311:03 PM

We'll see how Zorbalas likes his next "home" when karma catches up with him. I don't think he'll need to fix the furnace there.

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daveseavyJan. 23, 1311:06 PM

He should have been run out of town after 50 violations. Why did the city let it go to over 2,000? As far as rents being below "market value," if the landlord is making a reasonable return on his/her investment, market value shouldn't have much to do with it. Just because Jones might charge high rent doesn't mean Smith has to follow suit. Yes, there are many expenses owning rental property, but it seems many of these landlords become very wealthy in a relatively short period of time. How about attaining wealth a little slower, offer living units at reasonable prices? The EVERYONE wins.

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sachmnJan. 23, 1311:41 PM

An ex-girlfriend lived in that property he's standing in front of...$800/month for a STUDIO, yep, a studio, and that was over 3 years ago. The kitchen was so small that you can fit one person inside it and all you had to do was turn your body to move from cabinet, to sink, to stove. I'm not sure what he's planning on charging but it already seemed way over priced.

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ThegonagleJan. 24, 13 2:57 AM

I wouldn't worry about rent going up too fast yet. There's only 15-20 years of major maintenance and repair to catch up on in each building.

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philotheaJan. 24, 13 5:58 AM

People don't realize that, when a property owner has x-number of violations there IS no other way to penalize him/her other than these ridiculously low 'fines' (a couple hundred dollars per violation!).

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joe_mnJan. 24, 13 7:36 AM

ok. sounds like all the problems are fixed now. woohoo

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plainyjainieJan. 24, 13 7:38 AM

I had a few properties I rented out in Mpls. I moved out of there to other cities that welcomed my maintained properties. I would fix them up and the renters would tear them apart quickly and then complain to the city so they could legally withhold rent. While a lot of other cities have workers with ego problems I found the city of Mpls and especially their TISH dept. to be a living hell, staffed with arrogant bullies supporting their paychecks with fines and inspection fees. Most years I could have made more at a minimium wage job for all the hours I put in hand holding the renters and city of Mpls. Lack of affordable housing and rental in Mpls? Blame the city and its padded payroll.

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joeleafJan. 24, 13 8:45 AM

I fully agree with plainyjainie. I have two properties. I have low income tenants that trash the place over and over. The city fined me last year for a piece of plywood behind the garage. This Zorbalas guy does sound like a lousy property owner, but there are plenty good owners that have to struggle with bad tentants and even worse city employees. In a perfect world I would make $250 per house per month. One missed rent payment, or one costly repair (ex. tenant ruins carpet) and I become a charity.

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