BiggerPockets

Our company is L Squared Properties. We are based in Dickinson, ND which is in the heart of one of the biggest oil plays in the nation. My wife Lori and her friend Lori actually own the company. My title in the company is maintenance man! We have four SFH, three mobile homes, a duplex and a townhouse. All are fully rented. We are looking to expand outside of the Bakken and are looking into the Bismarck and Fargo areas. We have friends who have invested into the Phoenix area and we may look there also. With the high demand for housing, we are exploring building spec homes.

Welcome Aaron looking forward to see you around.

Welcome Aaron! Your in a great location, always plan multiple exits.

Originally posted by Jon Klaus:
Welcome to BP Aaron.

Our rents run from $1,500 to $2,200 per month plus utilities.

How much would these rentals sell for in today's market?

What is the car in your avatar? You might consider using your picture so people get to know you.

The mobile homes would sell for 30-40K, duplex 150K, SFH 130K-225K and the townhouse 150K.

The car is my 1968 Olds Cutlass Convertible. I use that for an avatar because it is better looking!

Your mobiles cash flow like crazy. Can you get more at those numbers?

In high school I had a 1965 442. Fun times. Later I bought a 1965 Cutlass Convertible. More fun, but less speed.

I assigned a 32 unit in Eureka South Dakota makes me wonder if I should have kept it....Nah! A town of 1600 people but if it wasnt shrinking I might have . I put under contract for 150k and sold contract for 10k. It had an income stream of 4400 per month and vacancies left room to increase income by at least 2k monthly if you could find 8 people in the county that needed housing. Today 5 years after that deal I might have been holding that apt building. Hind sight is 20/20

Im in Bismarck. Let me know if you need any info.

The market has been crazy but it has started to plateau which is welcomed.

Im looking at possibly selling some of my single family units because I want to get into duplexes and 4 plexes. You can charge $1500-$2000 easily for SFHs but I would rather go after young couples and charge around $1000/ mo.

There hasn't been a legitimate multifamily complex for sale in 2-3 years.

Originally posted by Chuck Catchings:
Aaron, well your one of the lucky ones to get in early on the boom. But seems to be an ongoing situation and not just there in N. Dakota. For the rest of you that commented on this post I am currently looking into this in areas outside of N. Dakota that I have already located property for sale. Some of these areas are just getting ready to kick in and property is still cheap. There are a lot of issues to cover not just from an investors point of view. If I can help anyone let me know and I'll answer what questions I can. Just FYI-not all these boom towns are equal but there still is great opportunity if you do it right.

Which areas are you looking? I am in West Texas and the market here is hot! I am also looking to purchase my first investment property, what don't I know? And how can I best prepare myself for this market in San Angelo?

Thanks Tim