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Georgina Graham
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First time home buyer

Georgina Graham
Posted Sep 25 2023, 06:16

Hi there, 

I have been pre-approved for $350,000 and have looked at few houses and I am in between 3 houses that I like. One is in Spring Lake Park, MN, another is in Andover, MN and the 3rd one is in Shoreview MN. I would like to buy this property as an investment property, live in it for 1-2 years and sell. Which area do you think is the best to buy this property in? Any tips from Minnesota investors who are familiar with the local market would be greatly appreciated. 

Thank you so much!

Georgina Graham 

Devin Dougherty's profile image
  • Real Estate Agent
  • from Omaha, NE
  • Member since Jun 29, 2023

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Devin Dougherty's profile image
  • Real Estate Agent
  • from Omaha, NE
  • Member since Jun 29, 2023
Devin Dougherty
  • Real Estate Agent
  • Omaha, NE
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Devin Dougherty
  • Real Estate Agent
  • Omaha, NE
Replied Sep 25 2023, 06:32

I'm not in MN, however, I would suggest looking at the market stats in each of those areas and take your pick on which area has the better year over year changes. I wish you the best! 

Alyssa Strom's profile image
  • Real Estate Agent
  • from Saint Paul, MN
  • Member since May 1, 2015

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Alyssa Strom's profile image
  • Real Estate Agent
  • from Saint Paul, MN
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Alyssa Strom
  • Real Estate Agent
  • Saint Paul, MN
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Alyssa Strom
  • Real Estate Agent
  • Saint Paul, MN
Replied Sep 26 2023, 07:17

@Georgina Graham I'd review the rental guidelines for each city and then check rental comps on Rentometer. Sometimes there aren't many single-family rental comps so you can verify on Facebook Marketplace, Zillow or Apartments.com. I'd base my decision on potential rental income and future Cap Ex. 

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Scott E.'s profile image
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  • from Scottsdale, AZ
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Scott E.'s profile image
  • Developer
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Scott E.
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Scott E.
  • Developer
  • Scottsdale, AZ
Replied Sep 26 2023, 08:33

I don't know anything about your market but just want to make sure you are clear on what you're doing here...

You say you would like to buy this property as an investment property, live in it for 1-2 years, and sell.

That's not what you are doing. Here is a more accurate way to describe it:

I would like to buy this property as my primary residence, live in it for 1-2 years, and sell.

This distinction will be important when you are getting financing for this property, and when you are considering the tax implications on any profits made from the sale of the home. 

Bryon Andrews's profile image
  • Real Estate Agent
  • from Saint Paul, MN
  • Member since Jul 24, 2018

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Bryon Andrews's profile image
  • Real Estate Agent
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Bryon Andrews
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Bryon Andrews
  • Real Estate Agent
  • Saint Paul, MN
Replied Sep 27 2023, 21:46
Quote from @Georgina Graham:

Hi there, 

I have been pre-approved for $350,000 and have looked at few houses and I am in between 3 houses that I like. One is in Spring Lake Park, MN, another is in Andover, MN and the 3rd one is in Shoreview MN. I would like to buy this property as an investment property, live in it for 1-2 years and sell. Which area do you think is the best to buy this property in? Any tips from Minnesota investors who are familiar with the local market would be greatly appreciated. 

Thank you so much!

Georgina Graham 


 Hey Georgina, I like your strategy here of doing a live in flip. My wife and I completed one in White Bear Lake. It is a great strategy if you focus on adding value. Any of those 3 communities that you mentioned will provide what you are looking for. Feel free to reach out and I'd be happy to share some insight from my experience. 

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