Minneapolis market too hot for single family home investors?

5 Replies

I am curious to know if anyone had success finding single family homes in Minneapolis St.Paul area lately ? I am new to this market looking for properties under 150K 2-3 bedrooms with minimal repairs. 

They are out there but you have to be patient and willing to move fast when they pop up.

I’d also suggest being open to auctions and foreclosures.

Jordan Moorhead, Real Estate Agent in MN (#40542303)

They are out there but you have to determine if you want to own properties in some of those neighborhoods....

@John Woodrich , I agree. I really don't want be in a  situation where there is high tenant turn over and damage to the property.  @Jordan Moorhead  I don't  want to  get into auctions at the moment, but foreclosures sound appealing. With that being said, I need learn more about buying foreclosed properties, thanks 

What you’re describing is rare, but obtainable if you’re willing to put in the necessary leg work to find off market opportunities. Creativity is key too. For instance: my last deal in St. Louis Park was a single family home + a vacant lot for $240K. Remodeled and sold the home and now I’m building on the lot. Have to think outside the box a bit when the market is challenging like this...

With your criteria you would be best to look at townhomes that cash flow. 150k or less will need plenty of work in most areas the ones that don’t need a lot of work are in pretty rough areas. The key with THs are knowing the management companies they use and making sure the financials of the HOA are sound. I don’t mind HOA fees because they end up paying for lawn, snow, insurance, exterior maintenance, and sometimes water/sewer.

Amber Gonion, Contractor in MN (#Boiler Special Engineer sp711180) and MN (#40480519)

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