Property Manager · Richmond, VA · Member since 2013 · 34 posts · 5 votes
It looks like the Wild West out there right now - literally!
Any North Dakota landlords want to share the scoop on what is was like before, how it is now, and what the prospects are for the future?
Exciting times it appears.
A 700-square-foot, one-bedroom apartment in Williston costs an average of $2,394 a month, according to Apartment Guide, an online website for apartment hunters. The same apartment would cost $1,504 in the New York area, $1,411 in the Los Angeles area or $1,537 in the Boston area, the Williston Herald reported.
Turn key provider · San Jose, CA · Member since 2010 · 4k+ posts · 3k+ votes
12y
MacDonalds is having to pay workers $18 to be competitive and attract people. Salaries are going through the roof a long with housing prices From my own research though, it's a high risk market. Commercial developers are reluctant to invest their and consequently, they're not building malls and office complexes necessary to support long term population growth and housing. Most of the people working in the oil fields are not putting down stakes and moving there. They work there and send money home to their families. They're not buying homes which could be good for rentals. I just worry about where it will be in 5 years. Maybe I'm missing the boat but I see it as risky. I can see a great big bubble in the future.
Investor · ND · Member since 2014 · 11 posts · 0 votes
12y
The past few years have been great. It doesn't matter where you are in the state, most landlords are benefiting. The main problem now, is its getting harder to find deals. We currently don't have any vacancies in our units, and get calls weekly.
Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
12y
My concern with buying there is what happens with the gold rush is over? All those workers will leave and who will rent your property, or more so, who would want to buy it from you if you try to offload it?
Turn key provider · San Jose, CA · Member since 2010 · 4k+ posts · 3k+ votes
12y
MacDonalds is having to pay workers $18 to be competitive and attract people. Salaries are going through the roof a long with housing prices From my own research though, it's a high risk market. Commercial developers are reluctant to invest their and consequently, they're not building malls and office complexes necessary to support long term population growth and housing. Most of the people working in the oil fields are not putting down stakes and moving there. They work there and send money home to their families. They're not buying homes which could be good for rentals. I just worry about where it will be in 5 years. Maybe I'm missing the boat but I see it as risky. I can see a great big bubble in the future.
Investor · ND · Member since 2014 · 11 posts · 0 votes
12y
Greg , depending on which city your investing in. You can see the bad deals in the oil towns first hand on loop net. Low to mid single digit cap rates. We're still able to find high single digit to low teens in surrounding cities that have other industry besides oil. Most out of state investors are chasing oil field money.
Real Estate Investor · Watford City, ND · Member since 2014 · 15 posts · 4 votes
12y
There are literally BILLIONS of dollars being invested here. I live in the middle of the boom, In Watford City. Its been going on since 2008 and sounds like it could easily go on drilling for 15 more years. The there is still oil production going on after that. Look into it, it's different than the previous booms, but of course it is still a boom, EPA could shut it down (or try) but its a cash cow for the government so i don't think they will. These wells are record producing wells extracting some of the highest quality sweet crude oil, Oil prices would have to go into the 60's or 70's to slow the boom down. I say the way to go is Restaurants. they are always busy, these guys are too busy to cook for themselves. Its an incredibly fast play out here. takes a go-getter!
There are literally BILLIONS of dollars being invested here. I live in the middle of the boom, In Watford City. Its been going on since 2008 and sounds like it could easily go on drilling for 15 more years. The there is still oil production going on after that. Look into it, it's different than the previous booms, but of course it is still a boom, EPA could shut it down (or try) but its a cash cow for the government so i don't think they will. These wells are record producing wells extracting some of the highest quality sweet crude oil, Oil prices would have to go into the 60's or 70's to slow the boom down. I say the way to go is Restaurants. they are always busy, these guys are too busy to cook for themselves. Its an incredibly fast play out here. takes a go-getter!
i agree any major oil field will last min 15ys, and we hope the Watford city learn something from the past. it seems they hold a lot of money from the tax for the future this time.
Real Estate Investor · Las Vegas, NV · Member since 2011 · 117 posts · 28 votes
12y
Last year I drove through Williston and I remembered a motel cost $300+ a night and food was very expensive as well. The prices weren't reasonable at all and it's only a matter of time it is going to collapse. If you were in early, that's good. I wouldn't want to get in now. ND is not going to be the next NYC.
Real Estate Investor · Cheyenne, WY · Member since 2014 · 71 posts · 37 votes
12y
I have lived and worked in boom towns, before, during, and after as well as know several others who were involved in the booms of the early 80s. If I were holding investment properties in these towns I would sell and take my profits off the table. All booms come to an end.