New to Real Estate · Rapid City, SD · Member since 2015 · 3 posts · 0 votes
After reading Rich Dad, poor Dad, I realized it's time to get out of the rat race. I have one more year of college and then would like to start investing in multi family units for the passive cash flow. The reasons for the wait is because I feel like it will take some time to convince my wife to start building a real estate business to be financially free. Any advice would be welcome!
Investor · Box Elder, SD · Member since 2014 · 228 posts · 43 votes
11y
@Jeffrey Bales Hi and Welcome to BP. Make sure you read the tons of useful info here on BP. It is a great site. I am from the Rapid City area as well. There are not too many people on BP that are from the area. I have met a few and they are all good guys. Feel free to contact me or send me a message if you like.
Investor · Box Elder, SD · Member since 2014 · 228 posts · 43 votes
11y
@Erik Tollefsrud The market is tough here I think. At least for an investor that wants some good numbers anyway. Some things look like a good deal but when it comes down to it the numbers are too tight or just don't work when you factor everything in. There isn't much for cheap houses anymore at least not on the MLS. Granted I have not tried any yellow letters or anything like that. Picked up a good foreclosed deal and have been doing some manufactured home stuff lately. Keeping them for rentals seem to work decent. I think Rapid is tough since it is out here on the west end of the state and nothing big close by. Makes for a tougher market.
Investor and Accountant · Denver, CO · Member since 2015 · 1 post · 0 votes
10y
Hey Jeffrey,
I lived in Rapid City from 2012-2014 and purchased two duplexes during that time and just had a good friend purchase a triplex. Multi-units there can easily cash-flow on 15 year mortgages but may need a bit of work. The live-in one unit and fix-up seems to work very well and offers the duel-exit strategy of holding or selling. Can't say you will make it big but compared to Denver its the perfect place to start and learn with little risk. Good luck and don't wait!