Newbie in Twin Cities

4 Replies

Hi BP, I’m a newly minted attorney working at a smaller firm in Northeast Minneapolis. Looking to deploy some of that work-life balance time to side hustle a REI hobby. Interested in thoughts about best practices to dip my tie in the water. What neighborhoods and/or burbs do you like and why? There any reason I’d want to start with wholesale before getting into buy and hold? Favorite local groups to connect with other REI hustlers? Ways to start funding the numbers that would help me practice crunching them to analyze a potential deal? (For instance, I only know about Zillow and the like for estimating rentals and ARV) Looking forward to tapping into and interacting with this community! Tim

Welcome Tim, I didn't see this post until today.

I have invested all around the cities but currently I avoid Mpls and STP because I don't have the time to learn the entire market and there are many eyes on the area.  I would recommend you start learning the areas you are located, there are many people on here who invest and have done well in NE Mpls.

I haven't gotten into wholesaling as I started as a flipper but many people who get into that are looking to make money with limited money to invest.  It could give you good experience in estimating, marketing, etc which are valuable in this field.  If you have the means to buy I would search for a property and jump in.

@John Woodrich Yeah, I can get on board with that. I would honestly prefer to focus on NE, even if the CoC numbers aren't the sexiest, because it's close to my current home, my future upgrade home, my office, and tons of stuff I just like doing.

@Jordan Moorhead was super generous with a few hours of his time yesterday and I feel somewhat more comfortable with the idea of leveraging against our current home to fund something like a BRRRR or flip.

Maybe you'd be interested in sharing some of your time (or your inbox) to share your experience? If you're into flipping, and I'm into dipping toes into long term self-management, maybe there's a sweet spot here for our interests to overlap!

For estimating rents in an area:  there is rentometer.com but I prefer using Craigslist to estimate what type of rent you can get for an area.  Best of luck on this new venture!

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