Rental Property Investor · Minot, ND · Member since 2020 · 47 posts · 18 votes
Friends,
I'm interested in hearing your thoughts on the ND real estate market in 2021. In my area (Minot) single family homes can still be found at reasonable prices and rent well. I'm cashing flowing $300+ on the two I have currently. I close on my 3rd next week and it projects to do even better. However, multi-family deals seem to be expensive, overdeveloped and in short supply on the MLS. I'm optimistic that Air Force base upgrades (North) and the Trinity hospital development (South) will create a positive growth trend over the course of the next 5+ years. This year I am seeing estimates of 8% appreciation in the zip codes I own property in.
I am expanding my radius to find a good multi family or small apartment deal, but have no idea how to evaluate the more rural areas. Bismarck looks to be pretty expensive and Williston/Dickinson I worry about due to the current politics surrounding fossil fuels. Grand Forks/Fargo are a bit beyond my reach.
Any other thoughts/strategies for your neck of the woods this year?
Minot is a strange environment, no doubt. The established investors seem to stay rather quite. Fortunately for all of us, BP has really supported a new wave of investors for ND's big four (Minot, Fargo, Bismark, & Grand Forks). The other thing with Minot is that it was completely overbuilt a few years back due to the oil boom, but now that the population is back on the rise for reasons other than oil, vacancies are being filled. Currently you can buy existing property for cheaper than you can build it, but my estimate is that will change in the next 3 to 5 years.
Also... DO NOT UNDERESTIMATE RURAL ND. I bought a 6,000 square foot building on main street in a small town for $120,000 with a 1.9% interest rate, and in the next 3 years it will net $3,000/mo up from $1,000/mo today. Find a SFH that can do that. ;)
It's great to finally see a thread of inspired investors in ND, with interest in Minot and Bismarck. I was shocked when I recently got into real estate and found that there weren't too many social groups available.
I would be highly interested in going to a meetup and I'd love to hear how this previous one on the 12th went.
Hey Warren, great to see a new face! I would define our group as more of West/Central ND Investor group. It's rather informal as of now, but I forsee it picking up more steam this year.
Peers consist of 0~50+ unit property owners ranging from SFH's, 12-Plex Multifamily, Mixed-Use commercial, and so on.
I intend to host our next meeting in Garrison as It's between Minot and Bismark, and we have the perfect building for a meetup!
Thank you for the reply, and sounds great! I will be there and will bring any other investors who are also interested.
Is there interest in a FB group? Using social media should attract some new members as not everyone knows about BiggerPockets. I am excited to start networking with everyone in this forum and to see the business that comes from it.
If you can connect with me on when that meeting is or the process of setting it up, it would be highly appreciated.
I am a new investor as well and am interested in joining the meetups. I am from Bismarck and am purchasing my first investment property. Looking forward to hearing when the next meetup is.
Good morning ~ my husband and I are investors from the Bismarck, ND area. We would be excited to join the next meetup as well if it works in our schedule. We have a variety of rental units in Bismarck, Mandan, and soon to be Beulah.
March is looking tough for me. I don't think I'll be able to do it this month. My wife just picked up her license and we are trying to iron out child care now that she and I are both working.
I'm hopping onto this thread as an out of state investor researching small M/F in North Dakota - targeting Fargo and would love some input from the North Dakota investor group. Other areas of growth or stability? Thanks in advance for any feedback
Hello, Minot is a pretty good city with fair amounts of growth due to the Air Force base here. Constantly has new airmen showing up and a lot of them starting their lives here.
Just saw the thread and was curious if you all were still doing meetups? I’m out in Williston but would make the drive to network and learn. If anyone is interested please let me know. I could make any weekend work, or, with enough notice a week day