My husband and I have been following biggerpockets for a couple of months, educating ourselves through books and now are looking to jump in and take action! We have started looking at potential properties in the twin cities, mostly in the North Minneapolis area. We look forward to connect with people here and contribute back to this forum as we progress in our real estate journey.
Welcome @Rupa Nair !
North Minneapolis can be very profitable. Were you thinking of doing section 8 or just market rate rentals? Multi or SFH?
Welcome to Bigger Pockets.
Hey @Rupa Nair ,
Welcome to the Forums! There are numerous real estate pros on the site and will gladly help you in whatever capacity needed.
@Jordan Moorhead We are looking at multis since the numbers look better and you get an advantage of scale. We haven't explored section 8 yet but it is an interesting area as affordability reduces in the cities
Hi @Rupa Nair ,
Some areas of North Minneapolis are really turning around and other areas are less desirable in my opinion. Good luck in your journey. I am always open to connect and I have a monthly real estate meetup which is great to get to talk with like minded people.
@Rupa Nair I would pay close attention to the Mpls shot spotter map to make sure you don't end up in the wrong area.
Congrats! Get connected to some local people to you.
Hi Kurt @Kurt Pauley , would love to connect and know more about your monthly meetups.
Hi @John Woodrich , thank you for the tip, will definitely look into it.
Welcome to BP! Can I ask what made you choose north Minneapolis to start your search or your main focus for investing?
I’m new here as well.
I have experience on both sides of the river (North and North East). My recommendation is to be very careful of where you dip your toes in the water. A huge potential upside for buy and hold over the next decade is the designation as an opportunity zone. Follow the money! The following census tracts have been designated:
I have experience on both sides of the river (North and North East). My recommendation is to be very careful of where you dip your toes in the water. A huge potential upside for buy and hold over the next decade is the designation as an opportunity zone. Follow the money!The following census tracts have been designated:
@Rupa Nair - Good luck!
As others mentioned above, be careful of where you are going to put your money. There is definitely money to be made in N. Minneapolis, however, even though that market is relatively cheaper than other areas of Minneapolis (and greater metro), I consider this as an advanced market - You really need to know what and how you are doing, because the downside potential can be huge.
Good luck and keep us posted on how things are going!
@Andrei Bortnov the property values in the north do better with the cash flow calculations compared to other areas but I realize that the risk is a lot higher too. We are not averse to other regions, the numbers just looked more promising in the north. I am treading carefully and trying to learn from other experienced investors.
@Stephen G. Wolff thanks for the tip on the opportunity zones. I am digging into what projects these funds would get allocated to.
@Assaf Arie Thank you! Hoping to make progress quickly but carefully :)
Originally posted by @David Boley :
Welcome @Rupa Nair ! I'm looking to invest in the MSP area as well - but newbie and looking for my first property.
@John Woodrich I'd be interested to know more about the "Mpls shot spotter map" you mention.
Looks like 2018 hasn't been posted... Been a bit since I have looked at it. But note - these maps are updated WEEKLY because they have so many hits: http://www.ci.minneapolis.mn.us/police/statistics/crime-statistics_codefor_shotsfired
Welcome to BP!
I'm fairly new to REI myself, and am in the MSP area, in Richfield. Looking to purchase my first multi - family in the future. Let me know if you'd ever like to meetup for coffee!