Updated over 6 years ago on . Most recent reply
Twin Cities Builders/Developers
Hi Everyone - Im newer to the Minneapolis/ St Paul market and looking at moving to the area in the next few months. I was wondering if anyone out there is developing new builds from the ground up in this market? In the other markets Ive worked in (Chicago and Milwaukee), land is either way too expensive or home prices are too low to warrant new builds. I have some leads on some prime (or at least in my opinion prime) lots in the area and Im wondering if I should move forward with the contracts. I'll be in town over the next few days if anyone would be open to meeting.
Most Popular Reply
I asked because I've done a duplex to triplex conversion already and it's not nearly as easy as people think and I always want to give people a heads up. I have two recent duplex buys sitting there waiting for a conversion so I know the financials intimately but for people w/o experience, you really need to understand what it entails. On the new 2040 plan, be ready to hire an architect if you go from 2 to 3 units since it is a change of use-(residential to commercial). Going from a SFH to a duplex has always been there so if you can find the right opportunity, that's a much easier start.