Updated about 8 years ago on . Most recent reply
Live in Minneapolis, invest in Rochester?
Anyone here live in Minneapolis/St. Paul area and invest in Rochester B&H (specifically multifamily)? I'm considering Rochester real estate for my next deal, and I wanted to get experienced investors thoughts on the following:
- How do you think about property management? Do you treat it like it's a 100% remote market or are you still checking on the property in person a few times a year?
- How competitive is Rochester's market vs. the Twin Cities' market?
- Any neighborhoods to avoid?
- What kind of vacancy rates and property management fees should one expect?
Most Popular Reply
Hello from Rochester!
I can answer a few of your questions. Multifamily have been quite difficult to get ones hands on over the past year+. They just aren't getting listed and there's a lot of interest. A quick look at the MLS and there's 4.
We have a number of great property management companies in the area. I would interview them once you have a property under contract on a particular property as the rates vary and a number of them have minimums that make for a high percent if you get a property with an efficiency, for example. I've seen 7-10% fees.
Vacancy rates will be location specific. There have been a tremendous amount of new apartment buildings being built.
I would be happy to chat further about specific properties!
Melissa