All Forum Posts by: Alyssa Strom

@Elizabeth Ashantiva I second what @Noah Chappell said. Late fall through January is a really difficult time to find tenants so it's nothing you are doing wrong. Add COVID to the mix and a lot of people are staying where they are at. Keep dropping the price weekly until you fill it and sign a short lease so it renews May-August. $995 probably doesn't feel great but it gets it below $1000 which expands your pool of applicants. (Having one less month of vacancy makes up for the lower rent price). Allowing pets makes a big difference in the number of applicants you'll get but I understand if it doesn't make sense for your rental. All that being said, change the price but don't stray from your screening criteria. An empty unit is better than a bad tenant, especially with the current eviction moratorium. Good luck!

Similar to what @Mack Benson said, the Twin Cities is a large metro area. The most damage was in a small area of Minneapolis. From an investor buyer perspective, prices are still high and there is still a ton of competition. Some investors are exiting the Minneapolis market but there are other ones lining up to take their place. It takes work and patience (and most likely sweat equity) to find the cash flowing deals but it's still a great buy and hold market. 

Congrats @John Zilverberg! I'll PM you a few recommendations.

@Brittany Shearer You're right it's absolutely a seller's market and even the off-market "deals" are priced high right now. That being said, I personally (no crystal ball) don't see the Twin Cities market taking a huge hit given all the reasons @Larkin Adey and @Noah Chappell mentioned. Inventory is limited and there are a lot of buyers still out there (either actively looking or waiting on the sidelines to jump in). It feels like the economy is running on fumes but locally there is far more MF demand than supply and I don't foresee that changing much. I'm hoping we can just get back to a neutral market at some point in the next 1-2 years. Waiting won't hurt but it's never a bad idea to be continuously looking. If @Bruce Runn is still buying this year, there are still opportunities. Best of luck to you! 

For those of you who are not members of the Millennial Investor group or aren't on Facebook here is a Zoom link for tomorrow night: https://zoom.us/j/93442722397

@Huy Le @Todd Ashley

@Nicholas Overbeek Will you be finding and sourcing the deals? If that's the case I'd do a google search for the top wholesalers in the area, interview a few of them and find one you trust. From there you could work out a payout for bird-dogging for them. This way you maximize your time and partner with someone with a legit buyer's list. It's great to find a deal but it's equally important to have someone that will actually buy it.

Also, in your short-term REI plan (& if it makes sense for you) consider house hacking a multi-family property with a 3.5% down FHA loan. There are also local down payment assistance programs you can take advantage of so your out of pocket costs can be less than you think if you can owner-occupy.

@Zack Klesch That property seems like a pretty decent deal for a Northeast Minneapolis house hack right now. The average price for NE duplexes this year is $353k. With the extra bedroom potential & office (more people are working for home so it's an added bonus), newer roofer, and low vacancy I'd jump on it. Make sure to get the sewer line scanned and good luck! 

@Huy Le Unfortunately I can't change it to a public event once it's been made private. If you join the group you'll be able to see it. I'll also work out a way to share with non-members and those not on Facebook. Will update the event as soon as I work that out. 

@Todd Ashley We are doing a Facebook Live for this one. Link is in the event details. It will be recorded for those not on FB as well.

Local investor and BP favorite, @Bruce Runn will be presenting his Minneapolis triplex remodel and conversion project. Bruce will cover project costs, challenges, working with the City, and future triplex plans. 

We know everyone would love to see the project in-person but due to COVID and interest, this will be a virtual tour. We'll be monitoring all of the questions that come in during the live stream and make sure Bruce answers as many of your questions as possible.