All Forum Posts by: Dylan Barth

Bilal,

I have a friend who is a commercial real estate broker doing deals in the Minneapolis/St. Paul area. If you would like me to connect you two, I would be happy to. Let me know.

Matthew,

I agree with @Kevin Siedlecki that without any more information it sounds like your potential for ROI in adding the unit would be huge. Hopefully zoning allows you to do it and you can boost your investment with forced appreciation and cash flow! Good luck!

Welcome Dustin!

I'm originally from St. Charles, MN and currently live in Mankato. The thing that excites me the most about Rochester is the Investments that Mayo and UMN-Rochester are making in the down town area over the next several years. Those factors have potential to drive growth in the city.

On the other hand, the market seems pretty hot right now which makes it difficult to find cash flow.

@Zach Romashko

I'm currently shopping in the Mankato market as well. You are correct that they are strict about the 25% rental concentration rule and purchasing in a place that either already has a license or you know you an get one is key. Another rule you may not know about is that if your address is greater than 30 miles from Mankato, you are required to have property management within a 30 mile radius. You can find more details on the city website. I haven't looked into it too much but I'm concerned that rule might drive the price of property management up (especially with the bigger property management companies in town).

I agree with @John Woodrich that deciding where you'd like to invest and who your target market will be will be a decision for you to make. There are opportunities for student and non student rentals.

Finally, I was talking to a real estate agent last Friday and he mentioned a few duplexes that may be coming on the market for the $110-125 range. There are opportunities in town, you just have to find them!

Good luck in your search!

I'm interested in that specific area as well! 

Welcome to BP, Zach. Sounds like you've had some great opportunities to learn in a short time period. That's impressive!

Eli,

Your situation seems to be one many new investors (including myself) are running into in the metro area. As a general rule, higher quality property = less risk = less cash flow. In my opinion this is especially true after a long trend of rising prices in the MSP real estate market.

Good luck on finding and hacking a house!

Dylan

Welcome, @John Armenta and Julie! What type of investing are you interested in doing? Do you have any investments so far? I was just looking at the Rochester market yesterday - specifically the down town area. There seems to be some opportunities for cash flow in single families down there.

@Marc Jolicoeur can you expand on the Minnesota local sub-forums? Where can we find these?

Welcome Kelly! I live in Mankato now but am planning on moving to the cities soon. I agree with Eric that prices are at a slight premium to surrounding cities but I still think it would be an exciting place to invest. Prices are much lower than the Twin Cities market and the rental market is strong. The city is growing and demand looks like it will stay strong. 

Good luck in your search and enjoy the forums!

Welcome Traci! Good luck achieving your goals.