All Forum Posts by: Jennifer Greuel

My husband or I will plan to attend- investors from Bismarck, property is in Minot

We have a multi family in Minot, we couldn’t find a property in Bismarck that the numbers worked. Search the page though, I’ve spoken to a few who have found good deals in Bismarck 

We also had trouble finding a bank that would do a 4plex loan for us and not require 30% down. We went through Gate City and did some kind of business mortgage but we had to do a 15 yr mortgage and 20% down

I’m in Bismarck, it will be hard to get a 4plex for that price unless you do a lot of work. And rents are low in Bismarck for 4plexes. We were looking at 4plexes in the 200k range and rent was only around 600 per unit. We ended up buying in Minot, we got a great deal there and rents for a 200k 4plex are 750-850ish.

Generally to analyze a deal we looked at the 1% rule, but we have a spreadsheet we used which calculated all the expenses/income and that is how we analyzed, we looked for properties that would net $200 per unit. Good luck!

Sounds good, let me know where! I think my husband will come

@Ben Kappel it is going well! Everything went well with closing. We have 2 units filled and working on the other 2 (not great timing w the holidays)

We looked at Bismarck but the rents are pretty low here compared to how much houses are selling for. We couldn’t find a deal that worked 

We are based in Bismarck but just bought a 4plex in Minot. The market has really crashed there so I think it is a good time to buy. When we fill all the units it should cash flow $800 after all expenses and we are on a 15 yr mortgage 

We will be in Mexico!! Next time.

We had found a 4plex in Mandan, it is still on the market it looks like. That was the closest we got to making the numbers work. I agree with others posting, the numbers just weren't working for us for a SFH when they will only rent for 1200ish and cost 200k+. The Bismarck market is hard right now.

We have a flipper who bought a house across the street from us (off market deal). I’m hoping to chat with them sometime about the project! But even that one off market I’m not confident the numbers are going to work for them, knowing how much houses sell for in our neighborhood  

@Ben Kappel we are out of Bismarck but we couldn’t find deals that worked here! We are closing on a deal in Minot, the market is super low there right now