All Forum Posts by: Joshua Silker

Hi Chad, my wife and I have been house hacking in the Twin Cities for the last few years and have a couple properties under our belt. We have found that setting our expectations about what we want is helpful (financial performance, level of renovation we can handle, forced equity opportunities, number of bedrooms, etc) and then waiting for a deal to materialize. Most of the time when I would analyze properties on the market the numbers just didn’t make sense, but when we found a property that worked we were able to move decisively. We’ve found a niche area that fits our budget and personal vision, and it has usually taken a few months of regularly analyzing deals to find something that works for us. Our duplexes were purchased in the $270k-$320k range. We chose these properties for cash flow opportunity and because they work nicely for house hacking because the unit you are occupying is a percentage of a smaller mortgage payment.  

Around Minneapolis I think it is important to get to know the neighborhood. Things have changed in the cities, especially since 2020, and some areas that were once nice are still experiencing problems. It is also worth noting that the city of St. Paul has in the past enacted restrictions on raising rents. This caused a lot of developers to leave the city and has caused headaches for landlords. I don’t know where this is at currently as we are in Minneapolis, but as far as I can tell it’s been a bit of a boondoggle! 

Hope this helps! -Joshua