Rental Property Investor · Minneapolis, MN · Member since 2019 · 42 posts · 5 votes
Hello,
I have family in the small town of Mason City, Iowa, so I travel there occasionally. I am always looking for new markets to invest in as a buy and hold investor. I know it is a cheaper and older market, and I haven't spoken to any investors about the area. Does anyone have experience investing in Mason City?
I live right near Mason City. My husband is a realtor and sent me this post. I am certain you know there are parts of Mason to avoid but there’s also a brand new arena that just opened there. Definitely high cash flow but I wouldn’t bank on much appreciation. I looked you up on Facebook since nobody has ever posted about our market here before, I see you’re from Wayzata. I am from Orono and we got married in Wayzata. Small world.
@Tucker Walser Wayzata Community Church & Wayzata Country Club (reception). We live in Clear Lake. We own and manage 14 doors here, one condo up in MN in Edina.
@Jessica Wood That is SO cool! The Minnetonka area is great. So I’m currently living abroad but will be back home in Wayzata early spring. Can I reach out to again when I am back? Would love to meet you in person and get to know you if that is something you would be interested in?
@Brian Campbell Thanks for the friendly reply Brian! It’s really cool to hear how many doors you have down there! How long have you lived in Mason City?
Just bought 2 properties in Mason as my first deals. One I am rehabbing now and the other I have with local PM waiting for it to rent. Like the numbers there in Mason and am from that area originally.
Seems like there are quite a few big players in the rental market there but time will tell in my first 2. Plan in BRRRIng my second property and found an amazing handyman that is saving me a bunch of time and money!
So many familiar faces 😁 I have 11 rentals in Mason City and currently working on 2 flips. They just built another Starbucks... That's the indicator it's good right... Haha... Even the "less desirable" locations aren't like they would be in the cities. Sister in law is from Maple Grove, and we're always up there in Chanhassen, Chaska, Bloomington etc for my daughter's AAU basketball.
Cashflow is solid, especially if you have good units, typically when you see one advertised as "updated" assume it was late 90's remodelled. Even a good unit in the worst location in town should rent just fine. Or I haven't had any issues with vacancy in any units anyway and I have a few in what some would call "the north end"