Investing in St. Cloud, Minnesota

[Mason Hjelmeland]

Hello BP,

I am currently looking at buying a MFH or SFH in St. Cloud, Minnesota. Does anyone have any tips or advice for this market?

[Monica Morff]

We have been investing in at cloud since 2016 and have had pretty good luck!

We update our units first thing whenever we buy a property and charge higher rents which tend to get us better renters. Our single families there rent for 1450-1600. The best advice I can give you is to come up with criteria and put in the work to screen your tenants. The only bad tenant we’ve had was one when we were still learning how to be landlords and made an exception to our criteria- don’t do that. It’s better to have a unit empty for an extra couple of weeks than to have a tenant that doesn’t pay/makes a mess/etc. let me know if you have any other questions! 

Edited to add: we buy properties there for $110k-$130k to make sure we have a healthy profit margin and tenants always pay for their own heat/electricity.