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Updated about 10 years ago, 09/19/2014
Newbie from Fargo North Dakota
Hello my name is Caleb Carlson i'm a new buy and hold guy/landlord. I live in, own, and landlord one property and I'm looking to learn how to make moves and make this a full time gig. Very excited to join this community!
Welcome to Bigger Pockets
I would say you can learn everything you need to know from this site.
Have a great day!
- Gerald Harris
Welcome aboard. Fellow newbie from Fargo here as well.
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#2 New Member Introductions Contributor
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Welcome. Take a good look at student housing. Fill in the foundation below.
Check out the Start Here page http://www.biggerpockets.com/starthere
Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.
Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 70 past ones to catch up on.
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers.
Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook
Consider checking out HUD homes for small multi's owner occupied gets first crack.
You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
Good Luck
Paul
Thanks everyone for the warn welcome. @paul timmins my property I own is student housing and I am currently looking for another opportunity. Thanks for great advice!
Hey @Caleb Carlson , Welcome!!
I am newer as well, but have found BP to be soooo helpful. Make sure you listen to the podcasts as they provide real life experience from BP members. You can check out all the podcasts here: http://www.biggerpockets.com/renewsblog/category/p...
Also, be sure to start learning as much as you can, knowledge is power! Check out these real estate books recommended by BP, they are great resources: http://www.biggerpockets.com/renewsblog/2013/04/14...
Good luck to you! Feel free to reach out with any questions!
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#1 New Member Introductions Contributor
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Welcome to BP community @Caleb Carlson It is a great place to meet new friends and learn about various aspects of real estate and more. Here are a few recommendations for you:
Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet
Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts
Wishing you the best!
- Dmitriy Fomichenko
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#3 Questions About BiggerPockets & Official Site Announcements Contributor
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Hey @Caleb Carlson thanks for introducing yourself! It's great to have you here! Don't miss The BiggerPockets Podcast - they are great for learning how others are finding success.
Also - here's a couple articles you might enjoy:
The 21 Best Real Estate Investing Books Ever
How to Rent Your House: The Definitive Step by Step Guide
How to Be a Landlord: Ten Tips for Success
Oh - and be sure to set up some Keyword Alerts- especially for "Fargo" so you'll be notified when people mention it here in the forums.
Thanks again for introducing yourself!
Thank you all!
welcome! Nice to see another ND investor on BP
Welcome Caleb Carlson. Fellow ND newbie. Sounds like people are already giving you great advice! Best of luck
Hi @Caleb Carlson. I'll be moving to Fargo in November and I'm looking to buy a small property when I get there to hold for a couple years. Hopefully we can get a small meeting with other investors to share some knowledge! How long did it take for you to find your current property that you own?
Welcome to BP Caleb!! I'm also new and in the Fargo area. There's certainly a lot of info to absorb here...take time to take it all in. Also there is a group here in Fargo that meets the second Tuesday of every month for a few hours in the evening. You can find times, dates, etc via meetup.com.I believe the group name is FM Real Estate Investing.
Originally posted by @Eric Mauricio:
Hi @Caleb Carlson. I'll be moving to Fargo in November and I'm looking to buy a small property when I get there to hold for a couple years. Hopefully we can get a small meeting with other investors to share some knowledge! How long did it take for you to find your current property that you own?
Hey Eric,
It probably took me like 3 months to find a good deal and close on it. I started looking in november and closed on in january. There is also a group that meets through meetup.com but I am actually in the twin cities of mpls right now so I haven't had the chance to check it out. Relocation might be permanent but Fargo is definitely a good market to be in long term!
@Caleb Carlson thanks for the info. I'll be sure to check up that meetup. Investing in a college city sounds a bit risky, but we'll see what happens when I move there.
Fargo is much more than a college city. They have a large Microsoft campus and many manufacturing facilities. I grew up in ND, I've been gone for 8 years now, but Fargo is growing and will be for decades. I'd be more nervous investing in western ND with the oil boom, but Fargo is a good 4-5 hours drive from that.
@Account Closed I found this recent article about Fargo...
http://www.forbes.com/sites/kurtbadenhausen/2014/0...
Looks like Fargo has some positives going for it. I just wish the schools at West Fargo mirrored the schools from Northeast Fargo. Without doing too much research, seems like all the newer homes are in West Fargo.
I'm not sure what's the best approach in Fargo. Buy and hold? Flip? This noob needs some help!
I LOVE talking about ND. :-) I own a SFR in Fargo and go back a few times a year to see family. The SFR we own there has a backyard adjoining my sister's house and we are going to move there in 10 years when we retire from the military. We bought it for that reason, not as a true rental, but it rents for $1700 and the mortgage is $1150. Management is 6% (didn't want to mix family and business in this case.)
That being said, I wouldn't worry so much about the schools in the different areas of Fargo. Fargo is not so big that a particular area of town is "bad" or "good". And frankly even the "worst" schools in Fargo are very safe and nice. Basically the reason all the newer homes are in West Fargo is because the Red River stops growth on the east edge of Fargo and people don't really want to move across the river into Moorhead, MN because the income tax rates and reasons like that (they also have lots of ridiculous laws, in my opinion, about annual rental inspections, fees, permits, etc). Also, the river has flooded before (I don't think it will again because they built a huge dike), but it caused a lot of clearing/rebuilding, and lots down there go for a premium price because it's pretty with mature trees. West Fargo is mostly empty prairie that is being built up - not many trees/scenery, but land is plentiful.
IMO, the biggest problem in Fargo right now is the lack of quality property managers for SFR. Google it - there are slim pickings. The one we have is mediocre, but it was the best have found.
If I were you I'd look for a duplex and live in 1/2 of it. Near campus would be good, or the southern part of Fargo by 32nd St or 52nd St, or west Fargo. Also Reile's Acres (if you could find something.) The older part of Fargo is the Northeast part. Homes there are older and not as nice, but probably cheaper. There literally is no area I'd tell you to specifically avoid as bad. The areas around Broadway and 10th are older, but still not "bad". Downtown Fargo is making a big comeback with Mezzaluna, the Hotel Donaldson, etc. I think you'll like it there!
And if you need any more reassurance about ND, google "Washington Post North Dakota"!
@Account Closed Awesome info! Thanks!! I am looking forward to this new chapter in my life in Fargo and hopefully moving there will actually end my real estate investing Analysis Paralysis!
Kelly, welcome to BiggerPockets!
Fargo was not on my radar at all until this summer when our town hosted the all-star championships and we were asked to house some 15 year old baseball players. They didn't progress very far, but it was a fun experience. Talking to their parents, I can see how Fargo has a lot going for it. Way better than my investment economics.
Enjoy!
