Investor · Twin Cities, MN · Member since 2015 · 130 posts · 111 votes
Hey everybody,
I am considering deploying marketing to the Rochester and other small southern MN cities. I am looking to connect with investors doing deals down there. My goal is to ultimately find brrrr deals. I will also buy and resell (wholetail) if it makes more sense. The last two deals I've done we're flips and my purchase plus rehab was 52% and 45% of ARV. I do have access to capital to do this but always looking for new relationships.
I am having success sending direct mail up here in the cities but know the market is very saturated with other investors/realtors doing similar mailings. I feel like Rochester and other cities may not have as much competition. Any opinions there??
Anyway, I am skilled at marketing, negotiating great deals, good design/construction and looking forward to driving down there to check what southern mn has to offer. Thought it would be a good idea to see what other people are doing in those markets. I like the idea of investing away from home but not too far away, because it will force me set up systems. Thanks y’all!!
I live in Rochester and belong to an active investor group in Rochester MN. We have lots of wholesalers come to town and move on it seems like because our town doesn't have enough deals or is too small of a market. We are just like the Twin Cities with having a lot of competition. It seems like it is all about who you know. We have bandit signs all over the place and these people are active members in our investor group and they have had hardly any luck and some none at all. A lot of investors also are doing direct mail campaigns some are also heavily involved in our investor meetings. I personally have gotten 3 letters/post cards this year. I don't want to deter you but want to give you the facts and what is happening here. I wish you the best of luck. I would love to be a buyer if you were to come across some deals in Rochester. I have yet to find a deal from a wholesaler in Rochester MN.
I live in Rochester and belong to an active investor group in Rochester MN. We have lots of wholesalers come to town and move on it seems like because our town doesn't have enough deals or is too small of a market. We are just like the Twin Cities with having a lot of competition. It seems like it is all about who you know. We have bandit signs all over the place and these people are active members in our investor group and they have had hardly any luck and some none at all. A lot of investors also are doing direct mail campaigns some are also heavily involved in our investor meetings. I personally have gotten 3 letters/post cards this year. I don't want to deter you but want to give you the facts and what is happening here. I wish you the best of luck. I would love to be a buyer if you were to come across some deals in Rochester. I have yet to find a deal from a wholesaler in Rochester MN.
Hey @Charlie John- I would say give it a try. I know of a few investors who BRRRR down in Rochester and have been successful. It is also a fairly unique market because of the growth, high paying jobs and low unemployment. Feel free to message me to chat more.
Hello Charlie! I am a very active and real estate investor in the Rochester MN market as well as a realtor who principally works with investors. I usually see the inside of most of the properties in our market under ~180k or so. I have done some direct mail myself and unfortunately haven't had great results (some appointments buy no closed transactions). I am absolutely no expert at it, and I suspect you will have better outcomes. I have purchased homes from wholesalers in Rochester, and I'd be very interested in anything you would potentially want to assign a contract on.
I'd love talk to you in person, or do a conference call, so please do reach out!
Here's a good listing. This is approx 3 hours Southwest of Rochester in Iowa. This property will easily pay for itself. Rents for $750 per month. For sale for $49,900.
@Nick Stageberg Finding property is about as challenging as it can get. Don't give up on mail, but consider mixing up your lists.
Think about using a list broker who can suggest some of the new motivated seller lists. This way you can mail to people who aren’t in every other investor’s sites. Absentee Owners have been popular for a long time, and are apparently still somewhat effective (people are still mailing to them) but they are getting multiple offers to buy their home. It's hard to stand out.
There are some owner-occupied segments with people who share motivating factors for selling their home.
Seniors with Long-time Ownership: often ready to downsize or transition to assistance.
Homeowners with Low Financial Stability Scores (FSS): Struggling financially and likely ready to cash in on their asset.
Both these categories have additional advantages in that they probably don’t haven’t been updated and may have deferred maintenance. They won’t be expecting the same money as their neighbors with the shiny new kitchen and fresh paint.