Minot Area

[Account Closed]

Hello all,

Just trying to start a discussion with some BP members who live in the Minot,ND area. 

[Mike Krysinski]

I have noticed there really is not a strong REI community in Minot or at least there is not one on BP. The only feedback I have received about North Dakota is typically a short "don't invest here" response. But honestly, I am not all that convinced that it would be a terrible place IF you could find a deal that meets the 2% rule (or 70% rule if you're flipping).

Property here is still expensive when compared to the rest of the US or even other parts of ND (Take Fargo for example). It averages around $115 per sqft from what I have seen. BUT that doesn't mean there isn't a motivated seller out there with a good deal that you could potentially "house hack".  Also, taking into account the university, the AFB, oil and agriculture, I think there is still a demand for rentals. Heck, my wife and I looked for single family homes to rent when we moved here and could not find anything that allowed dogs and fit our family (I have 2 very young kids). BUT to counter that... there are SOOO many apartment complexes that are struggling to fill their vacancies because the market was over developed and saturated during the boom...

I recommend looking in Fargo since they have seen steady growth in the past couple of years and are for the most part unaffected by what the oil/energy industry does.

I say if you find a killer deal in whatever niche you decide to pursue, go for it. Wholesaling might be difficult because there is not a strong REI network here so you would be relying on agents and the MLS to assign your contracts. I think flips and buy-and-holds would be a better bet... but that is just my opinion (and I am no expert). Be cautious of any homes that were in the 2011 flood zone. Most of the homes that were poorly flipped have been rectified from what I have heard. But do your due diligence and hire out for a solid home inspection to ensure there is no remaining flood damage. The flood was 5 years ago but there are still parts of town that reveal the damage it caused.

Unfortunately, the only questions I asked my Real estate agent when we bough our primary residence were in regard to whether or not we should buy since we were having trouble finding a house to rent.