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Minot Area
Hello all,
Just trying to start a discussion with some BP members who live in the Minot,ND area.
Right here! I'm in Minot and I want to start real estate investing! Contact me!
My wife and I are currently stationed here in Minot and are looking to start REI. We are still on the fence if we want to purchase in Minot (or other ND cities) or if we want to look within other places we have been stationed/lived. What is everyone's thoughts on the current and future RE market? Is anyone currently investing within Minot and if so, what is your experience?
Thanks!
Hi everyone! I currently live in the dorms on the AF base and are trying to learn and immerse myself in real estate so that when I am financially able, I can then start looking for deals. Does anyone have REI experience ?
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.
I'm in Minot and I'm interested in investing as well. We should all start a meet up group to learn and build from each other. What do u all think?
I would definitely be interested. From my understanding there is not a group or association currently so this would be a great time to start one.
What do the rest of you guys think about a BP RR meet-up group?
Hi all, @Account Closed thanks for starting the thread! I was curious if there were any real estate investors in Minot as I will be PCSing there in May (currently stationed at Malmstrom). @Tamaria Bridgeforth and @Mike Krysinski , I will definitely be interested in a meet-up when I arrive; it's very beneficial to learn from each others experiences and share ideas face-to-face. We started a meet-up with a few local BP members here in Great Falls about two years ago and everyone seemed to benefit (the first meetup started with 3 people and the most recent meetup had 12...not bad for Great Falls). I actually partnered up with someone from those meetings to accomplish my first flip, which hopefully sells before I PCS (we will be listing it late January).
I just started taking a look at the Minot market, but its tough to grasp a clear picture when I'm not physically there. I have heard the apartment complexes are struggling with vacancies causing rent drops and it seems like the housing inventory is sitting on the MLS for a while. Also, it looks like Minot BAH dropped again for 2017, which will have a negative impact on the RE market. However, it doesn't seem like the Minot economy relies solely on the AFB or oil, so if there is a drop in housing prices over the next year or two, there might be some good investing opportunities.
Let's keep this thread going and I will update if I come across any Minot news.
I am totally onboard with a meet up group. It could help us all to share. I've been here for 2 years and it doesn't seem benifical to invest here, but that's just me opinion. So I've decided to look elsewhere. Once u get settled let's talk about a date to start the meet up group.
I would be interested in a meet up group also. I am looking for another rental to acquire as I have been playing it safe the last year.
I am definitely interested in some sort of local Minot REA or BP meet up. Let me know where and when!
And here is me, joining the group, I know little about real state but I have been learning from BiggerPockets, Grant Cardone, Robert Kiyosaki and a few other. Knowledge is power right.
Thanks for starting this thread. Minot used to have an REI meetup group until the meetup companies website started to charge. I'd join in on a meetup group.
Awesome to see a thread about Minot was started! I grew up there and moved to Fargo about 9 years ago. In my opinion, I think there is certainly opportunity there as i'm sure many landlords/owners want out because they are tired of the stress and high vacancies. Although I do think prices are still to high there to make an investment worth the risk, but keep in mind an asking price is rarely the price a property sells for. I go back a couple times a month to visit friends and family would be great to have an investment meet up there as well.
Frank here in Bismark new bee
Hi Frank! Sorry I missed your original post. Good to know there's a GC in the bunch. I'm sure you'll have some useful tips.
Hello Trevor, I'm game for meeting. Looks like you're new to REI as well. It seems we'll have a pretty junior bunch. That's okay though there are still plenty of learning opportunities for all.
I am in Bismarck and looking at getting started as well.
Hi everyone, I've been in Minot a few years and hope to also attend our local meet ups
Hello everyone,
I am an Engineer and oil and gas professional that lived in Minot 2013-2017. I own a Condo on North hill that I bought 4 years ago and lived in. Recently I moved to Dallas and I would like to turn my property into a rental... but all i know about the process is from online research. Would anyone be willing to help me develop a network of, or refer me to, Minot professionals to help me draw up leasing papers?
Nick
Moderator Note: All Meetups must be posted in the Events & Happenings Forum only.
hey I got a single family Property in minot nd that I have been renting since 2015 without any vacancys and one year leases. The management company is awsome and I would recomend them for everyone looking to get into the minot area. Magic city management.