How cheap do auctions go in Minneapolis?

[Nicholas Flatoff]

Howdy! I just moved to Minneapolis for school. I’ve got about $25k cash, $60k in credit lines, good contracting and industry experience (did multi-family portfolio management for a while) and no job (so no mortgage opportunities).

For you MN folks, what’s the bottom of the “crappy but not tear-down” bad? Would you even bother in my shoes?

I’d be down to grab a beer sometime as well with anyone in the area.

Thanks in advance!

[John Woodrich]

If I were in your shoes I would talk to some hard money lenders and start looking for a flip opportunity.  Without any income you will find it hard to get into rentals in the area.  You could purchase something for $85k but it will be hard to do it without dipping into North Mpls.  

You could also consider buying a condo or looking for seller financing options.