Short & Long Term Effects on Minneapolis R/E In Recent Events

[Joseph Christopher]

Good evening! Longtime lurker and BP podcast listener, first time poster.  

Due to the recent events and travesties in the Twin Cities area, I'm curious to see what insight that some who live there can provide. I am not ignorant to the fact of the high degree of uncertainty, nor am I seeking to get into sensitive topics or politics. What may one reasonably expect to see with the potential for the elimination of a police department? I know that this has been a project for some time (www.MPD150.com) in the area. What I'm concerned about is centered on a long-term outlook on property values, insurance availability and rates, and of course the availability of those kinds of city services. Please know that I'm for creativity and progression in every sense of the word, but I feel that at this point it may be unwise to acquire a medium-term investment (3-5 years) in a public safety experiment. Again, I'm hoping to have an objective conversation. 

My spouse and I have been looking to relocate to Minneapolis (potentially the Uptown area) or St. Paul for work in the next few months. We were hoping to owner-occupy a multifamily (duplex to 4-plex) and go the househack route to springboard into long term investing whilst maintaining our 9-5's, but are open to BRRRR and the like. We just need a place to live. :)

6 figure income, no kids, late 20's, minimalist lifestyles. 6% DTI, currently renting and never owned.

[Alyssa Strom]

@Joseph Christopher I wouldn't be too worried. MF prices in Minneapolis and Saint Paul continue to rise (are we at the top of this market cycle ... your guess is as good as mine) and most investors are sticking around. My hope is that there are some positive changes that come out of all of this but similar to the 2040 plan I don't see any major changes overnight. When 2040 passed, you'd think from the national news that there were triplexes going up everywhere. I can count on one hand on how many successful triplex conversions or new triplex construction projects I've heard about.