All Forum Posts by: Alyssa Strom

@Christian Espana Northern WI is generally STR-friendly since cabin rentals are incredibly popular in these areas but always double check with the city/county. I'd reach out to a few current Airbnb listings for cleaning recommendations in the area you choose. I'd say the closer to the Twin Cities the better and you'll crush it the summer and winters will be slow. Happy to connect you with a few investors with similar properties if you'd like!

@Alex Shapiro Lots of great answers and you are correct the majority of multifamily properties in the Twin Cities metro are old. I personally wouldn't eliminate any potential properties based on age but like @Jordan Moorhead said you'll want to do your due diligence. Not every 1900's MF was built well and many times you can't tell from the photos. Some are legit money pits and some are more solid than today's new construction. Boilers are very common in Minneapolis and most tenants don't have any issue with window ACs. 1960's side by side duplexes tend to be very popular because they are considered "newer" and were generally built well. Regarding single-family rentals, numbers are tighter but peace of mind is worth something too. With the market softening you could find a motivated SF seller and try to negotiate the price down for better cash flow. If you want something newer than the 90's to keep as a rental you could look into townhomes in the 2nd and 3rd tier suburbs.  In Mpls, Northeast is a more popular rental market than Uptown right now. St. Louis Park/Hopkins are popular as well for rentals (both SF and MF) if you are looking to stay on that side of the city. In the end, you know best what you want to take on and what tradeoffs you are willing to make. If I can help in any other way let me know!

@Brian LaLonde Welcome! I live in White Bear Lake and really enjoy it. It was a town before it was a suburb so it still has a small town vibe. Lived in St. Paul the past five years also so happy to share experiences on both. Market is stabilizing (and cooling in some cases) but homes under the mid $300's are generally competitive since that is the median purchase price in the Twin Cities. Right now many sellers are just hoping to capture the tail end of a market where everything would sell for a high price and have multiple offers. Days on market is increasing and you're starting to see price reductions again so actually a decent time to be a buyer again.

Ashley Selle over at LendServ Title would be a good resource!

@Brian Sparks Biggest local networking group is going to be MNREIA where you will likely find a lot of wholesalers but I also host monthly investor events. Our next one is June 7th (on the BP events and meetup). Also happy to recommend a few legit wholesalers you can connect with if you want to send me a PM! 

Due to unpredictable spring weather we are moving this to June 7th from 6-8pm. 

@Levi Bartz It wouldn't hurt to also check out investing opportunities in Wisconsin. Depending on where you are looking to move you might find a better return there. Low inventory is still keeping prices high in the Twin Cities market. With interest rates approaching 6% and adding in property management expenses the numbers are usually pretty tight once you move out. That being said, you have to live somewhere so house hacking still remains one of the best ways to get starting in real estate investing. 

Join the Millennial Investor Group and Twin Cities local investor and developer, Cody Fischer. In 2016, Cody Fischer purchased a duplex in NE Minneapolis. He was able to get approval to divide the lot and build a 6 unit apartment building behind the duplex to be completed in Spring 2022. Come hear his story and discover how he was able to successfully navigate such an incredible venture!

Join us at the end of April (with hopefully warmer weather) to learn about Yardhomes. Yardhomes is a local builder of prefab Accessory Dwelling Units (ADUs). Founders Nichol and Jamie will talk about their business and mission, answer questions, and have two model ADUs available to tour.

About YardHomes
YardHomes mission is to expand housing in Minnesota by adding a new housing option that is needed in our communities.Yardhomes can customize unit finishes and fulfill high volume for golf courses, resorts, family cabin compounds, and cluster developments. Additionally, they have a unique program that brings affordable units to low-income renters; learn more about Y-HELP®.

@Thomas Hartman Other options if Options Exterior isn't available: 

Victor: (612) 876-1303

Mint Roofing - call Christy (612) 803-0275