All Forum Posts by: Corey Robert Leet

  Yes, we ended up getting 2 homes in Winona, both licensed as 5 non-related individuals (5 Bed / 2 Bath homes), within a few blocks of the college.  They have both gone well.  We have great property managers and the tenants have been good.  The cost is a little lower, and rents are similar to what we have found in Duluth.

     Thanks,

            Corey

  Thanks for the response Brittany.

  Thanks Lynel for the comments.  I really like the idea about the "care package", I haven't thought of that before.

       Corey

Hey all of my fellow Duluth investors. My wife and I looked at a large old house in the Congdon/Endion area of Duluth yesterday and love the house. It has great historic woodwork, beautiful spaces, etc. but needs some work. It is a 5+ bedroom home with a 2-car garage in a nice area and good schools (Congdon elementary, Duluth East HS, etc.). My question is whether getting around $1800/month is realistic for rent in this area. I know we could get this or more as a college rental, but since it is such a nice property, I'd prefer to rent as a SFH if purchased, even if we get a little less money. This home would be somewhat of a "pet project" as opposed to a pure great ROI purchase, but need to be sure it could at least have some monthly cash flow. Any incite is appreciated as we have only done college rentals in Duluth, not SFH.

    Thanks,

          Corey 

  Thanks everyone for the input.  We did see the house on Park Point and it piqued our interest, but as you stated it seems like the current owners may have failed trying to run an air bnb there.  There are a couple others up closer to two harbors we are interested in as well, as they don't appear to have as many regulations.  That being said, we are concerned about winter income in that area.  Jordan and Scott, I'll probably reach out by PM to connect.  John, any input on what areas you have seen as the best SHR in Minneapolis area?  We are pretty familiar with the town as we live in Coon Rapids.

       Thanks,

           Corey

Anyone have advice on short-term rentals in Minnesota? We are looking to expand into this industry but are somewhat concerned about what to estimate for occupancy, especially in the winter months. We have experience with SFH and College Rentals, but are interested in the short-term rental market as well. We are specifically looking at the North Shore area (Duluth, Two Harbors, etc.), but are open to other areas that make sense. We are also trying to think of other expenses we need to plan for (maintenance, utilities, etc.) and don't want to miss anything. Any input is greatly appreciated.

      Thanks,

           Corey Leet

  I think the key to investing in Minnesota, like anywhere is to understand your goals and make sure your investments work towards them.  We have a few properties that cash flow $300-400/month but are little to no work, and a few college rentals that cash flow more ($600-800) but have more repair, turnover, etc.  Also, our goal is to pay them all off in 10 years to then have significant cash flow and equity to have financial freedom.  We aren't looking to obtain a ton of properties, or build monthly income fast, just safe stable purchases to build for the future.  As you can see from posts, everyone has different criteria, goals, and investment strategies.  Find yours and work toward it.  The best advice I would give to newbies is to start with a simple, single-family rental in an OK area.  Try to find a decent, fairly-priced home (there's not many amazing deals out there) and get some experience.  The most important thing is to be picky about tenants.  Good tenants are worth the time and effort to screen, bad tenants can make your life hell.  Feel free to PM me if you want any details on what has worked best for us.

Great job Jordan.  By the way, for my Minnesota people. Are there any meet-ups that occur in the Twin Cities area?  My wife and I continue to plug away adding properties (up to 7 rental homes now), but I'm interested to meet others in the area to see what people have been doing for investment properties and what has been successful, along with sharing our successes/failures.  Any info is greatly appreciated.

     Thanks,

         Corey

Sorry Anna, I must have missed an alert about your response.  Please PM me again, I'd be happy to share my experience with Duluth.

     Corey

  Thanks David.  I agree with other options for rental properties, the reason we are looking in Winona specifically is that we have had good luck with college rental homes.  

       Corey