All Forum Posts by: David Barnett

 I agree with the last sentence of your post, in particular.  There are a few Twin Cities investors that are keeping on with business as usual with these newer screening laws (more power to them).  I am seeing the opposite perspective where landlords are liquidating and moving their capital.  Although I haven't liquidated any of my properties in the Metro, I don't have any appetite for future purchases with these new screening laws.

@Brian J Allen Thanks for the insight on the Worcester market. I had a quick follow up question, with those numbers, what would be the average cost of renovation (with the understanding that it is highly dependent). I might be off base here, and the spread between acquisition, rehab and ARV doesn't appear to be more than maybe $20k at the high end?

I was wondering if there were any active MetroWest/Central Mass flippers on the forums. Specifically, I was drawn to the older and outdated properties in the Worcester area (a lot of SFR's seem to be late 70's early 80's vintage). I was wondering if there were any active flippers and any insight into that market. From the preliminary research that I've done, purchase prices seem to be within $150k-$200k with ARV's of mid to high $200k's. Looking forward to connecting with any Central Mass flippers. Thanks in advance!

Why would you go from New York to Boston?  Real estate prices in Boston aren't exactly cheap....

@Siddharth Parekh MLS is the Multiple Listing Service (MLS). It's where on-market deals are. You can use a bunch of websites to find the information. There's Zillow, Realtor.com, Ziprealty, Redfin, etc. The MLS service in the Twin Cities is called Northstar MLS, and an agent can hook you up with access.

Not looking to pick a fight, and I think Minneapolis and Boston are very different markets (coming from someone that lives in the Boston area and invests in the Twin Cities).  The price points are very different and my sense is that Minneapolis is much more of a mom and pop landlord area than say Boston where there are a lot of institutional investors and foreign investors that are parking their money in the U.S. (not to mention a lot of foreign investors that buy a property cash for their kid to live in while they attend college).  I have a hunch that the Boston market is going to be taking a bit of a dive due to a lot of the college/universities moving to remote learning, tanking rental demand.  I suspect there will be a few areas of Boston (Allston, Brighton, Mission Hill) that are going to be largely vacant and it's going to get very competitive with landlords so they don't have vacant properties for ~ 4 months.

@Siddharth Parekh In the past few years, I've seen deals (MLS deals) that are trading somewhere in the .85%-.95% range. I keep on seeing data that the inventory in the Twin Cities market is at historic lows. The percentage likely has dropped, and I think it's hard to find deals in the actual Twin cities that will cashflow. However, I think the opportunity for appreciation is there (in the right areas of Minneapolis and Saint Paul).

At this point in the cycle, you're not going to find a 1% deal in Minneapolis.  

 Honestly, it depends on what you are looking to do.  

I would read up on the local renter protection ordinances that were just passed.  My personal opinion is that inside the Twin Cities is far less attractive for investment than it was before these went into affect.  I haven't sold anything recently, and instead I'm holding pat on my investments in Minneapolis and Saint Paul.