All Forum Posts by: Levi Pollard

I am also a little gun shy on investing in a boom town. I bought my house in the boom town but at a price that if it busts I am not out anything. Hind sight is always clearer than looking at the future. 3 years ago would have been a good time to get in. It may last and it may not. Servicing the wells will require thousands of trucks and drivers to stay even after the drilling is done, but that is assuming that it is still profitable enough to run the wells.

Good point Jerry, the towns do go through boom bust cycles so it might be worth the effort to find a town that has not begun the up swing yet or in the early stages. I hear northern Colorado is picking up again.

Dion, good analysis from the economic stance. You hit it right on the head with the increased cost of rents here. The rent has gone up so much that it has priced out a lot of the elderly and low income workers in the town. If you don't work in the oil field there is no way you can afford a 3b/2b house at $2500 a month rent.

What are your thoughts on investing in an oil boom town?

North Dakota right now has one of the best economies in America. Solely because the oil is driving everything. Rents are through the roof! I have shied away from investing here for the fact that it may not stay like this forever. There are plenty of signs that the market is here to stay. But is the speculation worth the risk? The housing prices have doubled in the last 3 years. You can still find a fixer every once in a while for around $100,000 but these houses were only $50,000 3 years ago.

Any thoughts?

@Michael W. Can you explain a little more about the 2% rule or point me to an article about it? Is that 2% of purchase price per month or year? Most of the numbers I have been finding have looked pretty good.

Thank for the Welcome everyone! I hope I can contribute to the community, I know I will definitely be learning from everyone here.

Thanks Brandon I have been reading every post I find so far, I will add those to the list.

Thank you for the tips. Where do you go to find out about the local meetings?

Really nice area there around Boulder. My sister just moved to Lafayette about a month ago. There are definitely some perks to being in that area. Welcome to BP. I am new to the community as well.

Hi I am Levi Pollard,

I live in Dickinson ND, oil boom country. I bought my first house 2 years ago, My primary residence $78,000. I got about it $15,000 below market value at the time because it was out dated and needed quite a bit of work (house built 1894). We did all the work ourselves and have turned it into a wonderful family home. The market value now on the house is about $145,000. I am keeping my eyes open for a similar deal up here but they are far and few between.

I am looking down in Colorado where I am from to invest in my first multifamily piece of property. My father and I are looking at partnering up on the first few deals that we do. He lives down in Canon City CO and has done property management for a few people before as well as runs a handyman business.

There is my background and where I think I am going as for right now. I am open to any advice.

Thank You

Hi Michael,

I live up in Dickinson ND, but I am looking at partnering with my father on some properties down in the Canon City area. I am originally from the Colorado Springs area. You are absolutely right, prices are cheaper in the Pueblo area. I am just in be beginning stages of this myself. Did you find your 4-plex on the MLS or did you find a contact elsewhere? Sounds like you have a nice start going for you. Let me know how things go for you.

Levi Pollard