All Forum Posts by: Steffan Anderson

Derek, my job at the jet center starts on April 1st and if I can't find something by then, we'll have to rent for a few months until we find something better. We actually offered to buy the 5plex by the hospital downtown, but the home inspection didn't go well so that fell apart. I'd love to get a multi-family home but it certainly seems like good ones are hard to find. I'm coming to Fargo for a few showings on Monday and I'll be seeing a small 4plex in Moorhead. 

Thanks Nik, thats very helpful information as I don't know much about how to calculate all of the numbers yet. I definitely would be able to handle a 20% down payment, I think that makes a lot of sense. I actually will manage the house for as long as possible, so hopefully that means we're a little safer for a while and stay in the range of positive cash flow. Out of curiosity, to do the math did you account for the rule of thumb 50% rule on additional expenses?

Derek, Thanks for the response! Very exciting to hear from someone who knows the area. My price range could be anywhere from 100,000 to 220,000 honestly, as long as I knew I was buying something relatively low risk. I don't mind spending more if it means I have a better chance of keeping someone inside of it after I leave. I don't have much know-how when it comes to projects but I do think i'd have time to learn and improve a house with some projects. We are first time home owners. I'm curious why you'd recommend against the west fargo house? I have no information on this so it's incredibly valuable to get your input!

Hey everyone, I'm Steffan, a 25 year old pilot moving to Fargo, ND with my fiance in a few months. We both have credit scores around 760, this will be our first home, and we make about 95,000 a year together. 

I am interested in buying a town house or some other single family home that we can live in for a few years at the longest, and then can use as a rental property once we move on. I have learned a decent amount about being a landlord on the BP forums, through the podcasts, and through other research. That is less of my concern than finding the right place.

I keep looking at different town houses and by using the 2% rule, the 50% rule, and anything else I have heard about. I just can't seem to find anything even near the figures I am supposed to be looking for by using these rule-of-thumb figures.

I'm not necessarily looking for huge positive cash flow, I just would love to have a relatively low maintenance place that I can hold on to that at least pays for itself every month for the purpose of building equity.

Two places that serve as an example for the sort of houses i'm finding in the area are as follows:

1. A town house for sale in Fargo, listed at $134,000, built in 1983 and in seemingly good condition. I'm estimating it could rent for ~$850-1000 a month.

2. A town house for sale in Fargo, listed at $150,000, built in 1985, also seemingly good condition. I'm estimating that it could rent for ~$1,100-1,250 a month.

I understand that there are a ton of factors that are involved that I haven't yet accounted for, I just wanted all of your opinions. Is there a way I might be not making a mistake with one of these sorts of properties, or should I rent for a year or so (ugh) and wait until I move to a different market to buy something?

Thanks everyone, i'm excited to join the BP community!

Links to the houses on Zillow in case you're curious:

https://www.zillow.com/homes/for_sale/Fargo-ND/668...

https://www.zillow.com/homes/for_sale/Fargo-ND/102...