Profile picture for emcmullen4

Is now a good time to invest in apartments as rental units in the Minneapolis/St. Paul area?

  • December 17 2008 - Minneapolis
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Answers (5)

I am in agreement with Beth. If you can do it I would invest in a single family home with preferably 3 bedrooms. You want to be able to attract families who are more likely to stay longer instead of people that are more likely to leave in a year. Many families were forced to move their families from a house and would like to rent a house they can be in for at least 3 years.
  • May 15 2011
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Great comments!  I would be more interested in investing in a house for a rental property because homes are rented for longer periods of time and there are many families that need shelter.  In these economic times it is more expensive to rent than it is to own and the renters are many times people that were caught in the last three years of economic problems. These families may have a foreclosure or a short sale in their past but they are financially sound renters.  Either way if you have the means to invest do it and learn from it, the conditions are right!
  • May 13 2011
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Profile picture for AGCGartner
You would need to see the expenditure sheet. This would list how many units are rented/vacant. How much income it is generating a year. What are the expenditures/outgo. Maintenance, water, trash. That way you can determine if the property is an asset or liability.
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  • December 19 2008
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Profile picture for emcmullen4
Thanks, Paul.  I'm also wondering about how tight the rental market is the Minneapolis/St. Paul area.  If I were to buy a foreclosed apartment, are the odds of renting that apartment better, the same as, or worse that a year ago?  Are the vacancy rates and rental rates favorable for renting right now?
  • December 19 2008
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Profile picture for pauljohnson_1
The smart money right now is in real estate purchases. With prices at an all time low, interest rates at an all time low, there is nowhere else for investors to put their money that makes sense.For years it was difficult to make properties cash flow. Now, it is finally possible again. With the spate of foreclosures there will be an increasing supply of renters. Also remember that our fertile land produces millions of new homeowners/renters every year!
  • December 18 2008
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