rentals in minneapolis and st paul?

[StPaulEastSider]

Originally Posted by Slig

This guy just sounds like he is interested in making an investment in affordable real estate in a transitional neighborhood to build some equity. I think the inquiry sounds innocent enough.

This guy lives in Delano; he's made no indication he has any familiarity whatsoever with the neighborhoods of Minneapolis and St. Paul he seems to be targeting.

His use of the words "cheap" and "fixer-upper" leads me to think he's looking at the under 100k market, possibly under 60-80k... is he really prepared to deal with the types of people who are willing and wanting to rent in the neighborhoods with properties priced under 100k, perhaps far under 100k?

His use of the word "cheap" is a red flag, in my mind, for "this guy really doesn't have the deep pockets for this kind of project."

I could go on... but from what this guy has said so far... his apparent location way out in Delano.... and his general lack of familiarity with the Twin Cities neighborhoods...

Let's just say, we may be jumping to conclusions, but methinks this guy is asking for trouble. He could EASILY get in over his head. Easily.

And when that happens, we don't want to see the house go into foreclosure ONCE AGAIN... those of us who live in these neighborhoods, and have a strange kind of fondness for da'hood where we lay down our heads at night, don't want to see this cycle repeat itself... over and over and over again.

This guy may be thinking "investment" but I don't think he has a clue what he is getting into, because he he is starting off on the wrong foot... he doesn't have a clue regarding where to even BEGIN looking for a "cheap fixer upper".

BTW, there REALLY is no such thing as a "cheap fixer upper".... if the place is cheap, guess what? Rents in that neighborhood are probably cheap as well... Section 8 can provide a false "upper limits rate" for rents in these neighborhoods, but that's ONLY if you have a really decent 3-5 bedroom SFH. I have seen a ton of one bedrooms "renovated" into 3 bedrooms for the purpose of trying to qualifying the unit for a three-bedroom section 8 voucher. A fake is a fake... section 8 renters won't "buy" the idea it's a 3 bedroom if it really is not a 3 bedroom.... but you've based your expenses on the idea you can rent this place out as a 3 bedroom - you're screwed.

If your place does not qualify for section 8, you can look at only being able to get 2-300 less than what section 8 will pay for the same-sized unit. Guess what? A lot of landlords who do not take section 8 will get the good tenants into their houses in better neighborhoods.... in da'hood, if you don't accept section 8, you are looking at having ex-cons, ex-addicts and oh yeah, current cons and current addicts, looking to you for a place to lay their heads at night.

Check the sex offenders registry and see what neighborhoods have the greatest number of registered sex offenders... maybe that will open your eyes.

Either get away from the idea "cheap" and pony up for an upgraded neighborhood, or LEARN TO PLAY THE LANDLORD/RENTER GAME of DA'HOOD.... that's the truth... take it or leave it.

Oh ya... and then there are all those "reality shows" like "Flip this House" which make this look kind of easy... guess what guys? THAT's ENTERTAINMENT !

I am speaking passionately from my gut here, and I may be wrong... then again, I may be right.

Oh ya, besides the fact I've lived in these neighborhood, my best friend runs a property management company and most of the properties she and her husband manage are in NORTH MPLS... she does well dealing with the tenants because she grew up in the projects of North Minneapolis, later, in her teens, she lived in an affluent white suburb... so this woman has the unique ability to navigate two worlds.... and she's pull her hair out half the time dealing with either idiot property owners or idiot tenants... take your pick, she gets it from both ends. It's a thankless job!

[MRNorthSide]

Originally Posted by Slig

Yeah, on the southside we welcome all deadbeat landlords. That must be why there are far fewer vacant/condemned properties down here.

There is a movement on the North Side. People who have never called the cops about anything are now calling on rented houses for the slightest infraction.

Condemned properties are the result of neighbors reporting infractions. So, Slig, the fact that there are fewer condemned properties on the South Side further reinforces my point.

[Cruz Azul Guy]

Originally Posted by MRNorthSide

There is a movement on the North Side. People who have never called the cops about anything are now calling on rented houses for the slightest infraction.

Condemned properties are the result of neighbors reporting infractions. So, Slig, the fact that there are fewer condemned properties on the South Side further reinforces my point.

It is possible that a property falls through the cracks here and there but at least in my neighborhood it doesn't take people long to learn if a property is vacant/condemned or not. If you fail to remove your snow or groom your lawn there are going to be calls and visits from the neighbors and then by the city, at least in my neighborhood (which as of the February report had 8 properties on the vacant/condemned list compared to over 100 in Hawthorne, 55 in Willard-Hay, 48 in Near North, 85 in Jordan, 33 in Folwell, etc.)