Minnesota Rehab
I am just getting into this business, and am looking for any rehab investment clubs in the Minneapolis/St Paul area. OR any established Rehabbers in this area. There are some weather related issues I would like info on.
What are the weather related issues??
Jd,
Glad to meet you.
Are the weather issues weather or not you can find properties to Re-Hab?
Welcome on board this board. Keep posting someone out there can help with the re-hab issue.
John $Cash$ Locke
Hi Joel,
The weather related issue is perhaps not a non-starter in NC, but in Minnesota my impression is that it is a major factor. I wanted to know how much the RE market slows down during the winter months. I am looking to turn my rehab projects around in 3-4 months and if the market is dead that will put a crimp in my plans. Also, issues like landscaping when the ground is frozen solid, and exterior painting. So, I wanted to know how other rehabbers deal with these issues. Jd
Actually, we have very similar markets. I wouldn't compare real estate markets with weather conditions, but from what the local economy is doing. Chicago is colder than Charlotte but that doesn't effect the selling or renting conditions. From what I have noticed ever since I started investing in 98 is that Nov, Dec, and Jan are slow months renting and selling. Anybody else agree??
[ Edited by joel on Date 08/27/2002 ]
I have been reading that the low end of the market offers the best return on rehab projects, but doesn't that leave you in an undesirable neighborhood affecting your ability to resell? The crop of houses I have been looking at are pretty depressing.
Purchasing rentals for long term you definitely have to assess the saleability and crime of the neighborhood.
I would go to the local police station and see if that particular neighborhood is a war zone. If it is, then stay out of it. But if it is a neighborhood where it isn't a warzone but it isn't a place you would like to live or a place you would like to live, that is what you are looking for.
Remember, some of the low-end units are the highest money makers.
I also try to reinvest a lot of my money and time into the units so mine are the best looking on the block.[ Edited by joel on Date 08/28/2002 ]
Joel,
I to find that Nov, Dec, and Jan are slow months renting and selling and I use this time to work on indoor rehab projects.
[addsig]