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Home Buying in Minneapolis : Real Estate Advice

  • All613
  • Local Info42
  • Home Buying269
  • Home Selling50
  • Market Conditions17

Activity 227
Thu Dec 5, 2013
Kevin Bumgardner answered:
Hello Amber,

Five to 10 years is the average time one typically owns a home before moving again. Typically, your selling expenses will be small enough that you can still show a profit. Many others believe that is a sufficient time to leverage these great interest rates and hopefully see a modest return on your investment. Especially in the under $250K range, it is more likely that home bracket will see better appreciation that the upper brackets.

If you put $20K down a $200K home, and in 5 years the home appreciates at 3% per year (by the way this last year the average was 7%) then in five years it'll be worth $230K. Subtract the original value and you've ROI of $30K on top of your investment of only $20K. Granted this is simplified not to include mortgage payments (which are substituting your rent) and any improvements. But where else can you turn $20K into $50K in only 5 years?

Hope this is helpful.

Sincerely,
Kevin Bumgardner
MainStreetMN.com
kbum@msn.com
612-386-8773
Counselor Realty, Inc.
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0 votes 21 answers Share Flag
Tue Apr 16, 2013
Tom Schwartz answered:
0 votes 19 answers Share Flag
Wed Jan 2, 2013
David O'Neil answered:
Hi!

There are definitely some options out there and we are starting to see a few more houses come on as we move closer to the spring. Give me a call or email and let's discuss in a little more detail.

Dave O'Neil
612-876-1544
Dmoneil@cbburnet.com
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0 votes 7 answers Share Flag
Sun Jan 6, 2013
Lisa Staplin answered:
Everyone has their own opinions and comfort levels when considering the frequency and kinds of events that happen in various areas.

The best place for information is the local police department. Their reports will the least biased and most accurate. ... more
0 votes 8 answers Share Flag
Tue Apr 16, 2013
Shanna Rogers answered:
Hi tdwilliams232,

You can buy several houses - as long as you have all cash or can qualify for all loans.

Shanna Rogers
SR Realty
www.RealtyBySR.com
0 votes 13 answers Share Flag
Wed Mar 1, 2017
Ken Graczak answered:
I could look at it, but keep in mind with the 617 credit score everything else is going to be scrutinized by an underwriter. You need to have NO job gaps in the last 2 years, you are going to need to have at least 3.5% of your own funds to put down that have been in an account for at least 2 months, you will need to prove you have paid rent for the last 12 months on time, they may ask for cable, cell and utility bills. There is a super high risk of default the lender will take buy closing your loan, so the underwriter will be critical of the file. If you are OK with this call me 612-516-5626. ... more
0 votes 13 answers Share Flag
Wed Oct 24, 2012
Cameron Piper answered:
crystlwhtny25,

There is no harm in shopping around, but your ability to change may depend on what you have signed and any money that you have spent. What are the issues you are facing that causes you to want to strangle your LO?

Cameron Piper
Coldwell Banker Burnet
licensed MN Real Estate Broker
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0 votes 6 answers Share Flag
Tue Oct 9, 2012
Matthew Peterson answered:
You could also look at HUD properties which in many cases are already appraised to be sold with FHA financing. In some cases you don't even need to use an FHA 203K loan. If the repairs are estimated under like $5,000 you can just escro for repairs given you are working with the right lender. Search HUD homes at www.hudhomestore.com ... this is a government website, not a personal promotion for my own website. ... more
0 votes 3 answers Share Flag
Mon Dec 24, 2012
Mike Kelcher answered:
Good Question! The short answer is "yes". For starters, let's forget about crime statistics, and look at North Mpls. in terms of whether or not the homes there represent a good value, generally. The answer to that is... "yes". in a general sense, the cost per finished square foot of homes for sale in North Mpls. is about the lowest you'll find anywhere in the Metro area. So, you get a whole lotta house for your buck! Additionally a lot of money is being spent to re-vitalize that area. There's low interest loans, there's special rehab loans, there's grants, there's deals on HUD homes...(especially if you happen to be employed in the areas of law enforcement, education, or health care, or if you happen to be a fireman).

I see that you are in St. Paul. I lived in St. Paul for the first 25 years of my life. I remember going through the Selby-Dale-Western area and being very afraid. There were violent crimes in that area in the 50's, 60's, and 70's....then, it got re-vitalized with the same types of loans, grants, and special programs that North Mpls. has today. Today the Selby-Dale-Western area is quite nice and you won't find anything nearly as cheap as it once was. North Mpls. properties could very well provide a very good return on investment.

The homes in North Minneapolis are often very nice homes! Many are larger that you'll find most places. There's an abundance of two-story homes and most were built during an era of sturdy construction techniques. Most of the homes will likely still be standing a century from now. The style of the homes generally is such that they have "character" which appeals to many people as opposed to more modern "cookie cutter" suburban homes.

I always tell my buyer clients to look at the neighborhood because no matter what they do to the house, they can't change the neighborhood. While that's true, the City, the State, the Federal Government and other entities with deep pockets, can. Right now though, the North Mpls area has a lot to offer. It's INSIDE the 494/694 "beltway"....making it centrally located in the greater metro area and very convenient to nearly any metro destination. It has established schools, places of worship, an established business community, parks, playgrounds, etc.

In the end, you are the one that gets to decide where you want to live. You need to base you decision on the things that matter most, TO YOU. You may not like North Oaks, you may love Brooklyn Center, you might like Blaine but not Coon Rapids. These likes or dislikes are personal decisions but I wouldn't rule anyplace out until YOU are sure it should be. Everywhere is going to have "advantages" and "disadvantages" in YOUR mind. That's all that matters. YOU decide...don't ask others whether or not THEY think you should or should not choose a particular place to live. I'd start by keeping an open mind to anywhere that makes reasonable sense to you.

If you are unsure about a particular neighborhood, go to a park and talk to the people who live there. Ask 'em what they like and what they dislike about living there. Look at homes in many areas and when you find the right home, it' won't let you quit thinking about it.

If you would like my (no cost to you) help, guidance, advice, and representation, just contact me.
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0 votes 13 answers Share Flag
Sun Dec 23, 2012
Mike Kelcher answered:
You could have 20 mortgages and 20 HELOC loans and still qualify for a fixed, 30-year mortgage with 20% down....or...you could have no mortgage and 50% down and still be disqualified by every lender you talk to. There's are many, many other things that lenders take into consideration.

Your employment, time on that job or a similar one, your earnings, your income-to-debt ratio, your credit score, your credit history, the property you wish to purchase, what type of property it is, the appraised value of that property, the neighborhood that property is located in, etc., etc. etc. All of those things and a lot more, is taken into consideration by very cautious underwriters.

You'll never know for sure until you talk to someone who lends money. Some lenders are better than others when it comes to non owner occupied properties and investment properties. For some lenders, it's their "niche", and for others, it's not.

My suggestion is that you let an experienced real estate agent guide you toward a few lenders who may be able to answer this, and all of your other loan-related questions. I can introduce you to a couple of very good and very experienced mortgage advisers who can review your situation, explain to you your loan options, help find a loan program that meets your needs, make suggestions, etc.

Call me. Click my ugly picture to get my contact info.
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0 votes 5 answers Share Flag
Sun Oct 14, 2012
Elizabeth Fuller answered:
Sam, you need a good real estate representative - maybe even me! I would be able to help you assess what you need to do to bring up your credit score in the shortest possible time. Give me a call or send an email to me and let's get started! Liz, 612-986-4105 ... more
0 votes 17 answers Share Flag
Tue Apr 25, 2017
Joe Houghton answered:
I have a lot of experience with Lennar homes in Minnesota and know the Martin Farms development well. I can't stress enough to make sure you let them know you are working with a realtor and make certain to get a realtor with a reputation you can trust and rely on to help negotiate the best price, terms and selections. I am happy to discuss this further with you at your convenience. Give a call anytime. My number is in my profile here on Trulia. ... more
0 votes 17 answers Share Flag
Mon Oct 15, 2012
Scott Graham answered:
It should have been deposited within 3 days of your tendering it to the listing agent. If it has not been cashed you could always keep quiet and see if it never comes up. If that grates against your values call your realtor and make him/her aware of it. ... more
0 votes 10 answers Share Flag
Thu Aug 9, 2012
Phil Rotondo answered:
You should interview different real estate agents to compare cost and terms.
0 votes 15 answers Share Flag
Fri Jul 20, 2012
Christopher Block answered:
It is going to be bout $450/bedroom in Coon Rapids for single family homes.

Good Luck! let me know if you have anymore questions by contacting me directly on Trulia

~Chris
0 votes 1 answer Share Flag
Thu Jul 19, 2012
Shanna Rogers answered:
Hi ScottDL,

2-3 years is the average.

Shanna Rogers
SR Realty
www.RealtyBySR.com
0 votes 2 answers Share Flag
Wed Oct 24, 2012
Mary Jo Quay answered:
Hi DI4546,

I'm guessing that you didn't have an agent representing you when you signed a purchase agreement?
The photos in the link are of what we commonly see for air exchange systems. When you signed the purchase agreement you were given a list of specs. That would be specific elements to be used in the construction of your new home including plumbing, heating, electrical, windows, etc.

The first thing you would want to do is check with an HVAC company for their professional opinion of the impact of using flexible as opposed to sheet metal. The web link shows examples of both good and bad installation.

It is not uncommon to have a home inspection after the home is built to insure that systems, siding, roofing were all properly installed. Your inspector would be aware of new industry standards, if they are installed properly, and advise you accordingly.
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0 votes 6 answers Share Flag
Wed Jul 4, 2012
Mary Jo Quay answered:
There are several areas that are popular and rentals are in demand. The North Loop area, and most of the condo buildings along Washington Ave in Minneapolis are popular. You might also consider some of the developments around Lake Calhoun.

Besides the area, the building and association in which you buy would be important. Not all associations allow rentals, or only a certain percentage. When you buy a condo, the seller will give you a copy of the condo bylaws and financials for review. Your lender will also want to review the financials to be sure that the association has sufficient funds for emergencies in the future.

Additionally, some buildings have a history that would impact your decision to buy or not. it's important that you do due dilligence in researching not only the area, but the building and association.
Let me know if you need a little help.
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0 votes 1 answer Share Flag
Fri Jun 29, 2012
Mike Kelcher answered:
It's a fee charged by the brokerage on each transaction. Usually, it's charged to both buyers and sellers. Many brokers need this type of income to do business in the manner they do. For them, it's an income source. I've seen such fees as high as $495 and as low as zero. One way or another, the brokerage needs to make a profit....this is one way....there are others. Most likely, your broker has another way and it's $0. Rejoice! ... more
0 votes 2 answers Share Flag
Wed Jun 20, 2012
Mike Kelcher answered:
I recently completed a purchase transaction for a couple who lost their previous home about 3 years ago due to a foreclosure. They also had a bankruptcy about three years ago. They just purchased a nice home. They got a fixed 30 year mortgage with an interest rate under 3.75% with $0 down.

Generally, 3 years is what the lender I recommend most often, tells me. If I can help...my contact info is beneath the photo of that ugly guy in the suit.
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