The state of Minnesota is known for its wide, open spaces, beautiful scenery and pleasant quality of life. The state is not very highly industrialized and has substantially less pollution. Minnesota’s low priced properties make it ideal for investors and buyers find it relatively easy to locate properties with appreciation potential.
Overall, the real estate prices in Minnesota have appreciated at par or better than the national average, in the last twelve years. Business opportunities in real estate lie in the construction of new hotels and resorts that are being constructed in different parts of Minnesota. The land prices outside the metropolitan areas are cheap as compared to the neighboring states.
Minnesota is a study in contrast due to the changing seasons. If you want to experience each season of the year in its full glory, Minnesota is the place of choice for you. Winters are cold with snow and ice while summers are warm with opportunities to participate in outdoor activities related to water such as fishing and boating.
Minneapolis and St. Paul are so close to each other, they are called the “Twin Cities” and are similar to any other large city in America. Minneapolis is the capital of the State of Minnesota. The twin cities have a low crime rate and the traditional American attitude of kindness and hospitality. In Minneapolis and St. Paul, a multiple choice of apartments is available for rent and plenty of homes can be found on the market for sale. Many kinds of commercial investments are also available in the fast developing cities of Rochester and Duluth as well as the rest of Minnesota. There are plenty of investment opportunities for a real estate buyer in Minnesota.
To help and guide potential investors, many large real estate agents and brokerage companies are available in Minnesota. For investors from outside the state, it is advisable to check for references before choosing an agency to deal with.
If there is one lingering image of success in real estate investing, it is that of the charismatic Donald Trump. He is the icon of the highs, and lows, of the business of real estate. His rise from an intrepid investor to a billionaire developer holds out several lessons.
The sheer scale of operations of Trump could overwhelm us all. But, he did not attain it overnight. Sure, he had a legacy of real estate development, the Trump Organization, handed down by his father. However, he worked hard and brought in shrewd business acumen to enlarge his canvas of operations. His vision and commitment made him move away from the traditional strongholds of his father’s business and develop multi-million dollar projects with the high and mighty queuing up to grab a cherished piece of property.
There are a couple of lessons here for the retail investor in real estate. Whether one is clutching on a property for a few thousands or closing out with million dollars, the principles underlying real estate investment are just the same. Here is a quick checklist from Donald Trump’s life:
o Be convinced about the real estate investment before you set out to negotiate. Unless you carry your conviction, others who are part of the scenario would not share your viewpoint. Trump’s enthusiasm for the Grand Hyatt project from the dilapidated Commodore Hotel resulted in one of the best landmarks of New York City at a time when others dismissed it as impossible.
o Actively involve everyone who is a part of the project. The seller, broker, inspector, lender and yourself are in partnership trying to arrive at a deal that is beneficial to all. To ensure smooth completion of the transaction, communicate effectively with each one so that misconceptions are removed and the deal goes through without glitches.
o Do not burn your bridges. Keep your contacts alive through effective networking. Greeting cards, phone calls, messages and gifts are some of the methods to remind others that you are interested in upcoming projects.
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Back in March 2009, a 120-page report* in titled “Top BC Investment Towns” was released. That report was based on the analysis of key economic fundamentals for investors and home owners across North America. City of Surrey was on top one.
The Top BC Investment Towns report list:
1. Surrey
2. Maple Ridge & Pitt Meadows
3. Abbotsford
4. Kamloops
5a. Dawson Creek
5b. Fort St. John
6. Kelowna
7. Comox Valley
8. Penticton
9. Vancouver
10. Prince George
11. Vernon
In the 2009 report, Top BC Investment Towns analyzes the current and future prospects for real estate investment opportunities in BC, and identifies the top regions that will outperform in the coming decade.
Again in August 8, 2010, City of Surrey is also listed in the top 10 Canadian cities for real estate investment*. The results are based on factors such as planned transportation improvements, or if the area’s average income, population growth and job growth are increasing faster than the provincial average. Those top 10 cities are ones that will outperform the national average between 2010 and 2015.
So what’s in it for Surrey to be elected the best place for real estate investment in BC, and also nation-wide?
When reviewing Surrey’s economic fundamentals, we see an area going through a positive transition. Others have taken notice as well, as we are witnessing an increase in population and business growth.
Surrey has experienced tremendous growth and the trend looks to continue for many years to come due to its location, relative affordability and transportation changes.
Because of the size and diversity of the city, it is impossible to lump the whole region into one category. However some neighbourhoods such as Surrey Central are far more viable for investing due to the proximity to transit, Kwantlen Polytechnic University, Simon Fraser University Surrey campus, and lower housing values.
There are some other neighborhood in Surrey, which from my point of view, even better than Surrey Central. For instance, the Clayton Heights area on the east side of Cloverdale. That area is newly developed within the past 4 years. It’s 10 minutes drive from huge selection of shopping malls and big chain stores, like Walmart, Costco, Home Depot, BestBuy, Staples, The Brick, etc.
The housing price is different from neighbor to neighbor. Averagely a 900 square feet condo (or apartment) is valued at $220,000 to 290,000 depending on the age of the condo. Townhouse from $300,000 to $430,000 which also depends on house location and age.
It’s important to note that real estate investors must perform detailed research on each town’s specific fundamentals and neighbourhoods prior to investing.
*The report was released by The Real Estate Investment Network (REIN™), Canada’s leading real estate research, education, and consulting organization for the last 17 years.
Real estate investing can be one of the most rewarding endeavors that you ever take on. At the same time, it can be very confusing. Because of that, there are a number of frequently asked questions that most people have about investing in property. Here are a few of those questions that you might be asking also.
When Is the Right Time to Start?
When it comes to real estate investing, the sooner the better. You need to get started investing as soon as you possibly can. While each situation is going to be different depending on personal factors, you should strive to get started in the market as soon as you can. This will allow you to start building equity in the properties and you will be able to start benefiting from your investments sooner. One of the best things about investing in properties is that the assets will appreciate over time. By getting your property purchased sooner, you will be able to start taking advantage of this appreciation.
Is Investing in Real Estate Safe?
Many people are scared of investing after a lot of the negative press that they have heard about the real estate market. However, this kind of investing is one of the safest investments that you could make. This should be looked at as a long-term investment and not something that you get into and out of quickly. It is one of the few things that is going to always have some type of value. As long as you have insurance on your property, the property that you buy is going to be worth something. While the market does go through down cycles, it has always rebounded well in the past.
How Much Money Should I Invest?
This is another question that you are going to have to answer on a personal basis. However, real estate is one of the few things that you can invest in with the help of other people’s money. You want to typically put some type of your own money into the investment so that you will be able to generate a positive cash flow. However, you can purchase the majority of the property with a loan from the bank. This decreases the amount of money that you have to put into the investment and helps to lower your risk overall.
What Type of Property Should I Invest in?
There are a number of different types of real estate that you could potentially invest in. Everyone has their own tastes and risk tolerance. If you want something that is going to bring in a long-term source of income, you might want to get involved in commercial real estate. The only problem with this is that it takes a much larger initial investment. If you are wanting to get started on a smaller scale, you might by a single residential rental property. This will allow you to start getting some cash flow and building some equity in a property.
If you have ever tried to get something that you need and that may not be readily available you know the value of networking. Networking is a basic skill in today’s society. If you want to be successful in any field you need to keep in close contact with people and organizations that can provide you with the skills or information needed. The real estate industry is no different. Success in this industry requires you to be part of a real estate investment network.
Investment networks are numerous and offer various services to their members. Most investment networks charge a minimal fee for membership. Although this may seem like too much to a new real estate investor, the returns outweigh the cost.
Being a member of a investment network allows you to keep abreast with the latest news in the industry. You will also have access to forums where other investors discuss key issues that affect all or most of the investors in that area. You can learn a lot from these forums. You can even form networks and meet people with whom you can enter into joint ventures with.
Real estate investment networks also offer members services such as foreclosure listings in specified regions, real estate agents’ contacts and reviews, information and advice on mortgages and information on the best mortgage rates and lenders. Many networks place members in direct contact with lenders, agents and other real estate professionals. If you are a beginner in the industry without contacts, it would be advisable to join an investment network that offers you a wide range of services all under one roof. This will save you a great deal of time and effort in searching for the right professionals for different jobs.
By joining industry’s investment network, you will gain access to the best deals in the market. Many networks offer their members special deals that they have managed to broker with real estate agents and contractors. You will therefore be able to save a great deal by buying property through your network.