Comments on: Anatomy of a North Minneapolis Rehab

By: Dax Dickson

Dax Dickson — Wed, 15 Apr 2009 04:56:33 +0000

I am glad to hear you are having such success in North Minneapolis. I am also glad to hear there is some one else doing construction rehab financing, residential blanket loans and doing it well! Just like you pointed out to Misty about how you add value as an investor cleaning up North Minneapolis, your LO adds value to us mortgage finance people by earning you continued business.

There are so many bad LO’s out there it is great to hear some one is doing such a great job for you!

Dax Dickson
612-578-9898

By: Leah

Leah — Fri, 06 Mar 2009 16:49:32 +0000

OK, maybe I’ll see you soon. We’re in the little blue house…next to the eyesores! Best Wishes!

By: Mn Properties

Mn Properties — Thu, 05 Mar 2009 20:32:18 +0000

What a great opportunity in North right now. We need more investors up there that will do it right and do it with the community in mind.

By: Scott Ficek

Scott Ficek — Thu, 05 Mar 2009 20:03:23 +0000

Thanks for the offer Leah-
We are still putting the tour together (we wait until the week of as many property move fast in North). I will see if we can stop by!

By: Leah

Leah — Thu, 05 Mar 2009 19:40:40 +0000

Thank you for your work in north Mpls. Please do come to my block – 3300 Dupont N! There are at least 3 in foreclosure right now, one is a TJ Waconia house. A great couple bought a rental across the street for $25,000 and the duplex next door is on the market for $40,000. Seriously, I would sleep better at night with these homes filled with nice renters and a great landlord like you.

By: Scott Ficek

Scott Ficek — Sun, 01 Mar 2009 15:57:10 +0000

Dax-
Thanks for the message. We use rehab financing through Rob Bonahoom at Cornerstone mortgage.

By: Dax Dickson

Dax Dickson — Sat, 28 Feb 2009 01:31:45 +0000

I am glad to hear about your success in North Minneapolis. I really thing there are huge chances for people to make money in North Minneapolis.

What are you doing for rehab financing? If you ever need help let me know. This type of mortgage finance is pretty much the only kind I do!

Dax Dickson
952-285-9992

By: Jay

Jay — Thu, 10 Apr 2008 23:20:33 +0000

What is the typal amount of time on the market right now, once the property is ready for showing?

By: Misty

Misty — Sat, 22 Mar 2008 03:11:44 +0000

Phillips used to be exactly what North Minneapolis is now.
If you remember back in the late 90’s, you couldn’t walk alone in the Phillips neighborhood. Thanks to the Abbott homebuyer program, the Midtown Phillips grant program and the razing of some of those problem properties, Phillips is now a more desirable neighborhood.
There are currently very good people renting their properties out in North Minneapolis and they did everything they were supposed to do -by the book- who are losing their homes to forclosure because taking the tenants to court to get them evicted after three months of rent free living in the home is just too expensive. Not to mention the repairs to the home after the credit worthy tenants have ruined it.
While I agree that the wrecking ball isn’t always the answer, it is much better than having renters.
Homeowners take pride in their homes, when you have more renters on a block than homeowners, you have problems.

By: Investment Property

Investment Property — Sat, 22 Mar 2008 02:15:08 +0000

Misty-
Actually, you and I are on the same page. The slumlords are losing their properties and us responsible, decent investors are buying up those dumps and rehabbing them. We are essentially saving most from the wrecking ball. If you disagree, check out the 100s of vacant lots in the Phillips neighborhoods. Is that better?

North Minneapolis needs responsible landlords that will maintain their properties and properly manage their tenants. Our investors are pouring their own cash into that neighborhood to improve it and consequently improve the property values of the entire area.