For today’s episode, we will be discussing a recent study and report of our home city being in the Top 50 of best cities to live in.
This week we’re not taking the complexity out of something. This episode will be a little humblebrag.
We will talk about these things…and more in another episode of Multifamily Investing Made Simple in under 10 minutes.
Tweetable Quotes:
“Minnesota was tied with only two other states to have three or three of them. I’m sorry, three other states have three cities appearing on this list.” – Dan Kreuger
“Texas, Tennessee, and Georgia for the most cities in the top 50.” – Anthony Vicino
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The 1 City In the USA!
Anthony Vicino: [00:00:15] Welcome to multifamily investing made simple, the podcast that’s all about taking the complexity out of real estate investing today. You can take action today. I am your host. Anthony Vecino of Invictus Capital, joined as always by Dan, who is this man next to me? Kruger.
Dan Krueger: [00:00:33] I did not have nearly as many Red Bulls as you. You are jacked.
Anthony Vicino: [00:00:38] That’s the first time I’ve ever changed the intro to the podcast. So for our listeners to know what to do now? Yeah, you’re a little confused for our listeners at home. We were like, I liked it, though. Keep your you’re used to a very set format today. That was a little bit different. So welcome. Today we’re going to be taking the complexity out of, well, actually, we’re not really going to take the complexity out of anything. We just wanted to do a little humble bragging on the sake of for the sake of our home city. Minneapolis St. Paul, the Twin Cities. There was a recent study, not a study was the word of the recent report. A recent survey, a poll, a contest
Dan Krueger: [00:01:13] Data came out in data.
Anthony Vicino: [00:01:14] They did a data dump of the 50 best cities to live in in the United States. And topping the list was Chanhassen, Minnesota, which for people that aren’t from the Twin Cities, that is a twin city suburb. And so that was pretty cool to know that Minneapolis, Twin Cities, we are number one.
Dan Krueger: [00:01:39] I think there’s more. I think actually that Minnesota was tied with only two other states to have three or three of them. I’m sorry, three other states have three cities appearing on this list. So we didn’t just appear on the list, but we appeared three times in three different cities, which is pretty cool.
Anthony Vicino: [00:02:00] That’s domination is what it is. So to put that another way, Wisconsin, our neighbor, we love them. But they didn’t have any cities make the top 50. Say Wisconsin. So Minnesota. Yeah, this is really cool, actually. So Chanhassen came in at number one, and then we had two other cities in the top 50, which tied us with Texas, Tennessee, and Georgia for the most cities in the top 50. Now think about that. That’s really cool. The fact that when you think about hot investing markets, places to live Texas, Tennessee, Georgia, those you probably heard about before, but you probably did not think of Minnesota, right? Like that probably takes you by surprise. Yeah.
Dan Krueger: [00:02:35] And we say this all the time went on our podcast when we were talking to investors. It’s like people know, like the top five best places to invest, according to all these lists that are out there in Minnesota’s always appearing way up on these lists. But no one ever talks about it like we’re far enough down, we’re like number three, number four, number five, we’re on the list, but it’s always those like top three that get all the press. So it’s really kind of interesting to see how we keep getting ranked so, so high. But when you go and you look at all the people investing in multifamily, everyone wants to be down in the south.
Anthony Vicino: [00:03:08] Yeah, they love the South. So let’s talk about this. Let’s make this practical for investors who are looking and saying, OK, that’s cool. Chanhassen, what were the other ones? It was Rosemont and Woodbury. Woodbury, what? These cities are desirable, but what does that mean from an investment standpoint? What makes these so desirable? So let’s just break this down from a really high level and explain what it is about the twin cities that makes it so magical. And hopefully, you know, I hope actually, I hope this doesn’t turn on too many people to investing in the Twin Cities. I want some of you guys to come and invest with us because that’d be great. We love that, but we don’t want everybody because I make too much competition. So, Dan, let’s take it down from the top. What makes Minnesota number one?
Dan Krueger: [00:03:52] Well, first off, if you guys are thinking about trying to buy some properties and some hot markets don’t come here because it’s really cold, right? You don’t want to invest here, leave it all for our pipes.
Anthony Vicino: [00:04:00] Freeze. Yeah, and we have snow to shovel.
Dan Krueger: [00:04:03] I’m kidding. No, I mean, really, when you’re looking at a good market to invest in real estate, the main thing one of the main things you’re going to want to be looking at is the job market that’s really going to be the foundation of any place, right? Because if there are jobs and if there is diversity, diversity of jobs and there’s job growth, what does that mean? That means those people coming. And if there are people coming, that means they are going to want to buy homes, they’re going to want to rent homes and that’s going to drive the demand for those things up. Also, the prices of those things, and if you are investing in real estate, that definitely helps the story. So the job market is one of the most important pieces in another stat which you’ve probably heard us say before because we love to brag about it. It’s also that has the most Fortune 500 companies per capita of anywhere in the U.S. We’re not tied with anybody, not to the
Anthony Vicino: [00:04:46] Top, we’re just number one. And think about that’s that’s really cool when you start to break that down because, yeah, jobs are number one, where there are jobs, there are people and there’s an inclining quality of life, I would say. But the problem is you’ve got to be really careful because if that’s all based around one industry, let’s say that’s tech or it’s automotive, like the hashtag Detroit early 2000. Sorry, not sorry. Then you can have some trouble if that market ever gets into some hot, frothy water in the future. The thing that’s really cool about Minneapolis in the Twin Cities is just in general, yes. Fortune 500 companies. But they’re spread across a very wide domain of different industries. We have what we have. Best Buy General Mills target Cargill, which isn’t a Fortune 500 company, it’s just the largest privately owned company in the world. So I mean, that doesn’t make the list. It’s its own thing over there. So that’s pretty cool. Yeah, we got 3M UnitedHealth Group.
Dan Krueger: [00:05:41] I mean, I’m just thinking about driving on the highway, all the different corporate offices I see, and those are just the ones that come to mind.
Anthony Vicino: [00:05:47] Yeah, there are just so many it’s hard to keep track of. And then you factor in other things like, did you know that the university, the University of Minnesota, is the third-largest university in the country?
Dan Krueger: [00:05:59] It feels that way. It didn’t go that way too big.
Anthony Vicino: [00:06:01] It’s really, really big. But that means it’s a lot of people coming in. It’s a great education system that you also know Minnesota is home to the number one health care system in the country that I did hashtag Mayo Mayo Clinic. We love our mayonnaise. It keeps us healthy. Ok, actually, it’s completely unrelated. Ok? I do like Mayo, though, so that’s one reason people really love Minnesota in the Twin Cities, the job market, the economic stability. It’s just an awesome foundation. But Dan, give me another reason why the Twin Cities, in particular, is a strong investment market.
Dan Krueger: [00:06:33] Well, Dan and Anthony lived there. No, just kidding. You know, there’s a lot of things that are
Anthony Vicino: [00:06:40] Going for the Warren Buffett lives in Omaha, but I don’t know. I’m going to go invest in Omaha. Well, actually, Omaha is
Dan Krueger: [00:06:45] Not a bad market. I’m not going to say anything negative about it. Yeah, but Omaha. But yeah, there’s a lot going for us. You know, the job market is a big one, but then just overall quality of life is a big deal in this area. The Twin Cities in general is known as a really good place for quality of life, specifically for recreation rights. People probably know that Minnesota is known as the land of 10000 lakes, and so we’ve got this great all these great resources for people who want to be outside and being active, whether it’s the Greenway, which is this network of bikes.
Anthony Vicino: [00:07:17] It’s the number one rated bike trail system in the country.
Dan Krueger: [00:07:20] So for recreation, you look at the school districts here that come into play in the rankings for that, that that list that we were talking about, I’m pretty sure.
Anthony Vicino: [00:07:29] Did you know that Minnesota, Minneapolis in particular, is the fittest city measured against heart disease? We have the lowest prevalence of heart disease in the country. That’s crazy. It’s always surprising to me.
Dan Krueger: [00:07:44] I didn’t know that. Actually, that’s fun.
Anthony Vicino: [00:07:45] It’s pretty cool. Pretty cool. Little stat. Yeah. The bike system, because we’re all so
Dan Krueger: [00:07:48] Chill up here, right? It is. Well, I think
Anthony Vicino: [00:07:51] A lot of it actually has to do with the tater tots hot dish. If you don’t know what that is, you’re missing out. I think what it is is in the wintertime we don’t have a lot to do right like we’re kind of trapped. But during the rest of the year, we’re like, So we have so much pent up energy, we have to go and just doo doo doo doo doo. So for like nine months out of the year, we’re outside super active, and then for three months out of the year, we hide because otherwise, we’ll die.
Dan Krueger: [00:08:18] Yeah, it’s like high in high-intensity interval training, almost like for short if we just go nuts. Yeah, I mean, we’re a little biased, not going to lie, but it’s always nice to have some data come out and officially say, like, yes, this actually is a really good quality place to live. And if it’s a good quality place to live from an investment perspective, that’s a pretty big deal. Mm-hmm.
Anthony Vicino: [00:08:40] So, guys, this episode was really just a humblebrag. We wanted to talk about our home market and why we love it so much, but hopefully, you can take a couple of nuggets out of this and apply it to your process for analyzing other potential markets. So you want to be looking for a strong economic base and a desirable place to live because at the end of the day like that’s the number one thing. If you have a place that people want to live for whatever reason, it’s probably going to be a pretty good place to invest like and I know the first thing people will say is, Yeah, but what about San Francisco in New York? Like, honestly, if you can afford it, you can make the numbers work like people continue wanting to live there generally. So like, pretty desirable. So pick desirable neighborhoods, pick desirable markets, and it’s hard to go wrong. So that makes us just really, really proud of Minnesota. Minneapolis wanted to share that with everybody. Now that’s going to do it for us. We appreciate you guys taking a little bit of time out of your day to join us before I let you go, don’t you go anywhere? Sit right there in your car with the headphones on listening to me as I ask you, I plead with you. Please, please, please. If you haven’t already, go and pick up our new book, Passive Investing Made Simple. You can get it at the passive investing books. Go pick up a copy. Give it a read. And then if you would be like a really, really cool dude or cool gal, go leave a review on Amazon. That’d be neat. And all right, I’ll let you go now. I appreciate you guys. We’ll see you next week.
