C Class multifamily in Des Moines Iowa

[Joseph Lyons]

Hey guys- I was just listening to the most recent episode of the BP Podcast (ep 629), and Brandon was talking about networking and getting on the BP forums. It’s inspired me to make this post.

My partner(wife) and I finished rehabbing a 6 unit building in Des Moines a few months ago. We purchased it in December 2021, on market. We completed a cash out refi a few weeks ago. Our BRRRR was a success. We have been actively pursuing our next investment for the past 6 months.

We’ve been in contact with commercial agents and residential agents. We have done preliminary analyses on all the properties that have come to market that match our basic criteria. We haven’t found any deals that are on par with our 6 plex. It was c class, value add in a decent neighborhood for 32.5k/unit. Four 1/1s and two 2/1s. We realize we found a great deal, but we also know that it wasn’t a once in a lifetime deal either. 

Does anyone have some C class value add multifamily similar to what we found in December. We don’t mind a big project. We want to be in Des Moines proper. We want to stay under 700k. If you don’t have a potential deal, do you have an idea on how to produce leads for this kind of deal? Or are there any multifamily meetups in Des Moines you can share? Also, if any multifamily investors in Des Moines are interested in meeting up, we’d love to get something started. Thanks!