Anyone investing in Des Moines, Iowa - let's connect!

[Zach Howard]

I'm completely new to real estate investing, and I'm still trying to narrow down and choose a location to invest. Considering that I went to university in Des Moines, I'm considering investing there. 

What do you think of Des Moines? Any areas where you think good cash flowing deals can be found? I've been away for many years, so I'm sure things have changed drastically. 

Also, is there any legislation or regulation with respect to STR? STR are not something that I'm super interested in, but before I make any investment I like to consider as many options as possible.

Also looking for recommendations for agents, contractors, property managers, handymen, bankers etc.

Thanks! 

[Darson Grantham]

Hey Zach, I work with a lot of investors that live outside of Iowa but love the investing market in Des Moines.

Cash flow is kind of a loaded question, depedning on how you are calculating.  With a conversion multifamily I've seen a few that are selling around 230-250 that have total rents of around 2400-2500.  THey are in C neighborhoods and C properties.

If you are looking for A or B properties, there is little cashflow but super stable.  The Des Moines median sale prices have gone up 5-9% YOY depending on the neighborhood.

Currently the state of Iowa does not allow a city to forbid STR or MTR. BUT if the property is part of an association, it is possible that they will forbid STRs. That is part of DD we'd do on the front end looking for property for you. WE also own and manage a STR company that helps owners maximize their profits and make it to the top of the top list in Des Moines STR.

Selfishly, I'd argue I work with dozens of investors every year and just last year in 2024 I helped 20 bigger pocket members buy or sell properties in Des Moines!

I also run the local investor facebook group for investors, and host real estate investor meetups weekly and monthly if you ever come back and want to network with local investors!

I have pre-vetted Bankers, handyman, and property managers to share also!

Good luck on your search!