OOS Investor focusing on Iowa Multi-family?

[Andrew Kougl]

I'd be an OOS investor looking into investing in Iowa. It seems like a good, landlord friendly state with reasonable taxes. I also like the Series LLC opportunity. I'm hoping to connect with others who are trying and already investing in the market to learn and help each other out. I'm specifically interested in Multi-family (4-8 unit). I've already done some research on Davenport but open to the other major metros in Iowa as well such as Cedar Rapids and Des Moines among others. My goal is at least a 12% CoC and a 9 Cap Rate. This seems achievable in Iowa but let me know if that's unrealistic.

The one issue I've had so far is with financing. All seem to want 25% down, is that the standard other investors are seeing?

Looking forward to joining the Iowa investing community!

[Andrew Kougl]

Hi @Jose Linares, happy to see a nearby face! There certainly are a lot of San Diego based investors on BP. 

You're spot on and sadly that's been my experience exactly. I had started down the path with IHMVCU and then when the supervisor got wind I was OOS, they didn't want any part of it anymore. Big bummer.

I am coming to terms with a 25% minimum down payment if it's required, I just really want to to do a deal. I have the necessary funds so I won't be needing a private money lender, just prefer the 20% down to keep more of my capital for the next deal. 

I'll connect with you. Curious are you investing in Iowa personally?