Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 8 years ago,

User Stats

680
Posts
650
Votes
Meghan McCallum
  • Specialist
  • CHICAGO
650
Votes |
680
Posts

Buying Davenport

Meghan McCallum
  • Specialist
  • CHICAGO
Posted

And it begins! I FINALLY got a deal. I put offers out on 3 properties. One came back w a yes (3 flat), still waiting on the others. I have one other in Geneseo in negotiations (two flat). I'm writing the contract today! I have already taken an information packet to the bank for the cash out re-Fi. My banker is beginning to process it even before I close bc she knows I want my cash out so I can get my BRRR on. I have an offer for the 5 plex across the street, so if all goes well, 8 units right near each other. COMPS are really hard to find. I just know I will cash flow immediately and should have more than 30% equity without fixing it up. So, looking forward to my cash out payday (my fam's plan is to live off the difference in the equity cash out from the cash I invested, all rent will remain with the property until paid off).

So, one down and three to land. Wish me luck!!!

User Stats

98
Posts
21
Votes
JERMAINE LUCAS
  • Investor
  • Woodbridge, Virginia, landlord
21
Votes |
98
Posts
JERMAINE LUCAS
  • Investor
  • Woodbridge, Virginia, landlord
Replied

Ha Meghan

Song's good make that cash flow. We just got out of Devonport IA cash flow was good but too far from VA. Site visit was two flights and $400.00. But was a good experience.

Good luck

User Stats

29
Posts
12
Votes
Eddie Lehwald
  • Investor
  • Austin, TX
12
Votes |
29
Posts
Eddie Lehwald
  • Investor
  • Austin, TX
Replied

Hi @Meghan McCallum! How did your Davenport 5 plex work out? I'm in very pricey Austin TX and have some family in the quad cities, so I'm investigating the possibility of buying a MF in Davenport, where the initial cash flow estimates look waaaay better than they do down here, even after allowing for management/upkeep expenses. Doesn't seem to be too much about the QC on the forums (which I think might be a good thing-a heretofore untapped market?), so I'm curious to hear from someone in the area!

BiggerPockets logo
Get Your Ticket | 2025 PassivePockets Summit
|
BiggerPockets
This is your chance to connect with 150+ passive investors for two days of education, networking, and inspiration. Our agenda features speakers like Jeremy Roll, Brian Burke, Paul Shannon,...

User Stats

680
Posts
650
Votes
Meghan McCallum
  • Specialist
  • CHICAGO
650
Votes |
680
Posts
Meghan McCallum
  • Specialist
  • CHICAGO
Replied

Hi Eddie,

I sent you a PM but, just to let others know, the Quad Cities on the IA/IL border is a great place to look for out of state investors. Cash flow is great if you aren't afraid of a renovation or buy a stabilized asset that is turnkey from an existing investor or turnkey company. I don't have ANY interaction with turnkey companies here but there are plenty of investors doing well. Some deals can be made to hit the 1.5-2%. These aren't you new builds or class A properties of course. But, my suggestion is to find a local investor willing to partner as its a complicated MSA to fully understand and not all deals are considered equal.

User Stats

4,766
Posts
1,367
Votes
Tom Ott
  • Equity Raiser and Turnkey Provider
  • Cleveland, OH
1,367
Votes |
4,766
Posts
Tom Ott
  • Equity Raiser and Turnkey Provider
  • Cleveland, OH
Replied
Originally posted by @Meghan McCallum:

And it begins! I FINALLY got a deal. I put offers out on 3 properties. One came back w a yes (3 flat), still waiting on the others. I have one other in Geneseo in negotiations (two flat). I'm writing the contract today! I have already taken an information packet to the bank for the cash out re-Fi. My banker is beginning to process it even before I close bc she knows I want my cash out so I can get my BRRR on. I have an offer for the 5 plex across the street, so if all goes well, 8 units right near each other. COMPS are really hard to find. I just know I will cash flow immediately and should have more than 30% equity without fixing it up. So, looking forward to my cash out payday (my fam's plan is to live off the difference in the equity cash out from the cash I invested, all rent will remain with the property until paid off).

So, one down and three to land. Wish me luck!!!

 Congratulations! Best of luck to you out there! Sounds like it will be great. 

User Stats

184
Posts
33
Votes
Todd Douglas
  • Realtor
  • Detroit, MI
33
Votes |
184
Posts
Todd Douglas
  • Realtor
  • Detroit, MI
Replied

@Meghan McCallum Hi! I have a few properties in IL, looking to unload. Are you still investing in single family homes or multi family only? 

User Stats

680
Posts
650
Votes
Meghan McCallum
  • Specialist
  • CHICAGO
650
Votes |
680
Posts
Meghan McCallum
  • Specialist
  • CHICAGO
Replied

Todd, where do you own? I am always happy to look at any deal you have.  Send me a message.