All Forum Posts by: Todd S.

Anyone currently using Buildium for property mgmt software? If so, any issues with connecting bank accounts and reconcillation?

Des Moines rental group

Facebook group Des Moines is good

Looking for any recommendation in the Des Moines, IA - Broker to assist with  the purchase a tax Credit Property.    I have the property identified and looking to make a move.

Thanks.

Todd

I have a single family house in Iowa, I'm considering giving this tenant a non-renewal notice of lease.  The Lease states that after the initial term of lease (1 year) it goes month-to-month.  I've done this several times in the past without any issues until recently I've heard from another property manager in Des Moines (large property management company), that if you plan to give someone a non-renewal you have to document and or have reasons?  

In the past I've operated until the assumption that no reason was necessary - simply give the tenant a written 30 day notice.  

I'm curious how others have handled this process?

Thanks,

Todd

welcome!

Welcome!

Marc, The major issue/concern I have with investing in a small town is Management. I've found that most "managers" are operating without the affiliations of a broker. In Iowa the law is that in order to collect rent etc.. you need to be under a broker. The other concern I have in a small town is maintenance. I'm guessing travel to a larger nearby town will be necessary for some repairs. I'm not trying to discourage from investing only a couple things to think about.

Hi Clint. I've been following the Des Moines market for a year. Apartment buildings are very hard to find, most that come on the market are negative cash flow with cap rates in the 6% range.

I wouldn't recommend spending the money to become a licensed Realtor in the beginning.  It can be expensive.  Starting out I would recommend Craigslist, networking or simply driving around looking for properties / people to talk with.   Once you have a few investment properties and the cash flow is decent, then you could seek out becoming a Realtor.  In Iowa, where I live, it's about $2000 / yr to maintain a license.

Hope this helps!