All Forum Posts by: Andy Algreen

I'd give KLC Property Management a try. I personally have only had one experience with them when showing a duplex for an investor client, but all communication with them was smooth and quick. I know they are picky about the properties they manage and I am not sure what they charge, but I don't think it would hurt to have the conversation. Fe

I also own a short-term property management company in Des Moines with 3 others. We are seeing STR rents outperform long-term rents about 1.5x-2x. If you have any interest, I am happy to share more information with you and/or our team would be happy to meet to discuss our business more in depth! Our company is called 'Des Moines Short Term Rentals'

Hi Anna, if you're looking to buy in the Des Moines market or surroundings area, $125k is totally do able in my opinion for a potential SFH BRRRR property. If you are specifically looking for a multi-family, it might be a little harder to find one but still do able. I say it would be harder to find because of the lack of multi-family inventory and price point. I would be happy to discuss further about the local Des Moines properties I send to investors I work with here in the area!

Hi May! I'm a local investor and realtor here in Des Monies. Based on what you said, I'd recommend (if you haven't already) reading the book 'How To Invest With Low To No Money Down'. I also think networking with investors in the area is another great way to get started and to make connections. There is an investor meet-up every Friday morning at Smoky Row on Cottage Grove at 7:00am and another the 2nd Tuesday of every month at the Iowa Tap Room downtown at 5:30pm, I highly recommend going to those! 

I would be happy to connect and chat over a coffee as well! 

Investing in a small town in Iowa vs the big city...what is your experience?

From what I have heard, if you are investing in a smaller rural town in Iowa, you can expect higher cash flow but a smaller appreciation. If you are investing in or around the Des Moines metro, typically you will see greater appreciation but lighter cash flow. There are a lot of variables to consider, but this has been the general consensus from the investors I have been having conversations with. I own a duplex in Des Moines and can agree with those statements.

I want to hear everyone else thoughts...has this been your experience with your real estate investments in Iowa??

I personally don't have a mid-term rental, but my next deal, I think, is going to be a short-term to medium-term rental in Des Moines. Depending on where you are planning to list your property through (Airbnb, Furnish Finders, or keep it off market), could depend on if you want to require renter's insurance. I agree with Conner, if you are planning to rent it out on Airbnb, you might not need to require renters insurance as you'll have the property damage protection program for hosts from Airbnb. If the plan is to find your residents through Furnish Finders or word-of-mouth, it might more conducive to look into requiring renter's insurance more heavily. 

I am still on the fence as well and am following this post to hear what other have to say!

 Great advise for new investors! Personally while you're getting, I think dabbling in most things to figure out what you like vs don't like is a good idea.

Thought it would be good to spread some value to newer investors and give some tips. It's a broad questions but let's hear some thoughts! 

What do you wish you would have known before investing in real estate?

I'll start off by saying I am not familiar with the real estate market in Burlington, IA. I'm a real estate agent in the Central Iowa market (not an attorney or accountant).

From the report and the title of it (lol), it looks like your plan is to use the BRRRR method. Assuming that is the case, if you haven't already find...

#1: Find comparable properties in the area that supports your ARV

#2: Figure out what it could rent for based on your level of finishes to to property. You can do this by using Facebook market place, apartments.com, craigslist, etc. Essentially finding comparables for rents in the area as suppose to property values.

Overall from my perspective, if you are confident in your ARV and monthly rental income, I don't see anything in this report that is concerning. Definitely would like to see a few more comments to see other's point of view.

It sounds like you have done everything you can to try to make the transaction as smooth as possible for her, yet she still doesn't want to come to an agreement. You might have already done this, but I would try to ask her more questions about her situation and find out exactly why she is selling. She put it on the market for a reason, but there is something holding her back. Figuring out what that reason is by asking more questions might help you determine this. If you can find a problem that she is facing and try to fix it to create a win-win situation, she may be more willing to sell.

I also partly agree with Joel. If she doesn't accept this offer, your next will not be as attractive. You could also tell her you will follow up with her once a week on a certain day to see if she is ready to sell yet. She might get annoyed with the phone calls, and just sell because of that. Lots of different options!

I'm an agent and investor in Des Moines, IA. I have had multiple conversations with a few different local lenders, and they all predict to see rates hover around the 5.5% range.