All Forum Posts by: Andy Algreen

Hi Jacob, I highly recommend the Friday coffee meet-ups that Dan mentioned as well. They occur every Friday at 7:00am at the Smoky Row on Cottage Grove in Des Moines. There is also another investor meet-up that happens every 2nd Tuesday of the month at the Iowa Tap Room at 5:30pm.  

I am an agent and investor here in Des Moines. Own a duplex in the Beaverdale area that is rented long-term and am currently looking to purchase a SFH to rent short-term.

Where to start: Surrounding yourself with like minded people is a great place to start, so attending those meet-ups would be good! Listening to the BP podcast and reading their books (would recommend BRRRR based on what you said in your post) would be good as well!

 Will do, thanks!

The facts below are being pulled directly from AirDNA...

Some current facts/data points about STR's in Des Moines

-There are currently 546 active short-term rentals in just the Des Moines area (see picture below)

-Average daily = $128

-Occupancy = 63%

-Monthly revenue = $1800

-86% of the 546 active STR's are entire homes

Are those numbers good or bad? In my opinion it's all perspective and what YOU are specifically trying to accomplish with your real estate investing goals. The average daily hotel rate sits around $125/day so you could potentially stay in the Des Moines area for about the same price, but be able to rent out an entire home. The occupancy rate of 63% makes sense because not a lot of people are traveling to Iowa during the winter months. So, we do see a drop off during winter, but it is to be expected. 

I have yet to have a conversation with an investor who owns or manages a STR that has done "bad" in the DSM area. Personally, I love STR's in this area and they are currently outperforming long-term rents.

One thing to keep in mind as well is the legal side of STR's in the DSM area. Some laws have been put in place, but overall STR's are not top of mind to the city (from what I have heard/read). If you are thinking about operating a STR in DSM, it is something that you should watch and pay closer attention to.

I personally have never used RUBS and like Charles mentioned it might not necessarily be fair to all tenants.

I include a "water/sewer fee" in my leases because I have to pay for water. When a lease is coming up to renew, I'll notify the tenant that we will be adding that fee (typically around $25-$30/per person). I haven't had any complaints so far and it really didn't take much time or effort. It really just took my time and a simple conversation with the tenants. 

Hope that helps or at least gives you some kind of idea!

Ed Mylett - Ep. 433. 

Ed talks about setting new standards for your life and how they compound over time. New standards create new habits and new habits can help lead to a life you want to live. Very good podcast and  I highly recommend giving it a listen!

I agree with about everyone on this post, highly agree with Eliott. The quickest way to learn is by taking action. If your partner is experienced in investing, you feel like you can learn from him, and can trust him, I'd say go for it. Obviously, a lot of other facts to consider as everyone has pointed out and need to be addressed, but overall it doesn't seem like a "bad" deal ("good" / "bad"...all perspective).

Hi Elite! I'm a local real estate agent and investor based in Des Moines. I like that you have written down your goals to help create a clearer direction on what path you want to take.  

There are many real estate investor meet-up that occur around the Des Moines metro, but the main 2 I attend are...
1. Friday Coffee at 7:00am at Smoky Row on Cottage Grove
2. Iowa Tap Room the 2nd Tuesday of every month at 5:30pm

While both of these events are networking event, they have a different vibe at each of them. Happy to discuss more in detail about them if you would like to chat!

Hope that helps!

Thanks,
Andy

Hey Alan!

Here are a couple attorney's I would recommended in the Des Moines area.

1. Matt Nuzum, Iowa Business Lawyer, Website

I work for a local real estate agent, Darson Grantham, and he recently interviewed Matt. Pretty good stuff! It was a 2 part interview. The 1 part, Here, pertains more to a residential homebuyer. Part 2, Here, pertains more to investors. Both have a lot of valuable info!

2. Jeff Egge, Wilson & Egge P.C Attoenys At Law, Website

Both great contacts and incredibly knowledgeable. Hope this helps and good luck!

Hi all, I’m currently in the process of buying my first home. I was wondering if someone would help explain the first time home buyer tax credit? I’ve read a few articles online and am still confused about it. Any help and/or clarification would be appreciated!

Thanks,

Andy