All Forum Posts by: Christopher Derr

All day long where I live there will be.  I'm still buying houses for $20k

Iowa falls has a small community college but you'd probably be a little better off going a bit north to Mason City if you want cheaper houses with a bit better rental options.  Still find $50k houses all day long

So many familiar faces 😁 I have 11 rentals in Mason City and currently working on 2 flips.  They just built another Starbucks... That's the indicator it's good right... Haha... Even the "less desirable" locations aren't like they would be in the cities.  Sister in law is from Maple Grove, and we're always up there in Chanhassen, Chaska, Bloomington etc for my daughter's AAU basketball.  

Cashflow is solid, especially if you have good units, typically when you see one advertised as "updated" assume it was late 90's remodelled.   Even a good unit in the worst location in town should rent just fine.  Or I haven't had any issues with vacancy in any units anyway and I have a few in what some would call "the north end"

Can you indicate a town? I can find 2% houses here and have many of them but I'll never see anything more than inflation appreciation.  Town of 30k with a good hospital 2 hrs between Minneapolis and Des Moines but Minneapolis and Des Moines are completely different markets both Midwest.  

A majority of the cities and towns around here don't have "good school districts to choose from" they have 1 or 2 schools in the whole county people don't pick where they live on schools as much as proximity to their jobs.

average rent is around $750, lowest is 2bed 1 bath duplex that's $625 a side... Bought it for $57k and have like $8k in it rehabbing. Highest is $900 on a $63k house that appraised for $134k 

I have a portfolio lender I use in Iowa, actually 2 depending on the time frame you want.  Commercial loans not traditional.   He funds my smaller loans from $14k to $80k that I have out and has done interest only on 1yr notes for flips at 75% subject to appraisals

I don't know specifically with co-ops but the single best real estate attorney in our area that every property management company uses and I've used for ever purchase and sale without a realtor is Gerald Stambaugh at Heiny Law firm in Mason City, IA you can certainly reach out.  

https://heinylaw.com/gerald-m-stambaugh/

I just came for the comments......

TONS of variables, to many for a simple answer.   

@Mark Hong @Steven Thoma

Im in Hancock county up in Northern Iowa and super interested in learning more about tax lien investing and could go to the live auction