All Forum Posts by: Christopher Derr

Im always a bit leary when there is 1 picture for the listing when the comp has 20. Also... repairs on a 2200 sq ft yr 1910 house can add up super fast depending on what it needs it could eat up the 30k difference in a few jobs.  Roof alone could be 10-15k

Property taxes are $1518/yr with no current homestead exemptions. So that is what you would pay as an investor. 

Beacon is great for property searches in most iowa counties

 https://beacon.schneidercorp.com/Application.aspx?...

And woodbury has its own tax site

https://www.woodburycountyiowa.gov/search/property...

House sold for $62,500 in 1999

I am really struggling with keeping books... or really setting them up as a DIY rehab and hold investor. When I buy multiple things on a reciept I don't know how to entet different amounts into what category. example: Buy paint, a tool, and all the supplies to put on a roof on the same reciept. I assume all the material for the roof goes together but in what category? How do I separate it for depreciation? or do I not and if not, how to I put it into my books as part of the cost of the house and rehab to get it rent ready? does it depreciate out at a different rate than the house? Does anyone use a good book keeper on line that I could pay to set it up and occasionally use? I definitely want to understand it but I also am going to get overwhelmed working on multiple properties at the same time DIY and trying to do the books.

Hello from North Central Iowa

Sounds like a great start... im 2 hours north.... go hawks

Welcome and go Hawks!!!

I use my local 5 branch bank and use the commercial side.  I've bought my last 2 purchases with $0 down, infact both closings I got a check for repairs.  Try a small local bank or credit union and look at commercial lending.

Originally posted by @Jacob Wathen:

I have experience in the Portland, OR market but it is definitely difficult to find deals that meet the 70-80% rule while using hard money. The fees that go with it are insanely high and would only work for a very short term deal. Will this be your first flip? 

If you research more about buy and holds I think it is an option worth exploring. I really like investing in the midwest (Iowa, Nebraska, Kansas, etc.). Getting a duplex that cashflows 200+ per door for 100K may be more doable especially at this stage of your new career. 

Nothing to see in Iowa.. just corn...dont bother looking ;)

I live in North Central Iowa and have property in Mason City.  A few multi-family in Mason city I need to get into multi's.  Very similar market to Rochester.  Not much appreciation but you can cashflow and get in cheap 

I am a new investor and I am trying to understand using other peoples money. Lets say you find a 50k home and it will take 10k in reno to force good appreciation. Appraisal comes in at 60k bank loans 48k (80%) on a commercial loan, borrow 12k from someone for 2k down 10k reno. ARV is 80k appraisal and cash out refi 16k. Pay your investor 12,600 after 6 months or 13,200 after 1 yr at 10%. Is this a typical scenario of how you would use it? now you own a property with $0 down and 16k in networth gain. How would that work for taxes on their money? do you have to do any paperwork on it or file a lein on the property? what other paperwork would be required? Is it typically a lumpsum or do you pay some each month (in this case $100/month, then their 12,000 back at the end of the yr?) I have used my own money on 3 deals just wondered about scaling or adding to my portfolio faster with OPM. Thanks!