All Forum Posts by: Andrew D.

Heres a pick of the Menards stock white on a recent reno.  The counters came from Restore just had to cut them down.  I'll post pics of the Menards counters at a current house once my painter is done

@Account Closed  Menards has the lowest priced but lowest quality stock cabinets.  I've used them before but only if I don't have time to special order.  I usually take my Menards quote over to Devin at Ar Jays and he's been able to match the price or come very close on a much better product.  2 yrs ago they had the darker cabinets in stock but now they are special order.  I've used them before and really liked them.

As far as counters, have you looked at the Menards in stock jamocha granite?  I've been using that lately and it looks great.  You can pick up most of the stuff in the store just have to special order unusual configurations.  Got a whole large kitchen (4 counters) for just under $400 3 weeks ago.  Only reason it cost so much is I had to special order one counter.

If I ever have an excess amount of time to plan a kitchen I'd like to try out that LilyAnn cabinets online.  They come broken down you have to assemble but they're supposed to be good quality and at least a 3rd less then the stores.

I've always had more luck buying the houses no one else wants due to the amount of work.  I buy them cheap and then I know that all the work is done correct and use them for long term rentals.

@Jay Hinrichs

Yeah it works well my first 5 houses I have about $200k in and the gross rents are $4075.  Like I posted some aren't in the greatest neighborhoods but the cash flow great and most have been rented around 3 yrs with no turnover.  The area they are located is in the beginning stages of what is supposed to be a neighborhood revitalization.  If it does happen I will probably go ahead and begin to unload them to focus more on newer high dollar properties in great neighborhoods.

@Jay Hinrichs 

I don't think Cedar Rapids really has any class D properties but I do have a few class c that really cash flow great and stay rented with very little headaches.  The majority of my properties are about 100 yrs old and were foreclosures or estates that required extensive remodel.  Quite a few I've got about 65 to 70k into rent for about $900.

I'm starting to make the move to upper level (in my mind) ranch houses built 1970s at least 3 bdrm 2 bath.  I can have them rent ready for about $100k worth $125-$135k and rent for $1150 to $1250.  My 4 bdrms rarely ever go vacant and I notice a lot of people viewing my 3 bdrms are really looking for 4 but I never have any available.  Possibly a niche market?

Currently very slowly finishing basement in my personal residence to make it a 5 bdrm 3 ba rather then just a huge rec room that way when we outgrow the place it makes it more rentable or sellable.

Currently 16 SFH in Cedar Rapids. Don't post a lot due to the time spent rehabbing distressed properties after work. Closing on the 9th of January and always on the lookout for more.

I am searching for a local attorney that can help me with selling property on contract terms and lease options.  I know that with Dodd Frank some things have changed and I want to make sure that I do everything right.

Also I was interested in forming a series LLC with every house being its own entity. Does anyone have any experience with this? It sounds good in theory but I don't know anyone that has done this.

I have a great attorney for title work but he isn't as well versed in these areas.  Any info is appreciated!

@Account Closed To keep with my fairly conservative numbers I'm looking to add at least 4 SFH properties cash flowing $300 a month. My overall goal is to have 40 SFH by the time I turn 40. At that point if I buy them right I could retire from everything but real estate management. 4 houses a year is easy and I'd love to exceed these numbers but it will be mostly spare time and sub contracting rehabs until I retire completely.

I will try and make it.  Never been to that one.  Have you ever gone to the Landlords of Linn County meetings?  Its during the day one month then in the evening the next but always meets in cr.  Its like $60 annual membership but you can go at least once for free just to check it out.  Once you are a member they've got all sorts of forms you can download off there site plus they fight for us!

@Tyler Smiarowski   That's a great goal sounds like you'll be busy!