All Forum Posts by: Doug Karkow

Hey @Account Closed! Where are you looking? Just Iowa City, or are there other areas that interest you?

Hi All! Here's the Zoom link to today's virtual meetup. Please try it out and make sure it works before the meeting! We look forward to chatting real estate with you all there!

https://us02web.zoom.us/j/8258...

Hi @AJ Smith, since it appears you're in the Iowa City market, I would highly recommend CBI Bank & Trust. Specifically, Zach Kenyon (Assistant VP) and Art Floss (Market President) on the commercial side. Depending on your experience and financial strength, they are an excellent option for BRRRRing properties in the area. I purchased a single-family house in Cedar Rapids back in December for $71k with a rehab budget of $30k. They performed an as-completed appraisal prior to closing and came up with an ARV of $145k. Because of this high ARV, they financed the whole $71k purchase (I actually got a check back at closing for ~$600) and put the $30k in renovations on a construction loan. Ultimately, we went ~$4,000 over on the rehab so that's the ONLY cash I had in the deal thanks to them! In the end, $4k in cash in exchange for $40k in equity and ~$300/month in cash flow after ALL expenses (including CapEx)! PM me if you're interested and I can get you in touch with them.

Sure! We can post the Zoom details just before the meeting on Wednesday!

Oops, September 2nd, not 3rd!

Hey all, @Austin Davis and I are holding a virtual meetup via Zoom next Wednesday (September 3rd) at 6:30pm for anyone who might be interested. We've built up a portfolio of over 100 rental units in a short couple of years and wish to share our struggles and successes with anyone interested! Here's a link to the meetup page: 

https://www.biggerpockets.com/forums/521/topics/867172-cedar-rapids-ia-zoom-monthly-meetup?highlight_post=5084426&page=1#p5084426

Hopefully we'll see you there!

@Austin Davis Oh alright ... I suppose I'm in. 😉

My former neighbor was 99 yrs old before she recently passed away and her heirs reached out to me to see if I'd be interested in buying her SFH in Des Moines, WA. At this time, my contractors are tied up with other projects so I'm hoping I can work something out with another investor. Here are a few details:

- Single-family home built in 1962. Only one owner who maintained it well but hasn't updated it.
- Split foyer frame with 2 bedrooms upstairs but there's plenty of room in the lower level for up to 2 more (as well as a bathroom). Basement windows are already egress sized.
- Homes in the neighborhood typically sell for $400k-$450k depending on finishes.
- Professional inspections (home and sewer scope) have been performed and most of the renovation work would be cosmetic to update the home.
- I have a personal relationship with the family and direct contact with the heirs who wish to sell it. They wish to cash out, so no real potential for seller-financing.

If any house-flippers are interested, please PM me for more details including pictures and inspection reports!

@Bryan Johnson I just sent you a message. Please let me know if you didn't receive it!

@Bryan Johnson Hey Bryan, we've used KMB Property Management and really like the way they run their business. They have branches in Iowa City and Davenport as well, so their systems have been tested across multiple markets. Let me know if you'd like me to put you in touch with the managing partner (Griffin Karr) of the Cedar Rapids branch directly. Otherwise, I'm sure you could call their office and try getting to Griffin through the administrative assistant.