All Forum Posts by: Drew T Heberer

We do a lot of business there as well, Cedar Rapids and IA city.

I have a house that I’m looking to assign the contract on in Burlington Iowa. Does anybody here Invest in that area?

Let me know what you find. I own some property there and need some help.

Sounds good, @Alex Garcia.

Shoot me a DM and we can chat.

Hey @Alex Garcia,

I'm an investor and REALTOR in Davenport, IA. I'd say the biggest thing to look out for is desirable neighborhoods for fix/flip. Wholesaling, you can sell any property if you get it at the right price to pass along.

Not sure what kind of specifics you're looking for, but I can elaborate on anything else you need.

Hey @Chad Nachiappan,

I also live in Davenport and invest here in the quad cities, also a Realtor. Feel free to reach out to me via message with any questions and I can definitely help you get started in this market and understand what’s happening in the market.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $130,000
Cash invested: $15,000

BRRRR Strategy Investment.
PP $136,000
Rehab + Closing Costs $15,000
All in $144,000
Loan $133,000 Remaining
6 MO interest only 5yr ARM 25 yr amortization
Refi at month 6 into 30 yr fixed
ARV $195,000
Appraisal $200,000

What made you interested in investing in this type of deal?

The potential to put little in and BRRRR the property and cash flow plus get our money out. There is also an AMAZON distribution center coming up near this property less than 3 miles away.

How did you find this deal and how did you negotiate it?

Facebook Marketplace. I just reached out to the seller and offered her 65% ARV, she took it.

How did you finance this deal?

Traditional Bank financing at a small bank that offers 90% LTC funding with 6 mo interest only 5 yr ARM 25 yr amortization.

How did you add value to the deal?

Remodeled the entire home.

What was the outcome?

Appraised for $20,000 over my initial ARV estimate. We will be refinancing at month 6 to a 30 yr fixed and pulling out money out and about $5,000 cash.

Lessons learned? Challenges?

The small things in the budget for rehab will kill you... Just like the books tell you. First time BRRRR we came in about $1,500 over budget. Which was not bad, but not perfect either.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Myself, as I am a REALTOR.

Hey everyone,

I'm currently under contract with the following property: https://www.biggerpockets.com/...

I'd like to offer the opportunity to a seasoned or intermediate wholesale partner that could assist me in getting this transaction completed. I have a title company that can do the closing in Peoria, IL. I just need someone who can be the boots on the ground and get some of the leg work done to get this transaction across the line. I'm looking at doing a 50/50 split with whoever ends up partnering up with me. The margins here are pretty good as well, we can discuss more once we actually sign some JV paperwork of course.

Ultimately, I'm just not experienced enough to take this deal on and would love to learn and also pay someone a chunk of money in the process.

For serious inquiries, please send me a message and we can go from there.

Thank you,

Drew T Heberer

Anybody else read the Multifamily Millionaire and then find out that the income and expense calculator they talk about in the book is nothing like the one they provide or am I missing something?

@Adrian Clapp,

I have never looked into it until now and wasn't able to directly find anything either. I'll send you a connection and we can brainstorm ideas and I can reach out to my tech friends to see if they know of anything or if they would be willing to collaborate and create something that can track the projections vs actuals in a nice, clean, consistent way.