All Forum Posts by: Gabriel Kinser

@Wayne Lester thanks for asking and @Ashish Acharya thanks for answering so thoroughly! Do either of you have tips on how exactly one should track time i.e. what apps/services/methods you find effective? Or any methods that the IRS specifically recommends for/against? I've tried a couple apps but am considering just using my google calendar...

Great question Andy, I only own in Des Moines but have talked with other more rural landlords and I'd have to agree. The best investments imo are when you can find the exceptions that have both. For example, finding high cash flow in Des Moines by being willing to deal with problem tenants and problem properties/areas. Or, conversely, finding rural areas likely to become suburbanized like Cumming/Martensdale/Van Meter/Winterset where you can buy at rural prices and get rural cash flow but if you hold 10 years you also get the big city/suburban appreciation rates.

Hey Grant, we always use the free public records search at iowacourts.state.ia.us, along with facebook. Also, not sure if it is different for Ames area MLS agents but all DMAAR agents have a free subscription to forewarn so if you used an agent to buy the place they can run tenants for you free of charge! If not let me know - happy to help. I like forewarn because it shows evictions from other states as well, not just Iowa.

If seller financing is your only finance option, I recommend targeting owners who are open to it rather than targeting conventional sellers and trying to convince them. Things may be different elsewhere but in my local market, the county assessor's website specifies the sales "instrument" of each historical sale i.e. deed vs contract. Searching for sales conveyed by contract will show sellers who have done owner financing before and are likely to be open to it again. Find those sellers in your target market and see what if anything they would sell and finance for you or if they know anyone else with properties that could be bought on owner finance!

 You're right, they don't sit on the market. Not for long. I do see them hit the market, though. I might have a higher tolerance for limitations and questionable markets than most investors, especially OOS. 

If Blackstone's people are reading this and thinking about monopolizing Des Moines... just know the houses here all suck. You probably wouldn't like them, they are all D class at best. Nobody here pays rent. Everybody chain smokes cigs, breeds pit bulls & cooks meth in their apartments- it's just a local cultural thing. Better to try Omaha or Little Rock ;)

I'm an agent and investor here in Des Moines where it's easy to find properties meeting the 1% rule of thumb sitting on the market. My first buy and hold brings in over 2.5% in monthly rent- it is a D property in an area quickly transitioning from D to B/C. Paid $180k and it appraised for 230k at closing. I love this thread because I'm considering branching out into other midwest markets with great cash flow. Thanks everyone for sharing your insight! I'm happy to help anyone understand the nuances of DSM if you want to reach out!

In my experience, yes they're ok with out of state investors as long as you meet their criteria which varies from bank to bank or lender to lender. I'd recommend shopping as many as you can- i got a dozen "no"s before i found the lender for my first buy & hold multifamily. I have had good experiences or heard good things about raccoon valley bank, veridian, Iowa state Bank, green state credit union, Lincoln savings bank, and vision bank. Check them out! Happy hunting! 

 Agreed!

Thanks for reaching out, Wale! Just heard your podcast episode recently. Wishing you success!

Thanks @Dmitriy Fomichenko! I was hoping my seller note at 6% would come down a bit when I refinanced, now it looks like it will go up. Next time I will push for a longer balloon period or the option to extend the balloon period.