All Forum Posts by: Gavin Kruse

Welcome, Sharon,

Check out the Iowa City Real Estate Group for advice or referrals you may be looking for. We meet once a month (lately over Zoom) the group has members investing in a variety of real estate.

https://www.meetup.com/Iowa-City-Area-Real-Estate-Investor-Meetup/

@Amber Singleton I wouldn't be discouraged. Just be sure of your numbers and the deal. Find a partner or someone as a mentor if you have doubts.

Michael that's awesome maybe when I find a good deal on a multifamily and show them the numbers they will change there mind. I did use the bigger pockets calculator on this property which is a single family home.

@Jeff Johnton so the bank is giving me 80% ARV draw down line of credit on the property. I do have a low debt and a moderate income but its mostly my relationship with the bank. It's a local bank that has worked with a decent amount of flippers which must make them more comfortable with these types of situations.

I am a contractor in the Iowa City, IA area.

I have read books on real estate investing in the past but have never taken any steps towards actually investing. I have been continually trying to get my wife excited about investing to which she has been reluctant. I was talking to her about it a few weeks ago and she asks if I have talked to the bank about any of this to which I said no. She responds with "well you're not really doing anything then are you?". (Smack right in the face with reality)

I joined BP last week and have been listening to the podcast daily and assessing properties every day. I noticed a theme with everyone that is currently investing and a lot of them say to get off your butt and just do it. Well in my first week of getting off my butt I have a bank giving me a draw down line of credit, I found my first deal with an accepted offer, and I have a family member already interested in investing in the next deal I find. Now I'm trying to keep my head out of Lala land since the hard work has yet to start. I have put together conservative numbers on the project and have shown them to my banker and real estate agent.

Moving forward my bank has told me they are willing to fund as many flips as I can do but seem to shy away from the idea of me doing any "buy and holds" or BRRR projects.

What kind of creative financing has anyone done to get into multi-family projects?

Hello everyone, looking to put together my first deal here in the next month. Would like to connect with other investor/contractors in the Iowa City or Cedar Rapids area.

@Aaron Gorum I would check any state laws for withholding payment from the contractor but I definitely wouldn't pay him in full until it's fixed or a agreement is met. The spacing between cabinets could be the cabinets themselves the screws should be hidden behind the hinges if he did screw them together and the base screws should be hidden by the countertop.

I am a contractor in eastern Iowa and just finished a kitchen in a hundred year old home can definitely be difficult but not impossible to make it look right.