All Forum Posts by: Mitch Coluzzi

Originally posted by @Beth Cannon:

@Mitch Coluzzi Have you ever tried the peel and stick vinyl plank?

I would not recommend, the glue tends to contrast with cold and heat.  Avoid at all costs in basements or over concrete.  Very well reported issues there!  The floating click LVP is the best option in my opinion.

@Beth Cannon I cannot recommend LVP enough. We use the Home Decorators collection (Stony Oak Grey 6") in our rentals exclusively over sheet goods in all traffic areas, kitchens, and dining areas now. It installs easily and holds up great. We still use sheet vinyl (or ceramic) in bathrooms though, less penetrations for water to get find it's way to subflooring.

@Lawson Ott - Interested in what you find out. In my experience the on folks with on site capabilities to award vouchers are either municipal owned or with a municipal holding majority of the property interest. They may have a 3rd party management company overseeing the actual operation. My understanding is that unless the state/county/city housing authority is the owner (or majority owner), it would be a conflict to award vouchers for exclusive use to your facility. That said... I have seen several tax credit projects that must allocate a percentage of units to the affordable sector for a set period of years. Generally, this is in exchange for front end financial assistance (development captial) or long term tax abatement, depending on the grant applied for. The property owner / management is bound by the requirement to rent units to Section 8 (for example) Voucher holders. However, management still has to market and attract the individuals holding the voucher to select their unit over other accepting facilities. Little known fact... if you go down that grant path you will likely be required to submit, for public review, your annuals. I personally am not a fan of providing the world wide public with my net numbers, even on a singular facility.

Very interesting information!  Following the thread, thanks for doing the DSM based research and posting it.  Looking forward to more input from the local community.

Drake does not "surprise" me as being targeted.  I would of expected east of MLK to 2nd Ave and North of University up to the Hickman to be included (Mondamin Presidential, River Bend, Evelynn Davis Park) with exclusions for Chautauqua Park and Historic River Bend, not to say they couldn't use a boost but... maybe less so than the immediate surrounding.

I can see Valley Junction being inside the zone.  While comparative to Drake and the above neighborhoods it appears significantly more stable, by public persona, there is a fairly default rate there.  Additionally, there is a lot of deferred maintenance and deteriorated property grades.  That said, in my opinion it is more likely to stabilize naturally than the above named neighborhoods. 

Either way, great opportunity to defer some capital gains and/or eliminate them long term!

@Taylor Marvin 

@Terry Mclain

@David Waddleton - Des Moines IA is empirically a good market to enter both in the low and high end ranges. We even have a few pockets that offer sub $100k SFD investments with solid cash flow. Let me know if the market interests you and I can send you more info. Make sure you find good management if you plan to invest remotely. Simple things like rental certificates can be a bear to coordinate from a distance. Cheers!

Whoops - double post!  Editted

@Mindi Rosser @Zach Schnoebelen 

Mindi is spot on.  

We had several holdings in Griffith back in the day, solid rent basis with a good pool of tenants.  We sold our 4plexes (2/1s) for $250k/ea back in 2015 era, our SFDs were anywhere from $110-$165k.

We also played in Hammond a bit but... be very careful on location, tax basis, and I would caution you about rental inspections.  In my experience the inspectors were fairly "petty" when it came time for the Section 8 annual inspection / rental increases.  We missed several increases over missing lightbulb(s), broken screen(s), or a tenant decision to removed copper overflows on water heater (scrap value)...  missed one over a smoke detector that tenant had taken down and set on side-table... it was literally within eye-shot...

@Zach Schnoebelen - hey Zach, local to DSM now but spent most of my life in the Chicagoland. Northwest Indiana market is a solid place to check out, esp for what you're after. If you locate right you will be within your range for Chicago (depending on where your destination is). Check your property tax basis on all investments there... some counties are not investor friendly, owner occupied gets a massive break unlike Polk/Dallas in Iowa. I've got some references back that way including contractors and realtors if you need a connect. Lemme know! @Terry Mclain - thanks for mentioning me!

Forever yes.  Location is the only thing that matters more.  Have you ever browsed property listings and noticed the properties that skip exterior photos and highlight the interior instead?  Those are generally poor curb appeal homes.  The problem is... Your prospective buyers/renters first impression is on the neighborhood, by the time they reach your home they've already made part of their decision.  When they pull up in front, they just made another part... They're not even inside yet, but those two parts will influence the rest of their tour.

Can a nice house, at a great price in an awesome neighborhood overcome an ugly exterior?  Sure... but don't expect to be top of market.

This networking event has been occurring for over two years.  Established member base with consistent attendance.  Come join in the networking fun!

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After discussing with several local investors, it was clear there was a great group of local individuals interested in making something happen in the Real Estate World of Investing. Yet... there are limited resources (dare I say no) outlets for ACTUAL, down to earth, learning and networking WITHOUT the agenda focused, membership fee based, overwhelming-pressure-of-making-a-sale overtones.

This group was established to NETWORK AND SUPPORT LEARNING, whether you are reading your first book, flipping part time, or a full-time professional... come grab a few drinks, chat, ask questions, exchange contact information, etc.

This event is 100% FREE and open to everyone, without any sponsored sales pitch nor sideways promotion. Truly just good ole fashioned networking with like-minded folks. Everyone has something to teach and something to learn!

Hope to see you there.

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For more information and re-occuring updates: please consider following us on Meetup at this link! It's absolutely free to you and is used solely to keep folks up-to-date with location, time, and venue.

LINK TO MEETUP: https://www.meetup.com/DSM-Real-Estate-Investing-M...