All Forum Posts by: Rick Mapes

 Shhh, keep lettiing people think this is all farmland!  :-)

Just as a data point, I'd be surprised if you can get much roofing work done for under $1,000 nowadays.  Although I would ask them to quote you a full roof replacement in case your insurance covers it.  You might be able to completely replace the roof for $1,000 which might be a better value than replacing a handful of shingles for, say, $700.  Just something to think about.

I would add, you should also consider that renters take Zillow as a definitive source on all things pricing.  I know that's ridiculous, but people have said "You're $50 above the Zestimate" to me before.  I started to explain how Zillow is "...based on algorithms based on square foot, and they don't consider..." but it was pointless.  The internet already declared I was overpriced.  So, there's that to contend with.  :-)

Greetings Mark,

I wish there was a good answer for this, but I'm afraid (my experience anyways) pricing rent is some % science, and some % art.  I generally invest in the same part of Des Moines, so I can use past experience with houses as my guide.  If I put a house on the market, and get flooded with requests for viewings, I've probably priced too low.  If I get very few, I've priced too high. And that all depends on the neighborhood, sq footage, shape the house is in, fenced in, proximity to schools, and on and on. I'd suggest checking out Zillow and see what comps are renting at.  (Generally speaking, I get between $1,000-$1200 for nice 2BD/1BA fenced in yard houses in Des Moines)

One interesting story, I had a place that I listed for $1,025/month.  Didn't get the interest I'd hoped for, and from experience, I thought it was priced correctly.  However, someone looking for a $1,000/month house, is probably putting $1,000 as the high end of the Zillow search parameter, and therefore they never even SEE my house.  Brought it down to $980, and boom, tons of interest.  So there's also some psychology of the search that comes into play as well.  I know this isn't a cut and dry response, but I hope it helps some.

Hey Kelan and Liz!

Welcome!  I think as you dig around BiggerPockets, you're going to find a treasure trove of info here.  I've never been to a seminar, but sometimes I feel like the time spent in BP.com forums and listening to the BP podcast (listen to that if you haven't yet) has been like a master's class. 

One of the sayings that stuck out from a podcast that I think has been helpful for me along the way (relative newbie myself, just a handful of SFR houses) has been "Imperfect action over perfect planning". That's not to say don't plan, quite the contrary, but if your analysis says a house would be perfect if only it were $1,000 cheaper, or had another 25 sq ft, go for it. Or if you're looking at houses online, but not scheduling viewings (which will be a lot easier with that RE license), go for it!

All the best, feel free to reach out if I can help!

Great advice!  I do it on every property because my first house had issues with Orangeburg, and cost me a small fortune to dig up and replace.  Since then I've purchased two homes with no issue, and then one with Orangeburg that was in really good condition, but I used that as a negotiation chip, and got a better deal on the house.

Really tough to overstate how wise that $200 investment is. 

I've always been interested in college towns (went to school at Iowa, currently working in Ames), they seem to support a rent premium because of that competition you mention.  

My big concern is the obvious one, I wouldn't have wanted 19 year old me living in one of my houses.  :-)  Would need to set some very strict expectations around inspections, and custom tailor a lease that gives me a lot of outs if someone is not treating the property well so I could sleep at night.

I'd heard about this story, really sad, but I wouldn't be too concerned about it from an investment standpoint unless it creeps your wife out significantly.  I think disclosure laws only apply to sales, not  rental agreements. 

If any potential tenant is aware of the story, it's doubtful they would know the address where it happened.  Good luck, I think the duplex house hack is a great strategy!

Welcome!  I'm in a similar situation as you.  Have a handful of SFHs and want to keep adding.  Let me know if you have any questions I might be able to assist with. 

Hey @Jacob Bell - I've been wanting to attend one as well.  I think there's a regular meeting at Caribou on Ingersoll Ave the 3rd Thursday of each month.   Someone will chime in with details.  I hope.