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All Forum Posts by: Matt Holmer

Matt Holmer has started 19 posts and replied 105 times.

Post: Looking for reputable contractors in Quad Cities, Iowa area

Matt HolmerPosted
  • Attorney
  • Bettendorf, IA
  • Posts 106
  • Votes 47

Aaron Brooks over at Quad City Cleaners has been my go to lately. Quad City Cleaners

They are a one stop shop for turning units and light to moderate renovations (painting, cleaning, carpets, light rehab, moving, duct cleaning, power washing etc.). Reasonable pricing and reliable. 

Post: Title Company/ Real Estate Lawyer

Matt HolmerPosted
  • Attorney
  • Bettendorf, IA
  • Posts 106
  • Votes 47

@Joshua Seeley

I'm going to send you a PM. I'd be happy to discuss what needs you might have.

From someone who invest and handles the transactions/evictions in both states.  A couple bullet points are:

Illinois

- Lower acquisition cost

- Higher taxes

- Longer and more expensive eviction process

- Lease agreements can have attorneys fees provisions

- No inspections for SFH

- LLCs are more expensive, but those fees to the state have gone down recently

Iowa

- Higher purchase price

- Lower taxes

- Inspections required for rental properties

- Faster and cheaper eviction process

- Hard limit on late fees allowed in leases

- No attorneys fees allowed in lease

- LLCs are cheaper to operate and only have bi-annual reporting

Post: Tenant Eviction. Left early/late rent

Matt HolmerPosted
  • Attorney
  • Bettendorf, IA
  • Posts 106
  • Votes 47

****The following is general information and is not to be considered legal advice regarding your specific situation.****

 Ideally, you'd get something in writing from the tenant indicating they are surrendering possession and stating anything left the in the property is deemed to have no value.  Then you can take possession, make repairs and get it back on the market. 

In the case of abandonment without something in writing, I typically recommend my clients go through the formal eviction process, especially when ANY personal property left behind. Secure the property, transfer utilities to prevent any freeze damage and then file an FED action.  

In Iowa, it is quick and cheap.  From the date of notice until the the order of possession will likely be less the 14 days.  You'll also have a court order in place that will prevent the tenant from suing you down the road claiming you disposed of something of value.  I've seen this happen numerous times in the past.  You'll end us spending more to defend the frivolous lawsuit then you would have filing 10 evictions. 

In Iowa, an FED action is for possession only.  You will be required to file a separate action for damages, past rent, lost rent, etc.  Remember, regardless of when the lease was suppose to end, you have a duty to mitigate your damages. You need to get it on the market ASAP. Under $5,000 is small claims, which can be wrapped up in about 60 days or less.  Over $5,000 takes you into district court, which can be significantly more costly in terms of time and expenses. 

Once you have a judgment, then you have to collect (wage garnishment, voluntary payments, non-wage garnishment, etc.).    That's why I tell my clients (and for my personal properties), only to rent to someone who can be garnished down the road.

If you need a lawyer for all this is a personal decision.  Most of my clients are experienced enough that they could do it alone, but chose not to in order to avoid the hassle. Have someone do it right the first time and move on. 

Post: Maintenance Company

Matt HolmerPosted
  • Attorney
  • Bettendorf, IA
  • Posts 106
  • Votes 47
I'd love to hear any suggestions as well.

Post: What to do with this terrible shower/tub layout?

Matt HolmerPosted
  • Attorney
  • Bettendorf, IA
  • Posts 106
  • Votes 47

Thank you for the suggestions.  I'm going to re-measure everything once the old tub and surround have been torn out.  I suppose the quote from the plumber will make the biggest difference!

Post: What to do with this terrible shower/tub layout?

Matt HolmerPosted
  • Attorney
  • Bettendorf, IA
  • Posts 106
  • Votes 47

We have recently begun renovations on a new property that will be a long term hold.  Everything is going well so far.  The only full bath has a poor layout due to it being narrow and having a sloped ceiling that follows the roof line.  Doing a bump out is not an option.

Originally, I was just thinking about replacing the tub and surround and just dealing with the ceiling slope in the shower.  I am 6'1" and can stand in the shower fine.  The slopped wall is pretty close though.  Now I am wondering if there are better, reasonably priced, options. Perhaps moving the plumbing to the opposite wall and doing a walk in shower?  The problem would then be the lack of a full bath.

My other thought would be moving the plumbing and putting a tub perpendicular to the existing location.  Only problem with that is I will need to find a custom tub that is less then 60" wide.

Any thoughts from the experienced investors out there?

I cannot figure out how to make my pictures small enough, so I will have to link to the dropbox pictures.

https://www.dropbox.com/s/dgqc9isfmtdzimm/P4280016...

https://www.dropbox.com/s/ugk9b8ioavaxtlf/P4280017...

https://www.dropbox.com/s/cfhz14vp28arxdb/P4280018...

Thank you all!

Post: Investor in Quad Cities, IA

Matt HolmerPosted
  • Attorney
  • Bettendorf, IA
  • Posts 106
  • Votes 47

A true duplex will likely have a better layout and have separate meters for all utilities.  If I could find some of those for a reasonable price in a good area, I would snatch them up.  Sadly, the market is very limited.

I think the bread and butter would be SFRs in this area.  The rental market is pretty strong and the inventory always seems low to me for the amount of people in the area.

Post: Investor in Quad Cities, IA

Matt HolmerPosted
  • Attorney
  • Bettendorf, IA
  • Posts 106
  • Votes 47
The problem with any small, reasonably priced MFH in the Quad Cities is that they are either 100+ years old or in a "bad" area. I don't see many MFH units going on the market around here too often.