All Forum Posts by: Matthew Gunderson
Matthew Gunderson has started 3 posts and replied 12 times.
Post: Insurance quote 20% higher than last time last year - Iowa - any ideas?
- Posts 13
- Votes 8
Quote from @Matt McCurdy:
@Matthew Gunderson yep, get ready to start paying for the 2020 derrecho and the countless hail claims. I have quite a few single family houses that were quoted $80/month last year. This year they are ~$110-115/month...
I can't find another insurance company that can beat Jason Klien's office (Farm Bureau). Unfortunately, the insurance/property tax cost creep is what it is.
Thanks Matt, I will definitely give Jason a call.
Post: Insurance quote 20% higher than last time last year - Iowa - any ideas?
- Posts 13
- Votes 8
Quote from @Ko Kashiwagi:
Hi Matthew,
Have you reached out to other insurance companies for quotes? I'm not familiar with your market but I know insurance can jump up quite a bit sometimes. A deal I was looking at in Fort Myers had their insurance jump from 3000 to 6000 in one year.
I have not, not sure which insurance companies to even contact. I normally leave that up to my broker but I'm open to making some calls on my own this time. Any recommendations on insurance companies that are willing to cover multi-use 1890's buildings?
Post: Insurance quote 20% higher than last time last year - Iowa - any ideas?
- Posts 13
- Votes 8
I own a multi-use building on main street in Mount Vernon, Iowa, 2 story with retail on first floor (restaurant) and two apartments upstairs. Built in 1890. Last year I paid $3,258. This year they are quoting me a 20% increase at $3927. I had budgeted a 10% increase but never expected anything like a 20% increase. I work with a broker but am open to looking for a different broker as they only work with a handful of insurance companies - including Auto Owners.
Any ideas?
Post: Buying a commercial building (includes restaurant) in Eastern Iowa - suggestions?
- Posts 13
- Votes 8
Quote from @Charles Carillo:
I think the main question is if you really want to own a restaurant or just own and rent out real estate. If you just want to be just a landlord, I would pass on the deal. If you were a restaurateur, it might make sense to purchase, and then sell the business while keeping the real estate (I have had friends who did just this and receive monthly rent from restaurant owners). The caveat however is that they were also experienced, restaurateurs.
When I look back at investments where I lost money, they were mainly investments that I did not understand.
Post: Buying a commercial building (includes restaurant) in Eastern Iowa - suggestions?
- Posts 13
- Votes 8
I have been looking for my first rental property deal in Eastern Iowa (Cedar Rapids, Iowa City, etc) for the past several months and so far have come up dry. The single family home market is absolutely crazy here, most homes I look at sell within hours of listing, even at ~7% interest rates. I've also been looking at multifamily and commercial property deals.
This morning I came upon a brand new listing for a two story building in downtown Mt. Vernon, IA (119 1ST ST NW Mt Vernon, IA 52314), which includes the restaurant and two small apartments on the second floor. See link below for the listing.
https://www.remax.com/ia/mount...
I hear from my friends that live in that town that the restaurant is packed Thursday-Saturday. I don't yet have any financial statements from the sellers, but hoping to get that information later today so I can determine if this deal makes sense. I also hope to look at the property today.
This is an interesting deal as it seems to present a lot of options, including multiple exit strategies. However I've never operated a restaurant before.
What should I be thinking about in terms of this deal? What don't I know that I should? Any red flags?
Matt Gunderson
Post: New to BP - Cedar Rapids - Iowa City Area -
- Posts 13
- Votes 8
Quote from @Jeff Collier:
Hey Matt -- I'm new to real estate and have been in Cedar Rapids for 8 years. Bought a couple investment properties back in September and fighting my way through the rehabs still. Huge (sometimes exhausting) learning experience for sure! Anyways, have been reading all the comments on your post, and I'm encouraged by how many folks are on here from the area. Will keep an eye on @Jeff Niemeier's meetings too (work obligation on Mar 19 unfortunately). Would be great to connect sometime!
Post: New to BP - Cedar Rapids - Iowa City Area -
- Posts 13
- Votes 8
Quote from @Jeff Niemeier:
Matt, I live in Cedar Rapids and host a monthly REI mastermind at the Cedar Rapids Public Library! Our next event is Sunday, March 19th from 2 - 4pm at Beams Auditorium! You can find more information on my website studentofmoney.org or do a search for the group on meetup.com!
Thanks Jeff. I've signed up and will hopefully be there.
Post: New to BP - Cedar Rapids - Iowa City Area -
- Posts 13
- Votes 8
Quote from @Allison Mackin:
Welcome to BP Matthew! So excited for you! Thanks for sharing your bio.
My husband and I are in the IC area. We have a local portfolio, as well as, a couple properties out of state under a syndication model that we serve as a member of the GP.
BP has some really great books! I also really like The Magic of Thinking Big by David Schwartz.
Looking forward to meeting with you!
Allison
Post: New to BP - Cedar Rapids - Iowa City Area -
- Posts 13
- Votes 8
Quote from @Nathan Faselt:
Thanks for sharing your bio supper cool looks like you have a good base of real estate and some of the advantages through your past investments and study. Im born and raised in the area & in the real estate world. I would love to help you out if we can and trade knowledge as I have had a personal desire to getting into flying my self. I believe it would be a good opportunity to opening expanding my reach and network from local to regional. I could be home the same night type of thing.
Would love to catch up with you soon. Cheers!
Post: New to BP - Cedar Rapids - Iowa City Area -
- Posts 13
- Votes 8
Quote from @AJ Leman:
Hey @Matthew Gunderson,
Welcome to BP. Like you, I came to IC 20 years ago. Never thought I'd stay. We fell into REI by accident and it's been a great thing. I'm a teacher by day at an IC high school. Love to chat more and best of luck!
AJ
Hi AJ, nice to meet you! I will have to message you for sure. Surprised how hot the market still is in this area. Tried to make my first offer today and the house sold in less than 24 hours! No sign of cooling here!