All Forum Posts by: Matt McCurdy

I know there are quite a few companies out there that will contest your property taxes for you and take a fee if they win.  Does anyone have recommendations for a company they have used in the past and had success?  

I did an informal hearing for a mobile home community I own in Iowa where I got the assessed value to go down $20,000.  The only problem is...I was asking for ~$500,000 reduction in valuation.

That's one way to look at it.  Especially, in today's market where all expenses are higher than in years past, cashflow is hard to find, but shouldn't be abandoned. In fact, ALL commercial assets (5+ units, MHP's, retail, industrial, office, etc) are valued based on the cashflow of the asset.  Sure, it's great to buy with the idea of increased equity, but you can quickly go bust if you are investing in the wrong asset (and no cashflow to help bail you out).

@Troy F. speaking from experience as a licensed real estate broker in Iowa and in the Cedar Rapids MLS, the Cedar Rapids purchase agreement specifically calls out a clause if the property is a rental property (Y or N). If so, is prorated rent being transferred (Y or N) and is the deposit being transferred (Y or N). Let me know if you'd like me to review the purchase agreement for you (as a free consultant, no agency implied) and I can give you my interpretation. This has been one of my biggest gripes as a broker is the inconsistent purchase agreements/forms (in general) across the 13 associations in Iowa.

@Kayla Elliott it is a great question and it's something that each investor has to decide on their own and their circumstance.  What I see most often is property managers get paid a % of the rental revenue.  I believe this model is archaic and motivates/unmotivates the wrong behaviors.  I'm not saying all PM's do this, but some do...What motivates you as a PM to go the extra mile for a property they are managing when they get a percent every month?  If they can do 1 hour or work 40 hours for the same pay why put in the 40 hours?

I've found the best way to ensure the work is truly getting done is to have a property manager in house that I can manage on a week-to-week basis.  By the sounds of your portfolio, you could really use a part-time manager.  This could be a virtual assistant or someone locally.  That's the best part, YOU get to decide.  If you hire a PM, THEY get to decide.

Good Luck!

@Austin Davis thanks for the feedback!  I do find it fascinating that I've heard from several developers that they are building/built apartment units for the long term, which to me sounds a bit risky.  I do find it interesting the absobtion of those new build apartments is slowing down compared to years past.  I'm not sure if that's a function of the shear number of supplied units (over saturation) or a function of the slowing economy or a bit of both.  One thing is certain, we'll find out together in 2025! :)

To all of those providing rental housing in the Cedar Rapids market, I'm curious to hear from YOU!

My team and I have witnessed an overall softening in the rental real estate market.  I've confirmed it with a few other local real estate investors the same sentiments.  What have you seen?

Early this year in 2025, we've had a few rental renewals where initially the tenant said "we aren't renewing," but ultimately have come back saying "they'll renew."  Something happened...I have suspicions the rental market is rebounding, but I don't have enough data to support my theory. 

What say you?

Hey @Max Matthias good to meet a fellow Cedar Rapidian! I took a brief hiatus from BP as well, so sorry for the tardy reply. I agree with Jonathan's response.  I guess my simple answer is several questions back to you.  What are your short term goals?  Do you plan on renting out your current house or house hacking it?  What makes you question to buying another house?  Do these renovations really need done or is there a more economical approach?  Let me know if you'd like to meet up and I can give you my free advice no strings attached.  Good luck!

Hey @Joe Casey, welcome!  Like most have said, get educated!  As the old saying goes, it's better to "get prepared, aim, and then shoot vs. shoot and then aim."  Here's the BIG difference that I see between new investors and seasoned one's:  action.  I'll admit, I spent the better part of one year in 2012/2013 looking at properties and putting in offers, before one finally hit and I've been off and running since.  I recommend finding someone you trust that can mentor you and help you push through your mental & environmental resistance.  Remember, educate yourself and then take action!  Good luck!

Interesting!  I've never thought to do a cost segregation study on a single family house.  What are your thoughts on the chances of 100% depreciation will be re-instated with Trump back in office?

@Tony Schmucker if it were me, it would totally depned on a ton of differing factors that you may not be measuring (some outside of investment real estate).  For example, what is the cost of living now and projected in the future?  What is the political environment within the community and state?  Landlord friendly?  Growth minded?  What's the health care system look like?  What industries are moving in now?  What is the long term plan for the city and the state?

I'm born and raised in Iowa (actually a suburb of Des Moines), I now live 2 hours away in Cedar Rapids, because I like this market better.  However, I've always thought of the state of Iowa as home first and the investment potential second.  It turns out with inflation and cost of living soaring across the US, my intuition may be leading others, like yourself, to call Iowa home as well.  Good luck in your search and decision, I'm sure it will be a good one!