All Forum Posts by: Michael David Pagan

If anyone has caught the news lately, Puerto Rico is in the spotlight for both statehood, and it's economic crisis.  While I don't think either of those will go away or happen anytime soon, I would love to know if anyone is investing in PR?

If yes, why? If no, why?

I am a newbie investor who just bought my first buy and hold rental property.  I was in the process of getting my license to help with real estate investing and opted out because of the expenses, and time required to be an agent.  If you aren't going to be an active real estate agent, the fees might be too high.  Of course this depends on your state, local market, brokerage fees, and how active you are.  It didn't make sense for me at the moment because it would take time away from my other businesses which bring me cash flow for real estate deals.

- Michael

@Linda Weygant I'm glad that you mentioned your experience with lower end neighborhoods.  I was actually thinking today how there is a market for well kept properties in what are typically lower income areas.  Most of the places I have looked at have very outdated fixtures, and could be spruced up with a small repair budget (lower end fixtures, but new).

I invest in Cedar Rapids, IA and the neighborhoods aren't terribly bad compared to LA and NY where I have lived previously.  I am currently looking for my first multi-family.

Hello!

I am looking for primarily a roofing contractor in Cedar Rapids.  I have a house on the northwest side that needs servicing.

Cheers,

Michael Pagan

Would love to hear more about this in regards to market evaluation.  For my local area, I've been able to pull up information from some basic online resources (below).  Price data, and rent value can easily be found on zillow, but market based data is a bit harder to find.

I've been scouring the web for economic and city planning information (Iowa market mostly), but most of it seems like promotional material for getting businesses into my state.

Here is the sites of been using to pull basic city data, statistics etc.

http://www.deptofnumbers.com/rent/

http://www.city-data.com

http://www.bestplaces.net

Would love others to chime in as well.

Best,

Michael

Thanks Ed!  I currently bank with Wells Fargo, and I think I am missing out on the local bank or credit union advantages that you get from that.  I guess there isn't anything stopping me from opening up a checking at a credit union.

Anyone have any good input on financing Single Family rental properties in Iowa?

The properties I have are in Cedar Rapids to be specific.

Love to hear everyone's story on this topic.

Welcome to BP Marissa!

Hey Blake!  Glad to see your making the jump into real estate.  I am originally from Los Angeles, CA area and saw some opportunities in the midwest to invest in some properties because of some local connections.  It was an easier start for me as a solo investor because I was able to secure some property for a fraction of the price in major markets.  Sub markets are worth thinking about.  Just some food for thought.

I agree with @Meghan McCallum.  There is a ton of opportunity in the mid-west Western Illinois and Eastern Iowa.  I have been seeing a ton of Job growth out here in Cedar Rapids, Iowa City Area and have been coming across more and more people from major cities like LA, NYC, and MIA because of the better quality of life, and more jobs moving remote.