All Forum Posts by: Mitch Seiberling

Thanks for the lead @Austin Faux! Appreciate the response.

Good evening! I'm looking for a REI club near Des Moines.

A little about my experience. 

By profession, I'm a Terminal Manager for a large National LTL carrier but I've always been passionate about real estate and development. 

Over the past several years I've done 2 single family flips, 2 new construction builds and 2 buy and holds. After dabbling around i've decided to pursue multifamily mostly for the ability to generate greater passive income. This is the primary reason for seeking a club. I only know 2 other investors personally and neither is involved in multifamily beyond 2 units. 

If anyone knows of a club or someone who knows multifamily and would like a free cup of coffee let me know! Thanks in advance!

I'd really appreciate some input on this apartment building. Thanks in advance.

4 unit apartment built in 1977. Electric baseboard heat w/ window A/C. Solid brick construction with newer roof and no immediate repairs needed. Coin operated washer and dryer on site. Also.... kinda funky..... a three stall storage garage... storage only and not quite big enough for a car.

Price $175,000 I would put 20% down and finance the rest at 4.5% 30 year AM

Property tax $6,000

All utilities paid by tenants (metered separately)

Landlord pays water/ trash- $4500 annually. Shown on last 3 years schedule E.

Monthly rent- 550 x 4 = $2200

Not sure how much the coin operated washer/ dryer bring in.

The storage units are all rented by one tenant paying $100 monthly for all.

This is a small town sandwiched about 17 miles away from two great cities. Very limited competition but the population in only about 2500.

If the list price isn't a good deal what price would be???? thanks in advance!