All Forum Posts by: Matt Fisher

Des Moines Water Works is a quasi-government agency.  I can't say for sure that they are bound to  FOIA as I'm no expert, just a former Gov't employee...  If they are, and they don't want you to have it, consider that they might want not act with the speed you need or provide it in an easily accessible way.  And the request process may be cumbersome. Also, there are certain privacy rules that may prevent them from sharing that.  Could you FOIA request everyone in Des Moines SSN number?  

Why don't you go in and talk to them, I find they are very helpful in my projects.  I wouldn't start with demanding a FOIA request lol.

Shannon,

I appreciate your enthusiasm and truly wish you the best.  I'd be glad to talk to you about my criteria sometime.

Regarding 'investor friendly' realtors: That may be tougher nut to crack, but probably the best thing you can do is start marketing to all of them.  Send them a letter telling them what you offer and how you can help them.  Mail 'em, call 'em, ask to meet with them.  Expanding your network will help, but I'm not sure if they will be great sources for leads or 'buyers' for deals...  Maybe I'm way off base, though. 

Just call the title companies and ask.  You can judge based on their response if you want to use them.  I always close with my attorney.  Probably costs too much, but I've had great service that way.  We have done assignments, but they, and I, like double closes better.  It's cleaner.

Regarding DM as a town tough for wholesalers, my point is that there is a tremendous demand for deals-rehab properties on the MLS are selling substantially over asking sometimes. That doesn't mean that opportunities to get properties under contract aren't out there, and the ones you get that are actually deals will be valuable. It's just that there is tremendous pressure for deals and marketing to those people. That shouldn't discourage you, I guess it's just a word to the wise that each market has its own unique challenges and opportunities.

Regards,
Matt

So is water coming through the walls, the floor or overtopping the sump pit? If it's coming from the walls, the perimeter drain that @Allen Lundgren mentioned may be a good solution (PS I dm'ed you about this Allen).

The sump pump may need a check valve installed to prevent pumped water from sucking back down into the pit.  Re-direction shouldn't be a challenge unless grade is a problem.  

Unfortunately, you can't just re-slope a floor.  Maybe the sump needs to be moved, but I suspect that the installer had to put it there for a reason.

I agree with Allen about preventing water from getting there to begin with, but often that just isn't feasible, especially in older houses, which by-and-large weren't designed well.  I live in one of these lol.

Just call a local real estate attorney in DSM.  You will need one eventually anyway, why not make their acquaintance in advance?  For a couple hundred bucks, most will provide a basic lease, etc. that is tailored to Iowa landlord law.

@Jacob Hicks I think you are on the right track.  I like to hold better quality property/better neighborhoods for the ability to attract quality renters and maintain the value of my property.  I don't care much about cash flow (most of mine are typical) but about that mortgage payment.  

Working as a realtor will serve you well, and may be a good side gig to add income and knowledge if you have another career track.

1. All of the title companies are familiar with all that stuff.  

2. Lots of realtors here are investor friendly.  They want to know you have the ability to close, a new wholesaler is probably not at the top of their list for handing off good pocket deals. 

3. Call an attorney and have them draft a really sound one, with modifications for your basic contingencies/scenarios.  How can you know if what some Joe on BP provides even covers Iowa law or worse yet puts you in position of liability.  

4. I can't help you there, I've yet to meet one. The trouble is that this market is saturated with investors and the demand is very high.  I'm not saying you won't find deals, but you'd be crazy to let them go.  DM is a tough row to hoe.  Good luck!

I don't want to sound like a jerk, but I've yet to see great wholesale deals coming from new wholesalers-they seldom know the numbers, the repairs needed or how it all works-makes it difficult to buy from them and they're soon forgotten.  I'm just offering some perspective.  If you can overcome or demonstrate that you really have solid deals, people will listen.  But in this market, the deal flow is so low, you may be better off keeping deals for yourself.

Matt

They have that information.

But ask yourself this: why would a big, quasi-public entity give that information out to the public?  The potential for abuse is tremendous and they would be potentially liable if someone took advantage of information they provided.  It would also reflect badly on them.  Where is the benefit to them?  

Wholesaling is a tough gig and one that is driven by credibility.  The sooner you can make others confident of your brand, the faster they will be inclined to work with you. 

As an investor who has watched a lot of wholesalers come and go, and has never bought anything from them, I can say this-you have to know your numbers, you have to present them accurately and you have to understand the rehab costs.  IME most wholesalers don't do any of this well.  I have had numerous 'deals' brought to me that had overlooked (obvious) problems that blew the budget, pricetags that were too high to begin with.  This isn't going to earn you any credibility from investors.  If you offer high prices and can't find a buyer, the homeowners are going to hate you too.  

It's particularly tough starting out when you have not credibility in that role.  You just need to exude confidence and really know your stuff.  If you don't you won't be successful-that's what the gurus don't tell you.  And if you know the numbers and the market, you'd be better off investing instead of wholesaling.  I've never understood why anyone would want to give up all that values for a quick couple thousand bucks...

Regards,
Matt

I know we've all given our $0.02 worth on the markets, but we don't really know what you'd like to buy in particular, @Jacob Hicks.  Do you want college rentals?  Do you prefer something in an estabilshed residential area?  Maybe money is a factor...LOL, isn't it always!?

Thanks Allen, they did some work for a friend on a rehab friend's house and they seemed good. Thanks for the suggestion.