All Forum Posts by: Matt Fisher

As a former college student who may have broken a few floor joists, I can confidently say they did it.  30 kids at 200lbs each is like having a couple medium sized elephants in your house.  (like they weren't jumping around) ...and was it like that when they moved in??? I think you would have noticed.  I think that's an easy case to make, but I ALWAYS document the house condition prior to move in.  Just a quick phone video can make a world of difference in these situations.  

I will say that this isn't just a joist, they broke but a supporting main beam.  It does not look to be constructed properly-just a bunch of dimensional lumber sistered together isn't necessarily suitable for that load-bearing situation. It's hard to tell from the photos, but, the notched joists sitting on a 2x are NOT ok and the way the jack stand is supporting a 2x under the joists isn't adequate either.  Whoever inspected this for you did a terrible job.

I used to live in Iowa City and in North Liberty.  Iowa City is a great college market (obviously) and CR has above average rental opportunities as well. If I was back there, I'd be looking hard at CR...   I prefer good houses with good tenants so that my investments will last.  The college house thing takes a certain amount of intestinal fortitude!  What do you want to do?  I suggest just pick ONE type of investment and get a good understanding of how to do that. There will be time to do other kinds later. Just be an expert at one thing at a time.

I was in your situation for a long time and I never pulled the trigger until I moved to Des Moines-I can only recommend that you work hard to make connections (is there a REIA or Meetup there anymore-I used to go to the QC for them) and learn your market. Figure out which neighborhoods you like, and begin watching to see what is moving there and pricing. If you know the ARV, and have an idea of what construction cost is (this is a tough one!) you will know a good deal when you see it. Your connections can help you with the construction aspects. Get a realtor and get them to set up a MLS drip with homes that meet your target criteria and you will be on your way (my brother and sister are in IC and both use Mike McEleny FWIW, he's a great guy)!

It's apparent she needs help and I agree with Dennis, she likely has schizophrenia.  She's not your responsibility to help, but there are things you can do, and you can find someone that can a lot more for her.  ...and after all, you didn't do your due dilligence during the purchase.  I'd Call DHS and explain your situation.  Find out the right way to move her into a more appropriate housing situation. If you have evidence that you or your tenants are risk, that makes a committal, or an eviction easier.

I wouldn't worry about $50 rent if you think she might harm you.  Just get her where she can get better.

I've recently completed building 3 houses in Des Moines, IA but I'm getting very little interest in them.  They are priced competatively, and a floorplan that has worked great in other nearby markets.  My other rentals get TONS of interest every time they are listed, I'm struggling with why these aren't. Granted, the holiday season is probably the worst time to list a rental...

I'm using all of my traditional outlets: Zillow, Signs and reluctantly Craigslist (I quit using this on account of the tire-kickers and scammers and dirtbags LOL). I even put flyers on some local high traffic bulletin boards... 

Does anyone have any suggestions that might help generate a bit more traffic? What should I be doing that I'm not?

I am likely going to have an opportunity to purchase a home and 10 acres from a relative north of LaCrosse / Onalaska Wisconsin.  It is located in a rural 'subdivision' in the town of Holland.

I know the home well and understand what is needed from a rehab perspective.  However, this is 4 hrs from home so I need a trustworthy team on the ground and I'm actively soliciting advice regarding contractors and realtors.

I have a cube van loaded with tools and the ability to do almost any type of rehab work, but I will contract some of that too for expediency's sake... I know almost nothing about the local codes and I would love to speak with any local investors that know the in's and out's of this.  Likewise, I would like to subdivide the property into a couple more lots-again, any advice would be beneficial. 

Thanks and Regards,
Matt

I regularly install egress windows for about $1000 in materials, I could probably find less expensive materials... Not very complicated and you can gain a lot of value in your home by doing it.  You will need to make sure there are smoke detectors and a couple other minor inspections items.

Of course, you need good walls, and a dry area so it isn't a wet mess...

If you want details, give me a shout.

Easy with the "Middle of Nowhere" comments, lest people begin to give their opinions of New Jersey.

@Mariya Ilitsky there is a huge boom of multi-family housing occurring in the Des Moines metro. It would worry me from a multi-family perspective. Frankly, it worries me about SFR too... They are building thousands of apartments close to downtown.

There seems to be a very high percentage of investors here, including new investors (that includes me!) which also makes it a bit difficult to get good deals. 

The SFR you mention sounds like the way to go for this reason: It's modern construction and it's attractive to a larger pool of buyers. It's always important to consider your exit strategy and it would be easy to liquidate this property later, should you need to. The pool of buyers of (old) multi-families is lower, esp. there.

Further, I suspect if you get 'instant equity' as you say, that you could leverage that to buy the multis.  Start getting to know who owns those properties and when the time comes they're ready to get out, you will be ready!  Small multifamily homes in small towns have problematic tenants and don't cash flow super well-eventually the combination of these two things wear down landlords.  Good or bad, depending on your perspective.

@Thomas S. adds a good point-modifying it to make it a duplex would be a great idea. The benefit of working in rural Iowa is that there are no rules and rental code! I would seriously consider this, if possible. I would kick back that if this is where you are comfortable and you can keep an eye on it a SFR is a great idea. What does he know about your situation?

Nate is right-the time is now and it's a new property.  If push comes to shove and a year from now you hate being a landlord you can sell it fast.