All Forum Posts by: Account Closed

Bienes right..Its a start and she's never worked full time. Or should I say, she's never been employed full time. Even though my dads gone, she's still busy with his and our families needs. Home cooking.. Taxi service for my daughter etc etc.. My dad had a cattle operation going before he passed and there's allot of loose ends still. Im busy with a bathroom remodel and other repairs. But things should slow down here. And then she can shift gears.

Honestly.. I don't trust anyone.. Iv been screwed over by friends.. Let alone a property manager. I have to be hands on.

Yea. I think that might be the best goal if I do. In fact Im working on a pre-nod at the moment but the owner is in denial I think.

I mentioned my son works for a GC named Tim. I like Tim since he gave my son a job he can actually learn and grow from. The CG's brother purchased a Single Family home in muscatine iowa which is a hour away for 13K, fixed it up, and doubled his money. Tim wants to do the same and wants me to be the bank. If I finance the project, what's that worth? I thought 50% 50%. I finance the project. Tim and my son will do all the work and then we split the profit when he's done. Am I way out of bounds with the 50/50?

We never had a bubble here, but prices flattened out while assessed values continued to climb since the state's just about broke.

That 1.5% combined with paying in cash, maybe. Lets see..

My home, assessed at 209k, is a prime candidate for rental since its close to the university hospital. The house across the street
http://beacon.schneidercorp.com/Application.aspx?AppID=86&LayerID=841&PageTypeID=1&PageID=1483&KeyValue=1017411013
rents for $1900 and its assessed at $250K. At 1.5%.. My home would be worth 127K? :lol: After I paid 150k 11 years ago? I think not.

Sorry to sound so negative but this renting property deal sounds like your just breaking even around here if you have a good renter.

Thanks people.. The 2% rule is easy to figure. This house according to the rule..

http://www.buxhouses.com/946iowa.htm

Would have to priced at 210k to be profitable even though the assessed price is 100K higher at 310k and the asking price more than double at 450K. :lol:

My gut feeling before I knew about the rules at that time was.." why is this guy asking so much" so I asked him.. His response was..
"I think that you will find that income properties typically are evaluated by using an income approach. That is basically how the price was established. Regards, Jim"

So I asked a good longtime family friend who owns rentals if she could recommend a realtor. She also said "rentals aren't what they used to be." The realtor sent me this list of available rental properties.

http://icaarmls.fnismls.com/publink/default.aspx?GUID=6a4efef0-5850-4e01-bb36-3f9f72dd09d3&Report=Yes

Yet if you use the 2% rule on those.. All of them in Jon's words are.." not a good deal" And I know better than to waste my time and offer 1/2 of the asking price.. I guess they could only say no though..

So I guess I answered my own question..
NO..Buying rentals in Iowa City is NOT a good investment these days! And I will trust my financial adviser with his mutual fund and bond picks. I'm only guessing.. But it looks like property values are still inflated, here in Iowa City at least..And need to burst sooner or later.

So my dear old Dad just passed away and left me some money. rip.. My wife was taking care of him and now needs a job. I'm considering buying a rental property to generate income and keep my wife employed managing the property since she doesn't have allot of formal education. My son works for a G.C. who is very reasonable and takes care of other properties. Either that or send her to school with the money. We are in our mid 40's

Iowa City is a college town and I found these for sale by owner close to campus.
http://www.buxhouses.com/
They are all priced well over assessed value but have been recently updated. I could afford a 300K down payment.. But Iv got cold feet..Can anyone recommend a book which would give us a better understanding of being a landlord?
Would buying rentals in Iowa City a good investment these days for someone who has never done it?

Thanks before hand.

Thanks Guys.. Home is in a nice part of town close to the university of Iowa Hospital so no FRP. It would be a doctor or higher income type who rents it. But that doesn't mean they would wipe it down after each use. I was thinking about this.

https://picasaweb.google.com/edwardrroonney/BathroomRemodel#5366608802063611682

As the kids move out we have decided to rent our home since its in a great location. We need to update our bathrooms and we are wondering if porcelain tile would be a better choice of material than a fiberglass bath and shower enclosure.

Any suggestions for a bullet proof bath design?