All Forum Posts by: Account Closed

Austin, Thanks!

Tyler, no, I didn't get the PM. However... it maybe be operator error as I'm still fumbling my way around the site. Didn't see anything in my inbox though!

Good afternoon! I'm new here, as well as new to the investment business. I became an accidental landlord when I moved to Chicago from Virginia and couldn't sell my townhouse (still have it!). I recently reloacted to Cedar Rapids, IA and just bought my first 4-plex. Looking for all the advice I can get and maybe I can help answer a few questions here and there, too!

Glad to be here, can't wait to participate in the forums!

Well, this 4-plex is in Iowa. As far as shareholders go, there are already tenants in place. Can I 'make' them become shareholders? i do have an appointment with a real estate attorney on Friday... just thought i'd get some opinions from the industry :).

Thank you!

I know this post is old, but hoping a few of you can help me out since I noticed that at least 3 of you are from CR!

I live in Fairfax, just bought a 4-plex in Cedar Rapids (by the way, the landlord laws here are something else). Looking at doing a co-op, just wondering if it's a good idea. Also looking to connect with some local investors.

Thanks!!

Hi! This is my first post, so here goes. I just bought my first 4-plex. It's in Cedar Rapids, IA. The purchase price was 113,000 and I put exactly 20% down. Each unit rents for 495/month... quick math would make one think that that's a decent cash flow each month. However, the taxes are almost outlandish at 5700/year. That's almost an additional 500/month towards my escrow.

I have heard that converting my 4-plex into a "housing/residential co-op" could reduce my taxes by about 60%. So a few questions: 1. what does that mean for ME as owner. I do not plan to live there. 2. I realize up front cost would be about 1200 or so, so would it be worth it? Any experience with Co-ops? 3. would it really reduce my taxes by that much or is that a bit of an embellishment?

Also, I currently have a sole proprietorship for construction. Would it behoove me to convert this to an LLC? I have one other rental (a townhouse) in Virginia and I have a single family home that I reside in.

I'm looking for all the advice I can get! This is my first investment property... I became an "accidental landlord" with the VA townhouse. I do use a property manager for that one, but initially, i do not intend on doing that here in Iowa.

Thank you all in advance and can't wait to dig into these forums! Have a great day!