All Forum Posts by: Account Closed

@Scott Justason  welcome! I'm too new to take anyone under my wing, but I'll certainly help you out with beginner's questions :). Just shoot them my way!

I will say not to get discouraged. I wouldn't recommend paying for any kind of program that promises to make you an expert in a matter of days, but there are tons of great books out there. Also, I'd be willing to bet that any question you have can be answered on this forum :).

Good luck!

@Austin Davis, @Thomas Fosnaugh , @Andrew Carter , @Andrew D. , @Justin S.

All you local investors, what are your goals for 2015?

@Jon Lafferty  my best friend has a Cane Corso and a Great Dane. Both are very sweet, gentle giants and neither are destructive. That being said, just like humans dogs each have their own personalities and they're all different so no guarantees. 

If it were me, I would (at the very least) require a non-refundable pet deposit and up the rent by about $30/month.

You may be safe though... if they're generally good people who take care of their home like you say, they will not tolerate an animal that will destroy their living space. They'll keep it in a kennel while they're gone and teach it proper obedience. It may make you feel better to see if they'll let you stop by and meet the pup after they've picked it up. 

Sorry my answer is convoluted. I'm not sure there's a straight answer for these scenarios! Good luck :)

Hey, @Tyler Smiarowski ! 

Good goal on the 8 flips! You'll be quite busy! I'd be interested to hear quarterly reports of how your progressing :).

My goal for 2015 is to obtain 6 more long term rental properties, each with a cash-flow of approximately 550/month after ALL expenses. 

We, too, are closing on 2 properties in November: a 4plex to hold and a SFH to flip.

Once we have 6 more properties in 2015, we'll be retiring to Central America haha.

Lofty, i know.

@Taylor Reichert  I know this post is a couple of months old, but it interested me so I couldn't help but to chime in :). I'll answer in the same manner as @Elizabeth Colegrove 

How many properties do you manage?

We currently self-manage 2 (both 4plexes).

How much time do you spend managing them?

Same as Elizabeth, about 2 hours a month, unless placing a tenant. If placing a tenant, it increases exponentially: a month when I have to place a tenant probably took 6 or so hours total between background checks, showings, phone calls, and ad placements.

At what point would you think about leaving your job or hiring a Property Manager?

Our plan is once we have a total of 8 properties cash flowing 550-600/month, we will hire a property manager and quit our jobs. 

We currently estimate we'll be able to "retire" from our full time jobs and focus solely on investments in approximately a year. 

What did you conclude after posting this question?

@Adam Moehn  Oh great, we'll see you there then!

I did find the website for the Landlords of Linn County and it looks like I won't be able to make the next meeting since it's during the day... but i'll keep my eye out for the next evening one!

@Andrew D.I haven't heard of the landlords of linn county meetings... I'm definitely interested in that! I'll do a search right now and see what i can find. 

Thanks!!

Hey local investors! I found a group on meetup.com called "Iowa City Area Real Estate Investor Meetup.

Are any of you in the Iowa City / Cedar Rapids area members of this group? If so, are you going to the next meeting? Since it'll be in Cedar Rapids on Nov. 19th, I think we plan on attending :).

Hope to see some of you there!

@Andrew D.  Thanks for all the advice!! This one doesn't have orangeburg, thank goodness. All good information!!

@Andrew D.  thanks! And good thinking on the winter deals. I'll be busy this winter, especially if it's another long one. Last winter was AWFUL. 

Thanks for the advice in your last paragraph. This is actually our first foreclosure, so any and all tips are appreciated. I'll pass this information on to my husband, for sure! I'm not entirely sure how long this one has been vacant... good advice. I will most likely have more questions as we go along.