All Forum Posts by: Taylor Marvin

Hi Phil - welcome to BP! Agreed with Andrew - start talking with a lender to secure a financing commitment. I would also recommend drafting a brief business plan for the lender - even if it's a simple one page overview regarding your background, investment criteria (e.g. house price, expenses, income), expected cash-flow, etc. It's certainly not required, but if you're going the commercial or in-house route for financing, then it could be helpful.  Give me a shout if you have any questions or would like a lender recommendation. 

Hi @Rick L. and @Rebecca B. - yes, we have a BP meet-up every third Thursday of the month. Typically, they are located near downtown - usually at the Caribou Coffee on Ingersoll at 5:30. It's been a good turn-out the last few times with around 20 people attending. 

Hey Anthony, welcome! Tons of great resources here to help grow your RE business - podcasts, forums, blog posts, etc. We also have a local BP meet-up every month, I can PM you the details if you're interested. Give me a shout if you have any questions about the RE licensure process, brokerages, investing, etc. 

I agree w/ Michael & Ben. Between the taxes and the HOA fees, you don't have much margin as a Buy-and-Hold. IMO, you could justify the purchase if it was a short-term play and you're looking to resell within 1-2 years for that $160k-$182k (assuming re-sale market is strong).

Regarding loan structure - if you go the 15 year route you might end up in negative cash flow territory. I would try to keep the monthly P&I as low as possible - so go w/ the 30 year amortization (fixed rate or a 7/1 ARM if you'd like a lower rate).

Oh, and needless to say, make sure to have a professional inspection done to ensure there are no larger costs lurking. 

Hey Rick - congrats on your decision to move to Des Moines! It's a strong RE market here - in just about every category. Neighborhood recommendations will probably depend on budget, goals, etc, but there's certainly something for everyone.

I don't have too much info regarding wholesale opportunities, so I'll let someone else chime in on that. 

Hey Nicholas, I've worked for a few years with Brian Reiff at Vroman Group in West Des Moines, and he's been quite valuable. 

Regarding mileage apps - I've tried Expensify and Vezma, but have settled on TripLog for the past year. It's not perfect, but it 'checks the boxes' that I need. 

Hey William, we actually just had one last Thursday. We've been meeting the third Thursday of each month, somewhere off Ingersoll. We had around 15-20 people show up last time. There's a Google group as well, and @Jedd Braunwarthshould be able to add you to it.  Welcome and hope to see you next month, if not sooner!

I completely agree w/ Will's point, and the other poster's regarding the opportunity cost argument. However, one point to mention, specifically reg James post is the effects of leverage. Your ROI is magnified when using debt - regardless if it is autos, houses, or stocks.

Given no alternative investment options, tax implications, etc, you should always choose to lever appreciating assets and pay cash for depreciating assets.

Haven't tried Buildium, but I use Quickbooks for the works - rent tracking, statements, accounting, etc.  

@Patrick Allen Great idea. I'm in the DSM area w/ a few rentals and would certainly be interested in attending that get-together as well!