All Forum Posts by: Tyler Rasmussen

My understanding is that once you pass a year on the lease, regardless of how it's written, it isn't as enforceable in the eyes of the court here in Iowa. 

If rent is due on the 1st, you can start charging late fees on the second. 

I own and manage a property management company in the Cedar Valley area and would be happy to get you started on your journey!

If you're going to be making improvements to the property after you purchase it to increase the property value, I've used Bank Iowa out of Independence several times for loans like that. They've loaned me up to 80% of the finished appraised value. I know they also have a branch in Cedar Rapids. I'd be happy to connect you with the commercial banker I've used. 

@Kyle Stueven I would recommend QuickBooks as well. That's what we use for our portfolio.

Are you using a mortgage broker or going directly to the bank?

We are going to have Lisa from the Greater Cedar Valley Alliance talk with us to give us a good idea of the market conditions and needs in the Cedar Valley.

You'd want to talk to your insurer about the scenarios where you would, and wouldn't be covered by the umbrella. And the bank we're getting the loan from is a smaller local bank, so they're a little more flexible. 

Run your numbers and make sure it's a good deal! Then take a deeper dive into any issues the property has. 

We use Buildium, residents can pay online. We also have an office where they can drop money off at. Before we had our office, we worked with a local bank that had branches where our residents were and they allowed us to have our residents drop their rent off at the bank and put it into our Trust Account. That worked very well, until we got too big.