All Forum Posts by: Tyler Rasmussen

When I talked to my banker and attorney, what they recommended is to buy it in my personal name to reap the benefits of a better loan structure, then do a quitclaim deed into an LLC name. I've verified with the bank that they won't call the loan due when I shift the deed, and the quitclaim deed is pretty cheap in the state of Iowa. That way you reap the benefits of the loan terms, plus you eventually get the coverage of an LLC!

In Iowa, it's $20/day up to a max of $100 if the rent is more than $700. If rent is less than that, you can only do $15/day up to a max of $60. 

@Quinn Falk my company manages over 300 units in the Waterloo Cedar Falls area. It changes county to county how landlord-friendly it is, but overall Iowa is quite landlord friendly. it does come down to how strong your lease is and how good your property management company is as well.

Investment Info:

Single-family residence buy & hold investment in Independence.

Purchase price: $23,000
Cash invested: $60,000

This will be a home that we're going to fix up and keep in our rental portfolio. We actually had a resident signed up to lease this home before we even closed on it! The bank gave us an 80% LTV of the finished value right up front. We'll be able to do the purchase and the renovation at that 80% LTV, so we won't have any cash into the deal.

Photos: https://photos.app.goo.gl/8f4CQs3Ymt7BG7RS7

What made you interested in investing in this type of deal?

Fit our requirements for purchase price and renovation. Total investment needed to stay at 80% of finished repair value so we minimize what cash we had to put into the deal.

How did you find this deal and how did you negotiate it?

MLS, made an aggressive offer

How did you finance this deal?

Construction/Remodeling loan through a local bank.

How did you add value to the deal?

Complete renovation

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I'm a Licensed Real Estate Broker in the State of Iowa, so I handled the transaction.

We will probably look at a date in mid to late August for our next meeting! If you have any questions I'd be happy to answer them in the meantime!

Looking forward to seeing everyone tonight!

Come to our investor Meetup on July 8th at the Blue Iguana. We are starting at 6 and we will have an attorney there to speak about real estate! Also feel free to PM me if you have any questions on getting started! It's a great time in the Cedar Valley

Wow, that's painful! Where is this development at in Cedar Falls?

@Dennis Haefner July 8th at 6:00pm. 

Join us for a Real Estate Investor Meetup at Blue Iguana. We will have Brian Eddy, an attorney, give a brief presentation and round table discussion.

No fee to attend. You'll be responsible for your own meal/ drinks.

We're looking forward to a fun evening with like minded people! Feel free to bring guests.