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Luke Johnson
  • Real Estate Agent
  • Muscatine, IA
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2% rule across the board?

Luke Johnson
  • Real Estate Agent
  • Muscatine, IA
Posted Jul 29 2014, 14:21

Hey everyone,

My name is Luke Johnson, and I've been in the bar business for about ten years, and help to manage three of them presently.  My employer, the owner of the bars, started off as a builder, and his family has been in the housing industry for 40 years.  He wants to start a real estate company focusing on buy and hold properties.  We are going to stay in the local market for now (Quad Cities, Iowa), although I would be willing to try anywhere.  My question is about the 2% rule.  There are very few houses in the entire area that rent for over $1500 monthly, yet the homes that bring that rent are upwards of $100,000 consistently.  Are these people finding great deals, or do smaller markets and economies allow for rule variation?

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