Realtor · Sacramento, CA · Member since 2019 · 10 posts · 1 vote
I am an investor here from California, focusing on the Storm Lake market. I am looking to connect with other investors in Iowa who are interested in networking! Everything will be over the phone or through text message. I would love to get to know my fellow investors.
@Craig McLaughlin Thanks for the reply! I actually use to live in Storm Lake for about 3 years and then I moved back to Sacramento, CA. I realized that while I was living there, a lot of the homes needed renovations. There is also a Tyson meat factory there that brings in many people from different ethnicities all over. I mean my parents found it from California and I didn’t even know the area existed. The town is very diverse because of it. It is home to Buena Vista University, which is a private university. I plan on taking over because it’s a seller’s market which may mean there are motivated sellers around there. About 53% of the small population in Storm Lake are home owners. The town only populates about 10,000+ and it’s a small little town. It’s only fair that the homes there look modern too if they have a resort right by the lake. Tell me why it ISNT a good market. :)
I like your thinking about investing in that area based on the criteria you listed. Plus it helps to have some familiarity with the market. I'm guessing you're looking at a fix and flip strategy in that market? I'm a realtor/investor in the Des Moines area but I've been up to the Storm Lake area several times because my preferred lender is from there. Like any fix and flip project I would just make sure your purchase price and final comps on any property look right to you. Plus, until you complete a few deals I'd run your numbers really conservatively and allow a large margin for overruns since you'll be managing from a distance. HMU if I can help in any way.