Hello, I am a new investor and I am looking to long distance BRRRR. I have been looking at different area and I believe that Cedar Rapids, IA seems to be a good market. I have seen a few good deals on the MLS, but I do need some insight in the area. I do have a little of capital saved up to start, but I will need some lender in the area.
Is there any investor that have property in the area that can shine some light? How have your investment in Cedar Rapids been? Is there any local lender that will loan hard money? Any agent and property manager in the area that I can work with?
There are lots of lenders in the area looking to hand out money. I would start by looking into Greenstate Credit Union or Collins Credit Union. Finding people to do the work will be the trouble. Construction workers are bogged down from “derecho” storm in August that damaged most housing in the area.
Otherwise, it’s a good market to invest in. I am a life long resident and own four single family homes that I rent out (2 through property management). Let me know if you have any questions or want to bounce property ideas off me.
We are investors, Realtors, and property managers in the Cedar Rapids/Iowa City area. Just like most areas housing prices are rising. It’s hard to win deals on single family homes but there seems to be a few 4-plex opportunities popping up that on paper look like good deals. What I’m finding is very, very poor condition properties and higher than advertised vacancy rates (25%+). Cedar Rapids has some strong rental opportunities but currently a large amount of renters right now are trying to take advantage of interest rates and buy their own homes. I foresee a large number will take a break and rent another year given the low inventory and high prices. Iowa City has done very well for us. Vacancy rates under 5%.
Happy to help if you’re still looking for someone. I don’t know any hard money lenders but a great local bank for investors is Zach Kenyon at CBI bank in Coralville, IA.