Realtor · Des Moines · Member since 2018 · 304 posts · 253 votes
6y
Hi Trevor, just as the previous people have said Des Moines has some fantastic opportunity. Basements are definitely something that you'll want to find the right contractor to evaluate. I've had a LOT of the basement companies look at a few of my properties and they are VERY good on tell you it basically needs 10K+ no matter what the basement looks like. In reality, yes to make it brand new this may be needed but to make it a rental, it is not. IMO.
You mentioned you've seen some good properties in the area. What exactly are you looking for? Area, property type etc?
Are you posting here to find a GC (to be honest GC's don't spend much time on BP from my experience in the DSM market).
Are you looking for turnkey? If so @Chad Daniel would be a great contact.
Are you looking to burrr? if so @Mitch Coluzzi has a slew of wholesale properties if you can get on his email list.
If you just want someone to give you their opinion on a property/do a walk through or drive by pictures to see if the photos on google are right, let me know, I'd be glad to do a drive by or walk through.
Realtor · Des Moines · Member since 2018 · 304 posts · 253 votes
6y
Hi Trevor, just as the previous people have said Des Moines has some fantastic opportunity. Basements are definitely something that you'll want to find the right contractor to evaluate. I've had a LOT of the basement companies look at a few of my properties and they are VERY good on tell you it basically needs 10K+ no matter what the basement looks like. In reality, yes to make it brand new this may be needed but to make it a rental, it is not. IMO.
You mentioned you've seen some good properties in the area. What exactly are you looking for? Area, property type etc?
Are you posting here to find a GC (to be honest GC's don't spend much time on BP from my experience in the DSM market).
Are you looking for turnkey? If so @Chad Daniel would be a great contact.
Are you looking to burrr? if so @Mitch Coluzzi has a slew of wholesale properties if you can get on his email list.
If you just want someone to give you their opinion on a property/do a walk through or drive by pictures to see if the photos on google are right, let me know, I'd be glad to do a drive by or walk through.
Rental Property Investor · Des Moines, IA · Member since 2018 · 40 posts · 16 votes
6y
@Trevor Aydelott- glad to hear you're investigating Des Moines. A nice resource with some qualitative and quantitative information about Des Moines is DSM Partnership, check it out. In general, it's a stable appreciation market (minimal value loss in last recession vs. many other metros) and also is very affordable which leads to nice rent vs. purchase prices.
Realtor · Des Moines · Member since 2018 · 304 posts · 253 votes
6y
Anthony, they are something that needs to figure into the equation when buying regardless of the city/state.
The city you are buying within Iowa makes a big difference also. I haven't looked it up but would venture to guess Des Moines is the highest.
Just did a quick search on the polk county tax asessoe site on a 4plex in the middle if town and taxes are $4000/yr and property is assessed at $135,000.
My primary (sfh) also Des Moines, is assessed at $163,000 and I pay $3700/yr.