New to BP - Cedar Rapids - Iowa City Area -

Cedar Rapids, Iowa
New Member Introductions
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New to BP - Cedar Rapids - Iowa City Area -

Matthew Gunderson
Member since 2023 · 13 posts · 8 votes

Hello BP Community,

My name is Matt Gunderson and I live in the Cedar Rapids/Iowa City area in Eastern Iowa.  My wife and I have lived here for about 18 years.  We have yet to buy our first rental property, but we're focused hard on getting that first one this year.

Professionally, I work for an large aerospace/defense company in supply chain, and consider myself lucky that I love what I do.  I'm also a commercial pilot & flight instructor, and run a Cirrus aircraft flying club based at the Cedar Rapids airport.  And then I also do a fair amount of crowdsourced real estate investing, as well as stocks and commodities.  Needless to say I like to be busy!

Interestingly, crowdsourced real estate investing is what has really pushed me into wanting to own/manage my own rental property.  While the returns have been pretty good, there are limited tax benefits, leveraging against the assets is very difficult, and I have no control over the investment/operational decisions.   Plus I've always had an entrepreneurial spirit, so getting into rental property just seems like the next logical step.  

I've been reading a ton of real estate books, listening to a ton of BP podcasts, and I've started building my real estate network locally.  I've been lurking on the forums but thought I'd put myself out there and introduce myself in case there are others that would like to connect.

Looking forward to meeting more of you!

Matt

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  • Steven Foster Wilson
    Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
    3y

    Hey Matt, welcome to BiggerPockets! FHA would be a great starting point, talk with local lenders about their first time home buyer programs, some have 0% down, no PMI, etc. You could do house hacking to have your tenants to pay for your mortgage. This can allow you to get started with appreciation and cashflow with very little down, you can even BRRRR it like I did if you add value!

    Here are some of my favorite books that you might find useful as well:
    "Million Dollar RE Agent" by Gary Keller,
    "Million dollar investor" by Gary Keller
    "The Abcs of Commercial Real Estate investing" by Ken McElroy

    These are amazing and helpful guides that will steer you to a successful real estate business. Best of luck!

    0Reply
  • Matthew Gunderson
    OP
    Member since 2023 · 13 posts · 8 votes
    3y
    Quote from @Steven Foster Wilson:

    Hey Matt, welcome to BiggerPockets! FHA would be a great starting point, talk with local lenders about their first time home buyer programs, some have 0% down, no PMI, etc. You could do house hacking to have your tenants to pay for your mortgage. This can allow you to get started with appreciation and cashflow with very little down, you can even BRRRR it like I did if you add value!

    Here are some of my favorite books that you might find useful as well:
    "Million Dollar RE Agent" by Gary Keller,
    "Million dollar investor" by Gary Keller
    "The Abcs of Commercial Real Estate investing" by Ken McElroy

    These are amazing and helpful guides that will steer you to a successful real estate business. Best of luck!


    Steven thanks for reaching out so quickly! Nice to meet you.   Hindsight is always 20/20, but I wish I had known about house hacking when I was in my 20s!  However I did get a bit lucky as my first home was a "steal", I bought a foreclosed fixer-upper back in 2007, and we recently sold it for double the price.  We have a primarily residence now, so I'm not sure that the FHA route will work, but I'll certainly explore it further.

    0Reply
  • AJ Leman
    Investor · Iowa City, IA · Member since 2017 · 137 posts · 85 votes
    3y

    Hey @Matthew Gunderson,

    Welcome to BP. Like you, I came to IC 20 years ago. Never thought I'd stay. We fell into REI by accident and it's been a great thing. I'm a teacher by day at an IC high school. Love to chat more and best of luck!

    AJ

    0Reply
  • Steven Foster Wilson
    Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
    3y
    Quote from @Matthew Gunderson:
    Quote from @Steven Foster Wilson:

    Hey Matt, welcome to BiggerPockets! FHA would be a great starting point, talk with local lenders about their first time home buyer programs, some have 0% down, no PMI, etc. You could do house hacking to have your tenants to pay for your mortgage. This can allow you to get started with appreciation and cashflow with very little down, you can even BRRRR it like I did if you add value!

    Here are some of my favorite books that you might find useful as well:
    "Million Dollar RE Agent" by Gary Keller,
    "Million dollar investor" by Gary Keller
    "The Abcs of Commercial Real Estate investing" by Ken McElroy

    These are amazing and helpful guides that will steer you to a successful real estate business. Best of luck!


    Steven thanks for reaching out so quickly! Nice to meet you.   Hindsight is always 20/20, but I wish I had known about house hacking when I was in my 20s!  However I did get a bit lucky as my first home was a "steal", I bought a foreclosed fixer-upper back in 2007, and we recently sold it for double the price.  We have a primarily residence now, so I'm not sure that the FHA route will work, but I'll certainly explore it further.


     Hey congratulations on that fixer upper deal! That is awesome! I started househacking when I was 23. It's a strategy that's worth trying out. Maybe this will help out: https://www.biggerpockets.com/...

    Feel free to reach out, happy to connect as always. 

    0Reply
  • Alli Breighner
    Lender · San Diego, CA · Member since 2022 · 587 posts · 298 votes
    3y

    Welcome to BP! I'd love to connect and discuss real estate with you.

    Feel free to shoot me a DM if you're interested.

    0Reply
  • Matthew Gunderson
    OP
    Member since 2023 · 13 posts · 8 votes
    3y
    Quote from @AJ Leman:

    Hey @Matthew Gunderson,

    Welcome to BP. Like you, I came to IC 20 years ago. Never thought I'd stay. We fell into REI by accident and it's been a great thing. I'm a teacher by day at an IC high school. Love to chat more and best of luck!

    AJ


     Hi AJ, nice to meet you! I will have to message you for sure. Surprised how hot the market still is in this area. Tried to make my first offer today and the house sold in less than 24 hours! No sign of cooling here! 

    1Reply
  • Nathan FaseltBusiness Member
    Rental Property Investor · Iowa City, IA · Member since 2019 · 94 posts · 35 votes
    3y

    Thanks for sharing your bio supper cool looks like you have a good base of real estate and some of the advantages through your past investments and study.  Im born and raised in the area & in the real estate world.  I would love to help you out if we can and trade knowledge as I have had a personal desire to getting into flying my self. I believe it would be a good opportunity to opening expanding my reach and network from local to regional.  I could be home the same night type of thing.     

    0Reply
  • Allison Mackin
    Real Estate Broker · Iowa City, IA · Member since 2021 · 46 posts · 18 votes
    3y

    Welcome to BP Matthew! So excited for you! Thanks for sharing your bio. 

    My husband and I are in the IC area. We have a local portfolio, as well as, a couple properties out of state under a syndication model that we serve as a member of the GP. 

    BP has some really great books! I also really like The Magic of Thinking Big by David Schwartz.

    Looking forward to meeting with you!

    Allison

    0Reply
  • Matthew Gunderson
    OP
    Member since 2023 · 13 posts · 8 votes
    3y
    Quote from @Nathan Faselt:

    Thanks for sharing your bio supper cool looks like you have a good base of real estate and some of the advantages through your past investments and study.  Im born and raised in the area & in the real estate world.  I would love to help you out if we can and trade knowledge as I have had a personal desire to getting into flying my self. I believe it would be a good opportunity to opening expanding my reach and network from local to regional.  I could be home the same night type of thing.     

     Sounds like we need to connect!  Private aviation is such a game changer, especially in the Cedar Rapids/Iowa City area, because as you know, there are no direct flights anywhere when flying commercially.  Plus all those 4 1/2 hour drives to the Twin Cities, Chicago, Kansas City, and St. Louis shrink down to just a ~1 hour flight.  Did someone say quick run to Kansas City for BBQ?  Or expand your rental portfolio to other cities?   

    Would love to catch up with you soon.  Cheers! 
    2Reply
  • Matthew Gunderson
    OP
    Member since 2023 · 13 posts · 8 votes
    3y
    Quote from @Allison Mackin:

    Welcome to BP Matthew! So excited for you! Thanks for sharing your bio. 

    My husband and I are in the IC area. We have a local portfolio, as well as, a couple properties out of state under a syndication model that we serve as a member of the GP. 

    BP has some really great books! I also really like The Magic of Thinking Big by David Schwartz.

    Looking forward to meeting with you!

    Allison

    Hi Allison, wow I had no idea so many folks from the Cedar Rapids/Iowa City area are on here on BP!  Thanks for reaching out! 
    0Reply
  • Dustin Street
    Real Estate Agent · Kansas City, MO · Member since 2022 · 147 posts · 40 votes
    3y

    Welcome to BP! 

    I want to say, just because you had an FHA before, doesn't mean you can't have another! There's also versions of the FHA specifically for investing! However here in KC, a lot of my investors use hard money lenders. It's a little more pricey, however if you work the numbers into your budget, you can still pick up profitable properties. I'm a little ways away from you, but feel free to give me a shout if you ever have questions. I'm an agent that specializes in investment properties. So, while I'm unfamiliar with your market, I'm not unfamiliar with investing.

    Happy hunting! 

    0Reply
  • Jared HottleBusiness Member
    Real Estate Agent · Cedar falls IA Waterloo, IA · Member since 2020 · 902 posts · 549 votes
    3y

    @Matthew Gunderson Greetings from Northeast Iowa! Waterloo/CF area would love to connect sometime. I suggest getting plugged into REI meetup in Cedar Rapids. It has been a great resource!

    [email protected]319-288-5382
    Jared Hottle Real Estate59 Reviews
    WebsiteView Page
    0Reply
  • Jeff Niemeier
    Cedar Rapids, IA · Member since 2013 · 3 posts · 3 votes
    3y

    Matt, I live in Cedar Rapids and host a monthly REI mastermind at the Cedar Rapids Public Library! Our next event is Sunday, March 19th from 2 - 4pm at Beams Auditorium! You can find more information on my website studentofmoney.org or do a search for the group on meetup.com!

    0Reply
  • Matthew Gunderson
    OP
    Member since 2023 · 13 posts · 8 votes
    3y
    Quote from @Jeff Niemeier:

    Matt, I live in Cedar Rapids and host a monthly REI mastermind at the Cedar Rapids Public Library! Our next event is Sunday, March 19th from 2 - 4pm at Beams Auditorium! You can find more information on my website studentofmoney.org or do a search for the group on meetup.com!


    Thanks Jeff. I've signed up and will hopefully be there.  
    0Reply
  • Jeff CollierPro Member
    Investor · Cedar Rapids, IA · Member since 2022 · 5 posts · 0 votes
    3y

    Hey Matt -- I'm new to real estate and have been in Cedar Rapids for 8 years. Bought a couple investment properties back in September and fighting my way through the rehabs still. Huge (sometimes exhausting) learning experience for sure! Anyways, have been reading all the comments on your post, and I'm encouraged by how many folks are on here from the area. Will keep an eye on @Jeff Niemeier's meetings too (work obligation on Mar 19 unfortunately). Would be great to connect sometime!

    0Reply
  • Matthew Gunderson
    OP
    Member since 2023 · 13 posts · 8 votes
    3y
    Quote from @Jeff Collier:

    Hey Matt -- I'm new to real estate and have been in Cedar Rapids for 8 years. Bought a couple investment properties back in September and fighting my way through the rehabs still. Huge (sometimes exhausting) learning experience for sure! Anyways, have been reading all the comments on your post, and I'm encouraged by how many folks are on here from the area. Will keep an eye on @Jeff Niemeier's meetings too (work obligation on Mar 19 unfortunately). Would be great to connect sometime!

     Jeff I'd love to connect with you. I'm a newbie myself but I bet I have something I can bring to the table for your business.    I agree I'm amazed at how many Cedar Rapids/Iowa City folks are on BP!  This location is a hidden gem of the Midwest! 
    0Reply
  • Hamp Lee IIIPro Member
    Real Estate Agent · San Antonio, TX · Member since 2019 · 1k+ posts · 832 votes
    3y

    Welcome to BP from San Antonio!

    I wish you all the best as you get started on your journey! 

    0Reply
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