Updated over 15 years ago on . Most recent reply
Greetings from Des Moines, IA
I've been an invisible member of BP for awhile now but I figured its time to jump into actually posting and contributing!
I'm a relatively new investor in Des Moines, IA. A business partner and I purchased a 3/1 SFH last year for $35k from a motivated seller. It was in horrible shape and was a complete reno. We put approximately $17k into it (doing most of the work ourselves) and it was recently appraised at $87k. Our goal was to fix and flip but after staying on the market for 6 months, we decided to pull it off and rent/rent-to-own. Everything went great during the renovation process but we learned a valuable lesson while it was on the market....location, location, location.
We advertised it as a rental/lease-option the first week of January and just agreed with a tenant/buyer this weekend on the lease-option price/terms. Needless to say, it was a great feeling.
We are currently looking for our second property and hope to try another fix and flip with a backup rental/lease-option plan.
I've learned a lot from reading BP and now I hope to contribute and continue to learn.