Updated about 7 years ago on . Most recent reply
New Investor in Des Moines, IA
Hi, my name is Dana Oredson. I'm new to BiggerPockets. I found out about BP when I read 2 of Brandon Turner's books: "The Book on Rental Property Investing" and "The Book on Managing Rental Properties".
My wife and I have wishfully talked about owning rental properties off and on over the years, but this year, we listened to Brandon's audiobooks, then bought hardcopies and decided that we just needed to get one property under our belt. I have no doubt that once we have one, we'll get more and start a snowball.
We currently have an offer in on a two-unit house in south-east Des Moines. We have had an inspection done, and there are a couple of things we'll probably need to take care of right away with the property: a flashing problem and a very uneven sidewalk problem that the current tenants have complained about to the previous owner many times. One tenant is justifiably skeptical that his voice will be heard. The roof will need to be replaced within five years, but we've budgeted enough for capex and general repair that it shouldn't be a problem.
An interesting thing with this property is that it has two storage sheds on the land that the previous landlord rented out separately (not necessarily to the tenants). The lot is quite large in back, and we are considering adding more rental shed storage, assuming the city is okay with that.
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@Dana Oredson Welcome to BP! I loved reading the storage shed idea in your post. Those podcasts are full of great info on how to increase revenue on any properties.
Have you ever owned rentals before? Lots of good info on "handling" inherited tenants. I don't want to insult your intelligence, but feel free to send me a PM if you want to hear what I did this last year with an inherited tenant. And it's worked out great!
Are you aware of the Real Estate Meet Up in Des Moines? It is at Ingersoll Tap in Des Moines on the third Thursday of every month, from 6-8 pm. That is this Thursday, September 20 for the next one. Very informal. Grab a drink, press some palms, and make some contacts. Everybody meets right at the high top tables just inside the door. I'll be there this Thursday. I've missed the last couple due to work conflicts.