Newbie investor in Cedar Falls, Waterloo, Waverly
I am a newbie investor in the Waterloo, CedarFalls, Waverly areas. Is there anyone investing in those areas on this forum?
Hey @Jeremy Staker,
Welcome to BP!
I am investing in the area. What are you working on right now?
Let me know if there’s anything I can do for you.
-
Real Estate Agent Iowa (#63136000)
- 319-231-1160
- http://www.bettercommercial.co
- [email protected]
I am very much a newbie in real estate investing. I have been doing my home work and I have started looking for properties for flipping or rental. I have been using the BP calculators to evaluate some properties. What are your thoughts on rental saturation in the Waterloo, CedarFalls area?
Welcome, @Jeremy Staker,
I'm just getting started as well. I'm pretty familiar with Waterloo especially, so let me know if you have any questions.
I've only been doing single family and duplexes. I've found a pretty good niche in the neighborhoods that are a little nicer with the better schools in Waterloo. Allowing pets has helped. I think the nice neighborhood/nice schools/pets area there is a real shortage. In the lower class neighborhoods in Waterloo, there is definitely plenty of rental properties. The difference is that you can pick up a property for 50-60k that you can get $850-$1000 in rent in the worse neighborhoods, vs being a lot closer to just over 1% rental:purchase price in the better areas.
CF is tough due to a lot of supply, cost to purchase properties, and increasing restrictions from the city government.
I'm not familiar with Waverly, but I had heard that Wartburg now requires students to live on campus for the first couple of years, whereas they didn't before. I haven't verified this as I haven't really looked into the Waverly market. If true, this could have an effect on demand.
Thanks John. The same to you. I am from Waterloo, currently living in Hudson. I have been focusing on the Liberty Park area of Waterloo and areas around downtown CF in the 100k range. What is your focus, flipping, rentals, wholesale?
That information is great. Thanks. I do have some friends at Wartburg, I will have to reach out to them. If I hear any different I will post back on that. I agree with you about CF, there is alot of rental supply, especially around the college of course.
When it comes to rehab are you doing that yourself or do you higher that out?
A little bit of both. On my latest one, I'm hiring a lot of it out, but it's a lot more involved than my others have been. I'll usually do cosmetic stuff, anything heavier I hire out.
If you don't mind me asking how many units do you currently own? How is your vacancy rate?
I have three SFR's and have just closed on a duplex, all in west Waterloo. Once I've purchased and gotten the property ready to rent, I haven't had any vacancies yet, but I've just been doing this for about 18 mths.