BRRRR in Des Moines, IA Area

[Michael Sandvig]

Hello BP!

My wife and I just moved back to the Des Moines, IA area (we both grew up here in Iowa) after being away for about 8 years in Denver, CO. During that time we were able to build up a small rental portfolio of 2 townhomes in Denver, 2 condos in Phoenix, and 1 SRF here in Des Moines. We closed on the SFR here in May and are excited about the opportunity of really building up our portfolio here in Des Moines. We have been investing until now via house-hacks (Denver) and the more traditional route slowly saving up until we have enough down payment to make a move. Recently, we have decided we would like to accelerate our investing by employing the BRRRR strategy and tapping/reusing the significant equity we have been lucky to have achieved in our Denver properties.

As we are just beginning the process here of building out a team, I thought I'd reach out to the BP community here to see if there are any folks who wouldn't mind sharing their experience/successes/failures if they have been doing BRRRR investing in the area at all?

Specifically I am hoping to get some guidance on the best way to find good value-add opportunities here in the area as I don't know many people (wholesalers, RE agents, etc) here yet having just moved back this year. Additionally, a GC who can help me with scoping out repair costs on rehab projects will be a must for me too, and I haven't met any yet.

I do plan to attend this meetup on the 19th to try and meet some people if I can! https://fb.me/e/1F7chK3Ml

Any and all comments/advice/help you would be willing to offer would be greatly appreciated :) 

Thanks so much,

Michael

[Tuee Chanthavong]

Hi Michael,

Interestingly I'm in the same boat as you. I currently live in Denver (originally from DSM) and looking to build up my rental portfolio in Des Moines. I currently have a duplex in Urbandale, but looking for other opportunities in metro DSM. Maybe we can sync up some time and share some notes.

I would also love to get some insight on the meet-up. I'd like to attend the next time I'm in town.