All Forum Posts by: Ashley Noethe

I am typically all about the cash out refinance, but in this market I would be weary of giving up a solid interest rate. I would vote on using your own cash and if rates settle down in the future definitely reconsider the cash out refi route for future investments.

Great job! I feel like finding a decent multifamily for a househack can be like finding a needle in a hackstack especially on the MLS, so nice work! Sounds like a great investment opportunity.

Where is the location? I am both an investor and an agent in the Des Moines metro. The rent you are able to receive will greatly be dictated by where the property is located. For example, around here there is a stark difference in rents between the city and a suburb like Ankeny. In Ankeny, something like that could most likely do $2300/mo per side ... in the city .. ehhh depends where. Des Moines itself doesn't have the highest rents, but if you go 10-15 out into the suburbs that's where you could get those rents. If you are thinking more rural Eastern Iowa, I actually do think there is a need for rentals like this. We live in Indianola south of Des Moines and I get asked by people all the time looking for larger homes to rent because there is pretty much just condos or small studio/1/2 beds available. If it is near a hospital, you could even do short-term rentals through Furnished Finders for traveling healthcare workers. That being said, when you get out into rural then the cost of homes is cheaper and most people could just buy. I agree with what was said that you'd probably see yearly turnover. 

Hi Anna! Congrats on deciding to get into real estate investing! Sounds like you have a comfortable savings to get started. Do you own currently? If not, have you considered doing an FHA Loan for a multifamily to househack? You only have to live in it owner-occupied for a year then repeat. BRRRR method can be great, but speaking from experience it is tricky as a new investor especially a "perfect" BRRRR getting all your investment back out. I am in the Des Moines area as well and my husband and I have done multifamily and single family rental, BRRRR, creative financing, and short-term rental (airbnb). I am also a licensed real estate agent. Feel free to reach out and I'm happy to be an open book and chat ideas.

Hi May! Congrats on making the decision to start your real estate investing journey! I am also located in the Des Moines area - Indianola to be exact. My husband and I own a multifamily rental and a few single-family rentals we seller financed. We also own a cabin short-term rental (on airbnb and vrbo) that I self-manage everything from my phone. I am also a licensed real estate agent. If you have any questions or want to chat real estate investing, feel free to reach out and I am happy to be an open book! 

Yes it can be hard to find good deals on the MLS .. they pop up from time to time but just have to be patient! Feel free to shoot me anything you come across in the future that you are curious about, whether on or off market, and I'm happy to do some digging.

Hi Grant! Welcome to the world of real estate investing. My husband and I live in Indianola and have a 5-plex multifamily rental here, a few single-family seller financed rentals across the state, and a short-term rental cabin in Georgia. I'm also a licensed agent as well. We definitely got started by listening to Bigger Pockets podcasts, forums and tools. You've come to the right place! Wish you the best in your new endeavors and feel free to reach out any time if you have any questions or want to chat about the local area.

Would it work to do a cash out refinance to cover the down payment money instead? We've done it both ways. The last property we purchased using HELOC route as down payment funds and the monthly payment on it was killing our return so we actually ended up just refinancing the HELOC back into our house. Obviously this all depends on the current mortgage on your primary residence and running the numbers, but just another option to consider. As mentioned above, if you could pay back the HELOC fast then it could good option but if not then it just a matter of having strong confidence in your numbers.

Hi Jacob! Congratulations on making the decision to invest in real estate! I commend you for getting your start young and having the confidence and ambition to figure it out and just GO FOR IT! You've come to the right place for great information and advice in terms of real estate investing. My husband and I live in Indianola, just south of Des Moines, and have a 5-plex here, a few single-family seller financed rentals in Iowa, and a short-term vacation cabin rental in Georgia. One of our rentals here we did the BRRR method. I am also a licensed realtor in the area. Feel free to reach out anytime and I'm happy to help answer questions to help you get started! I would recommend checking out properties currently on the market and getting some practice analyzing cash flow, even if you aren't ready to buy yet. Something you might also consider for your first property is to house hack (buy a multi-unit and living in one of the units). Good luck!

What a great idea!! I echo what was said above .. that's awesome that you are getting your start young .. I can attest to the fact that I wish I had gotten started sooner! The Des Moines area is a great community to live in and invest in. Best of luck to you!