All Forum Posts by: Brian Campbell

Hi Gus. I live in Mason City. Let me know if there is anything I can do to help you with this property.

Thanks for your responses! 

Jaysen -- I have never purchased any property over 4 units. I have a great relationship with a small local bank that has funded most of my deals.

Rafael -- I did enter the info into the BP rental calculator and it came out just over $100 positive cash flow. I'll have to go back to that and play with it some to see what I'd have to purchase this property at for it to make sense. The appraisal was from the bank the seller used when they purchased the property. My bank would have to do another appraisal if this is something I'd be interested in as I don't have access to lots of cash or private money at this point.

I'm curious what price would make this a good deal for folks? I'd be interested in what you thought? 

Thanks!

I would appreciate insight into a property I've come across. It's a 5 plex in a good neighborhood. I'm wondering at what price this deal would make sense? Here's what I know.......Asking price is 159K  Thank you for taking time to help me analyze this deal!.......Brian

Unit 1 $475 includes garage with remote
This unit is on the lower level and has 2 bedrooms. Full bath and shower. Tenant pays own
electricity and heat. No
central air.

Unit 2 $485 includes garage with remote
This unit is a large 2 bedroom with a lot of storage. Full bath and shower. Has central air.
Master bedroom has double closet. Tenant pays own electricity and heat.

Unit 3 $485 includes garage with remote
This unit is a large 2 bedroom with a lot of storage. Full bath and shower. Has central air.
Master bedroom has double closet. Tenant pays own electricity and heat.

Unit 4 $435 no garage
This unit is on the top floor (penthouse) with 2 bedrooms and a large storage room. Full bath
and shower. Has central air. Tenant pays own electricity and heat.

Unit 5 $305 includes electricity (all electric unit)
This unit is what we call a studio apartment, it’s the size of a dorm room plus an additional room
which is the bathroom. Corner stand up shower. Heat is small electric built in unit. Electric each
month is minimal.

•Landlord pays for water and garbage. Landlord pays only the common area electricity. Current rents
are far below market value.
•Laundry generates on average $100/month.
•All appliances, kitchen cabinets, furnaces, water heaters are all in great shape and modern.

•Around 1990 (just prior to my purchase), entire building was remodeled from unit 2 on up.
•All New windows were put in 2005.
•Added 3rd central air-conditioning unit mid to late 90s.
•New gutters and gutter guards mid to late 90s.
•Entire basement was gutted and redone forming Unit 1 and 5 plus laundry room late 90s.
•Flat roof was reconstructed into a pitched roof late 90s.

Expenses/Month:
Taxes $257
Insurance $133
All Utilities $239
Lawn/snow removal $50/month

•Appraisal Estimate through MidWest One has
it valued at $187,200 (see below). I’m asking $159,500

ood

Hi Michelle and thanks for your interest in this house. The house has been vacant for 3 years but was winterized before the owners left. 

The house has a lot of clutter but not major repairs besides a general rehab and possibly a new furnace. The electrical has been updated and the roof is in good condition.

Here's the county tax assessor's info:

https://beaconbeta.schneidercorp.com/Application.aspx?AppID=227&LayerID=3115&PageTypeID=4&PageID=1684&Q=1211852290&KeyValue=3399001033

Unfortunately, I took video of the inside and I don't know how to download the video. If you get me a phone number I might be able to send it to your phone.

Hi Shaun and thanks for your interest in this property. Here are some photos....

Thanks for your feedback Wes! Yes, connections and relationships will get the job done!

I'll let you know if I get any leads in your area--be well!

Fixer upper in Marshalltown Iowa. I was contacted by this seller and want to pass the lead off to another investor. I receive a 1K finders fee from the end buyer. Seller said he would take 13K but you might be able to negotiate a lower price.

Let me know if you are interested and I can get you photos and seller's contact info.

Hi Mike and welcome to BP! I invest in the Mason City area. 

I'm getting a lot of leads outside my market area. Does someone have a bird dog/finder's fee contract they would be willing to share?

I live in central Iowa -- Mason City, a town of around 30K pop. We had to expand our marketing to the entire state because we weren't getting enough leads just from my area. 

Now I have leads I don't know what to do with. I've posted them on craigslist and the BP marketing site but haven't had much luck to date.

Also looking for suggestions on how I can pass these leads off to other investors.