All Forum Posts by: Becky Hiu

Cost me $5,570 for a 800+ sq foot house. Job well done but a little pricey compared to what was quoted above.

Hello. I’ve an interesting situation going on where I’m a landlord and housemate to 4 other girls. Utilities are split among us. I served a non-renewal to one of the tenants (aka my housemate who was a difficult tenant) before the 30 day window and she moved everything out of her room mid-month. She’s already paid for the entire month of rent. After she left, she held on to the key and said no one can enter her now vacated room until month end as she’s already paid for it. Also, she said she isn’t liable for utilities used between now and month end as she’s no longer here.

Questions: 

1. Do I need to refund the portion where she’s not technically living here anymore, I.e. half month?

2. Can I re-rent her room out if I don’t do 1. above, or if I must do 1. above, I could just re-rent her room, right?

3. Is she liable for utilities until month end despite not having a bodily presence here any longer but is still holding on to the house key?

Any thoughts/direction on landlord-tenant law for a primary residence would be most appreciated.

Following ... looking for multi-family deals in "nicer" areas to fulfill demand I'm having. Easy access to I-35/80 preferable. Numbers must make sense to me.

Speaking from a standpoint of a real estate investor in Des Moines, Iowa, a Midwest town which has gained substantial recognition the past 10 years. 

Never would I believe that I'd stay a decade after graduating from Drake University but I am and will be. You could find multiunits < $100k, but that's a Class C or D and/or foreclosure/auction. If you want close to turnkey, expect > $150k in the central areas/easy to hop onto the interstate areas. You might be able to find properties in the east/northeast/south side <$100k but the tenant pool is also in the subpar category.

The 6-plex we got in December near Drake was for $243k. Relatively good condition (new boiler, windows, flooring, roof, sidewalks) but the property is over 100 years old and still has some issues that we know of. We also just closed on a duplex near Drake a few days ago for $119k, but that needs a lot of rehab work. We think it can be appraised for $160-180k once the rehab is done. We've 5 other single family rentals, of which most act like multis as we charge per tenant.

Also, Des Moines University (medical university specializing in the DO program) is relocating to West Des Moines by 2021 (news just broke this week) so I would think the housing in this area (Grand Avenue close by downtown) might feel the brunt of it. Tons of new developments downtown (30+ story apartment right smack in the middle of town) plus other apartments are coming up. Grimes, Johnston, Waukee, Ankeny + other suburbs are booming. They plan to build a skatepark close to downtown and the amount of new eateries popping up is terrific. Other colleges in town are DMACC (one of the better community colleges in the Midwest, I think), Grand View University, Simpson, and University of Iowa has a downtown campus for the MBA/business school programs. Iowa State University is about 45 minutes away from Des Moines (20 minutes or so from Ankeny).

The international inflow into town isn't as great as it once was as many companies have ceased sponsorships for the H-1B visas and green cards (especially after Trump took office in 2016). I speak from experience. Also the forex rates aren't slanted in an international's favor. 

Let me know if you'd like to find out more about my city. I love this place a lot. I live here and travel frequently to other states as the cost of living/community is amazing. 

Anyone here have recommendations for a general contractor in the Des Moines, Iowa area? 

Trying to have a long-term fix for a flooding issue in a finished basement.

Issue is sump pump isn't working optimally and release of water outside needs to be redirected. Also, floor in basement needs to be slanted toward drain that has sump pump, plus a re-do of the flooring to something that can withstand some water. This basement will continue to have water but want to mitigate as much as we can. Thankfully, insulation in walls is covered in plastic so we don't have any mold issues, yet. 

Thanks, team!

Would love to hear referrals, if any. Need more good people on our team as we continue to expand. 

I've done all my closings at Wasker (6 total and 1 more coming). 

Hey BP-folks!

Need some advice with a situation we're dealing with as landlords of a 6-plex we acquired 2 months ago. Inherited a crummy tenant base where everyone pays late half the time, including this Section 8 lady who only owes us $50 of the $650 rent (HUD/City pays $600). She's on a 1 year lease expiring end of May this year. Everyone is a smoker and the entire house reeks of smoke (which is unpleasant but manageable).

Issue with Section 8 lady isn't just the fact that she's late with the $50/month rent due but the fact she's making me feel uncomfortable as property manager/landlord. Let me explain why: Went over a week ago to collect rent from some other tenants and she was standing outside in the negative temp weather (we're based in Des Moines, IA) without a coat on. I asked her "what's up?" and she proceeded to explain to me that she's waiting for the cops to come as her ex-bf and his current gf were harassing her that day. She then pointed down the street saying that's them with weapons ... and I saw no one. I returned about 15 minutes later after chatting with some tenants and she was still waiting for the cops to come (unsure whether she even called them in the first place). I do know she's mentally ill and on meds.

I returned yesterday to attempt to collect her $50 but she started crying and said her ex has been harassing her the past few days and a tenant upstairs has been letting him up to the first floor (which doesn't make any sense as she lives on the ground floor and has no access to the first floor which needs a separate security key). She then proceeded to show me a picture on her phone of a tree and said "look, my ex has been hiding in that tree!" I saw no human in the tree on her phone. She also threatened to "murder" her ex if he tried to come when I was there last week. I saw a kitchen knife on the dining table by the door and was very wary of it, trying to keep my distance from her. I tried to cajole her as I know she needs to be heard. She kept saying she really needs someone with her, and might want to check into a mental facility. She said she tried to commit suicide a few days ago. I was incredibly uncomfortable with the entire situation as I'm a 5'2, 120 pound female and when she was chatting with me, it seems like she wasn't in a right frame of mind.

What should we do? I apologize that this is a very lengthy post but this is real life (we've been incredibly lucky to have bought vacant houses in the past and have selected our own tenant base. This time we inherited these tenants from the previous landlord). 

Thanks!

Thanks all. I actually resolved a situation myself (toilet handle was loose) but now am really needing a plumber as a toilet is stuck. I'll check out Herr and Holt. I'll report back.

Luana Savings Bank did my 6-plex with 25 amort and 22% down. They have 5, 10, 15, 20 year fixed, balloon after. You have to negotiate for anything below 25% down. Call the Polk City office and ask for Brandon Converse.