All Forum Posts by: Dan Dempsey

Jacob,

I would recommend attending the Friday morning REI meet ups in Des Moines. There are a handful of people there that could help you along the way.

Are you getting an equity position of 33% as well? If you are, I'd say that's a pretty decent deal but there's a lot of other unknowns to hammer out. How long will you hold the property? What happens when you sell and who decides when that happens? How are decisions made? Who is paying for maintenance/ cap ex down the road? Is this an LLC? I think you have a lot more details to figure out on how the partnership would work. If you aren't getting any equity than this is not a good deal in my opinion.

Furnaces do have a safety sensor that shuts them off in the PVC exhausts are blocked to prevent carbon monoxide poisoning.  It's much more common with ice, snow and leaves/yard waste.  Garbage cans might have been able to block them or a combination because I know we did just have a small amount of snow.  Either way I think these two are on you but would let them know to keep the area around the furnace and exhaust clear.

Matt,

You could buy around 3 pretty nice duplexes in the Des Moines area for 700k.  If you have the want/ability to get into more than one property or a larger property, I would consider doing that.  I think duplexes are a great starting place for a real estate investment.  Generally, the less money you can put down the better, but I would caution against becoming overleveraged depending on the type of debt/loan you choose and the cash flow from the property.  If you still have that well-paying W-2 it would be less of a worry.  Most important thing I would say is to get started.  In the long run you can adapt your strategies as you go and become more experienced and see what works for you.

Friday morning 7AM Smokey Row near downtown DSM.  Great group of investors there every week.

Luke, 

If you are on FB, I would join the DSM Real Estate Investing Meetup group.  There are dozens of contractors/handymen that post on there pretty regularly.

Katie Roers at Variant Insurance 763-333-2533.