All Forum Posts by: Darson Grantham

Definitely Des Moines Iowa is an option. I'm a realtor here that works with a lot of investors.  Both on and off-market deals.  Given the numbers, you are asking for and depending on what you mean by "cash flow" our market is something to consider, no question! Happy to discuss if you feel the need. 

In the Central Iowa area the only two I know of are as follows: 

1. Third thursday each month currently at Gilroy's in WDM. 

2. Every Friday Morning 7am-8:30am I host a real estate investor's coffee at Smokey Row Downtown Des Moines. 

@Seth Hudson I've done it both ways, with an attorney's contract and with an online contract.  My suggestion, with such a large dollar purchase (guessing since you said multiple) you should have attorney representation to write your contract.  Now if you are buying with NO money down, and you are not planning to put any money into the deal, your risk is limited to only your time, but I think it is worth paying an attorney.  I've had a lot of success with Lisa Wilson & Jeff Egge out of Waukee Iowa.  Give them a call and tell them I sent you :)

Hey @Scott Mednick, i’d be happy to make some intro’s in the area for you!   By the sounds of it you are helping your daughter & son in law find a value add property! 

I can connect you with a few GCs and can give you some market info of ARV for properties that interest you. Send me a dm.

My one question would be, what does the beginning need to be end result need to be? The beginning will have a huge impact on financing, the end result requirement will help me determine what location and potential it needs to have. 

Hi @Logan Aldinger congrats on the research and now taking the next step!!  There is an eastern Iowa meetup that I'd highly recommend attending.  I'm not sure if they are in person yet, but they have a really good turnout each month.  From there, get cards and contacts and start networking!

@Tyler Christiansen nailed it... nothing to add :)

In my opinion and don't forget i'm biased and have a vested interest as an investor friendly realtor, Des Moines is a great place to invest, but don't come expecting significant cashflow.  I like to say it has decent cashflow 50-100/door (unless you are doing value add rehabbing) and then expected 6-10% appreciation, but we all know not to "expect" appreciation! 

Finding Duplex/tri/fourplex that cost 250K and rent for 1800-2100/mo is very common.  Finding the 150K duplex that rents for 1500/mo is MUCH more difficult. 

I wouldn't think that the value that the bank placed on your condo and the actual market value should be THAT far off.  yes you could pay for another appraisal opinion 300-600 is what that would cost.  But in my experience, the in-house appraisals are sometimes even more!

The BRRR method typically doesn't involve a HELOC, typically it is a cashout refinance in order to get the 30 yr fixed loan. A HELOC loan would only be 5-10 years typically and usually have higher interest rates than the 30 yr fix.

Hope that helped a little at least!! 

@Dennis Tierney not trying to "swoop" in here, but what cap rate are you looking for? Obviously higher is better, but I'm an investor agent in Des Moines and always have my ear to the ground looking for properties.