All Forum Posts by: David Verbockel

We make 165k a year and have no loans except a mortgage. Our mortgage is $3300 a month. We save about $32000 a year in retirement, stocks, college funds, and other investments. We basically live paycheck to paycheck but this is after all savings. We have a good nest egg saved up as well for emergencies.

My main questions is we want to buy a plot of land for 150k and then build a lake house in 5-10 years. This is our dream to own a lake house but as prices are skyrocketing it seems hard to do. We have found a small lake that was just created and people are just starting to build on it so land is still fairly cheap. The problem is these lots wont be cheap for long and they are being built on very fast. We are wondering if we could buy the land now and then wait to build in 5-10 years. There has been a crazy rise in property value in this area due to the lake and more homes being built. The land we ware looking at purchasing in around 150-180k. We have done research and building a home in 2025 would cost about 400k. But, new fully built homes on similar lots are going for 700-800k. This is over 150k more than the land and construction cost combined. This is why we want to hold the land because it will only go up in value. If we build in 5-10 years the construction cost might be 500-600k but we would have gotten the land cheap compared to what we would have to pay when all of the lots are developed in the future. We assume in 5-10 years all of the lots will be built on or will be planned to build. We also assume a already built house will go for over 800k. I'm wondering what your thoughts are and if this is possible. I know it is best not to take on new debt but i think this would make the most financial sense because in 5-10 years when we might be ready to buy a lake house it will be way out of our budget because the area has blown up and everyone wants to be there.

I am thinking of this as almost an investment opportunity and worst case we have to sell and take the profits.

Let me know your ideas

I am new to real estate investing and would like to gain some tips before I get into it. I moved from Milwaukee about 3 years ago and have now got a feel for the Des Moines area.

I bought a house in 2019 and now have a good amount of equity in the house. I would prefer to keep the Equity in the house if possible. I have some money saved up but probably not enough for 20% down on a house over $200,000. I’m wondering if anyone has some good ideas on how to get a rental with less that 20% down.

I am a civil engineer and have a good amount of experience fixing up homes where I can do enough of the basic things to remodel. I would be open to getting a fixer upper and using the BRRRR method.

Let me know any suggestions you might by have.

Hi, I am just starting in the rental property world. I came across what seems to be a great deal but wanted some advice. I found a 5-plex for sale with a 3 bed room house in a HPR. The 5 plex has five 3 bed 2 bath units that rent for about $1200 each. The house has 3 beds and 2 baths renting for about $1150 right now. This property is right next to Drake College and within walking distance of campus. The 5-plex is listed at $494,000 and the house is $125,000. This seems like a cant miss opportunity just based off the numbers. My only problem is I don't have enough saved up to buy the 5-plex and with just getting started in the rental game will taking on a 5 unit building to start be too much? 

If anyone has suggestions on what the best way to finance this would be or if I should just stick with the 3 bed house to start. 

thanks,