All Forum Posts by: Dennis Tierney

Iowa has a good economy with low unemployment and Des Moines is growing. 

You are not alone. I have been looking in Omaha, Des Moines, Lincoln and Sioux Falls but can't find anything that will cash flow anywhere near the asking price.

Curtis, congratulations on starting your real estate journey. I would recommend you use a CPA that has real estate experience. It makes a difference. Interview several before picking. I also recommend you join MOPOA - Metropolitan Omaha Property Owners Association. It's a group of landlords whose mission is education of and advocacy for landlords. We have monthly meetings on the second Monday evening of the month at German American Society and breakfast at 7 am on the Saturday following at Farm House Cafe. The breakfast meeting is this Saturday.

@Charles Kao They're getting $.90 rent/sq ft so at 45,427 sq ft and 85% occupancy it's annual gross income of $417,020

@Charles Kao It comes out to $92.45 per rental sq ft. Built 2017-2018 so no deferred maintenance.

I have an opportunity to purchase a class A self storage facility in the Midwest that's 85% occupied for $11,200/unit. 20% of the units are climate controlled. I would have it 3rd party managed. Previous experience is in multifamily and single family niche. Anybody know if that's a fair price? 

@Toby Khan You may be just a little late. A REIT from Manhattan came into Des Moines last quarter and bought up about 500 units at a 5 CAP. With that kind of outside $ coming in there isn't much left over for us little guys.

@Ethan Brown Congrats on Dental school. I would strongly recommend looking at Whitecoatinvestor.com. It's a great resource for financial wisdom. They generally don't recommend buying a house for such a short time but using it as a house hack is a different story and quite doable. If you decide on Omaha let me know as I have good single family agent contacts that could help you find the house. 

@Anthony Gayden Thanks for joining. Hope to see you at the breakfast meetings also. Starting in February and for the next year we are having the Monday night meeting at the German American Society. It gives us better options and good beer!

@Frederick Johnson There are several in the area but the largest one is based in Spencer: Northwest Bank.