All Forum Posts by: Josh Neuhaus

Recently purchased a flip property in Iowa City and are looking for licensed carpenters, electricians, plumbers, HVAC, drywall. Please reach out if you know someone. Thanks in advance.

I have used Window Depot.  They have a couple different product lines depending on what you're looking for.  

It's on hold for me at the moment.  Life event came up that needs to be taken care of.  I'll keep you updated if I move on it.  I generally like 15 amortization because I like equity and have other sources of cash flow at the moment. 

@Daniel Winsor

Daniel -  Thanks for the comments!  I am planning to manage the property myself so wouldn't need to factor in any management company fees at this time.  

As a general rule I would say my overall goal is Net Worth > Cash Flow (but I want both!) I didn't put anything in CapEx because I was figuring 5% gross rent as maintenance cost. I have access to contractors through my business and can get renovations completed at a reasonable price so I went with 5% gross rents figuring the Windows and Roof and Furnaces will likely be replaced over time as I hold the property. If they all go at once, that's a whole different situation.

Any questions I should be asking the seller or specific things I should be looking for in my walk through?  I have some costs for a shared dumpster, but am not sure on lawn care / snow removal so I have that written down to ask.  

HI Daniel -  Can you be any more specific about what makes it look like such a good deal?  

Hello All - 

I am looking at a QuadPlex in Iowa.  I have not posted a deal to analyze on here previously, but have done individual analysis on several properties on my own.  This one has me unsure if it is a hidden gem or a pass.  

Purchase Price:  $250k List, have negotiated a solid $230k potential purchase price.  Seller claims to have rejected a $220k offer.

Rent:  3 of the 4 units rent at $650.  The 4th rented out on a new lease 5 months ago for $700

Expenses:  Tenants pay all utilities

Shared Dumpster:  $35 per month

Property Taxes $4600 per year

Insurance:  ???? Estimating $2000 per year

Maintenance:  Estimating 5% of gross rent

Vacancy assumption:  5% of gross rent

Management:  Self Manage the property

Loan:  20% down with 15 year amortization and a 5.25% interest rate locked in for 5 years.  

Noteworthy Items:  Roof replaced 8-9 years ago.  Long term (4-6 year) tenants in 3 of the units which is why the seller hasn't increased rent to $700 per month.  Newer A/C units approx 10 years old.

Looking for advice, guidance, things to ask seller, things to look for in walk through, things I might be overlooking, etc.... If purchased, would you increase the other 3 units rent to $700 as well? 

Hi PJ... My business is in the home remodel industry and I have dealt with a bunch of contractors / subs... I can tell you in Cedar Rapids, they are a dime a dozen and from my experience the good ones don't have trouble finding work.  I have two good subs I use now, but have enough work to keep them busy full time.  I will ask my guys if they know anyone else who does quality work that can take on another project and send them your way.     

real estate seems like a great fit

Thanks for the welcomes!  Looking forward to learning and jumping in head first.  

It took me a bit too find BP because for the longest time I wasn't thinking to invest in RE as I was saving to buy a business.  Now with extra cash flow I'm looking to invest in a complimentary business and 

Hello BP community!  I randomly found the BP community while watching YouTube videos about RE investing.  I currently have one half of a townhouse that I have owned for about 5 years now and purchased randomly as a foreclosure that a friend threw my way when I barely had enough money for the down payment.  The first tenant in the place paid rent for three months and then proceeded to destroy the place and not pay rent.  I questioned my investment choice and contemplated dumping the investment and moving on.  However, I decided to give it another chance and found a great tenant who takes care of the place and pays on time.  

I currently have two jobs.  I am an accountant for a local Aerospace and Defense Industry supplier and own/manage Window Depot USA of Eastern Iowa (18 months at the time of this post).  The purchase of Window Depot placed me into the home remodel industry and has given me access to contractors and materials for home remodel projects.   My career in accounting / finance has enabled me to develop strong analytic skills.  I thoroughly enjoy looking at properties for sale and analyzing whether I think they would be a good buy & hold property or flip property.  I am lacking experience in the whole house construction management phase, which has largely held me back from investing in a flip house.  

While my RE investing strategy is not set in stone.  I see RE as a nice supplemental revenue stream that will ultimately fund my retirement cash flow needs.  If my path becomes flipping homes, I feel I bring a strong analytic background and source for labor and materials.  On the buy & hold side, I am most interested in learning about small multifamily units starting out.  

Thanks for reading and I look forward to connecting with as many BP members as possible!  

Josh