All Forum Posts by: Chase Keller

Hey @Logan Ward,

I can help find a couple good lenders here in the Des Moines area that work with investors. I’ve helped a lot of new investors get started, including several that have househacked their way into investing. 
I’ll PM you a couple great contacts. 

@Avery CarlThanks again @Avery Carl.  We'll check it out.

Thanks @Glenna Wood, lots of good insight.  We will be using as a 'second home'. But we've had rentals for 10+ years, including our previous homes, so we understand that we have to treat it like a business.

@Vincent Chen We are looking right around Disney. We go a couple/few times a year anyway, so this is an easy first STR for us. We have talked about it before in other places we go a lot; NYC, Colorado, Bahamas, etc. But we'll start by Disney and learn from that.

@Michael Baum, @Avery Carl.  I appreciate your feedback.  I totally expect towels and things to go missing, not a huge deal.  I need to do some research on just how nice of furniture to put in the place.  It will be around $250/night 6-bed house, so not a cheap rental, but not a small house either.  Don't want to over-furnish and spend my future profit, but don't want to skimp and not get the full rent value, and have furniture that wears too fast.  

@Paul Sandhu You certainly have a different clientele... A good friend of mine is a pipeline welder, so I'm aware of the type of renter.  But they make a decent income and are willing to pay good money for their rentals.  

Thanks again!

My family and I are about to buy our first STR in Florida.  We are purchasing in a nice community, so I'm making the assumption that the possibility of theft from outside parties (non-tenants) will be low.  But what if a tenant takes a particular liking to my gaming system or my rustic chic lamp?  Doubtful that they'll be taking off with my fridge...
What tactics do you use to make sure that doesn't happen or gets noticed when it does?  I thought of having my cleaning crew do an inventory, but how realistic is that?  And same thing with damage?  I'm not worried about going after the renters for the the small items that get damaged.  I've taken my kids to a lot of Airbnbs and know that things can get broken.  But the bigger/non-typical damage.  

What's your experience been?  Are there better questions that I should be answering?

Hey @Jose Linares,

I have a couple lenders that have closed on most of my deals the last few months.  I'll DM you

Hey @Joe McGovern,

That's a great question.  There's a lot of variance to 'rough'.  I live in the Des Moines area, but came from market that had large neighborhoods that are were worse than anything I've seen in Des Moines.  That's not to downplay the rough areas though, I no longer buy in what I consider 'rough', but my rough isn't the same as someone else's rough. 

The biggest issue is to have the right management in place.  Not all property managers can handle the rough areas either, which will make the problem even worse. 

I can give you more specific thoughts and ideas if I know what neighborhood you’re looking at. Feel free to throw on here or in a DM

I have a client that's looking for his first duplex househack in Tyler / East Texas.  Who is the best bank or credit union that you've worked with?

Hey @Account Closed,

All property managers will have their niche. An A class manager wouldn’t be very successful on D properties, and that’s true in reverse.  The same company can be good at both, but it’s typically building the right team that has the dynamic of being able to handle different property and tenant types. 
The biggest obstacle, and the biggest reward is found in matching you, the property, and the manger together.  What area of Iowa?  We may be able to match you to a good company. 

I would definitely recommend starting down the bank approval process. Knowing where you stand and what the options are will help in determining the level and price point of property. 
Obviously the cashflow numbers look better with a fourplex, but those cost a lot more, or you’ll have to look in lower class areas. 
There are a lot of options on the lending side that will work with different property types too. Conventional, FHA, construction loans, etc...

Hey @Drake Moser,

Welcome to Real Estate Investing and welcome to Des Moines!  I'd say you are diving into one of the best real estate markets in the country (but I may be just a little bit bias).  You'll never learn enough to be comfortable without making the plunge.  But it sounds like you've done your homework, which will give you a huge head start.  I wish I had BP 15 years ago...

Mentors are amazing, but the best ones will come with actually being active in the market, not the ones you can search for online.  I've worked with a ton of first time investors by househacking.  It's an amazing way to jump in without getting too far out of your comfort zone.  But there are countless strategies, you just have to find the one that's right for you.  I typically spend a bunch of time reading, learning and talking to others, but I really learn when I dive in and figure out what works best for me.  Your strategy will change over time.  Let us know how we can help get you on the right track!  BP is an amazing resource!