All Forum Posts by: Matthew Pinkston

@Michael Pease, I'm curious to hear more about Iowa's plans to phase out certain tax strategies. Do you have a source for more information on that?

I've stuck with duplexes so far to avoid commercial taxes, but I hope to move up to larger multifamily properties in the future. Taxes are definitely a huge consideration in that strategy..

I'd love to join, and the 17th is one day before I fly back to the US for the holidays, so the timing works out well. I'd also love to hear about those acquisitions, @Trevor Moss!

Take it from an ex-nicest landlord in town: Stick to the lease. The moment you waive any part of it based on emotion, you introduce ambiguity. The next time something comes up, the tenant may think "well, it says this in the lease.. but the landlord's pretty flexible". It's a slippery slope. I lost thousands being flexible and in the end had to hire a property manager. 

By the way, that doesn't mean you're being mean! Fair is by no means mean. You were kind in the first place to make a reasonable lease that allows pets at a very low cost, and a generous lost key fee (it costs you time/money to go out there and open the door, doesn't it?). By the way; take @James Wise's advice about lockable door handles!! I implemented that after locking myself out of my own place, and never forgot a key again! 

Hi, @Jeff RayWayne McWithey

I think you certainly came to the right place to get some good input on that. Getting started can certainly be frightening, and the challenge of getting a spouses approval is a story that's been shared many times. 

Improved education and a taste of success seem to be the keys to spark interest in many of the stories I've heard. Maybe one place to start would be to read through and find some good posts to share with your wife from the Real Estate Success Stories forum. The great thing about that is those are real stories from real folks you can actually ask questions and get direct answers from.

Another possibility depending on your position and what kind of investment you're interested in is to "house hack". For example, find a good duplex, move in one half, and rent out the other side to basically live rent free. Watching your mortgage payments get paid by someone else is always a good motivator (becoming a landlord brings its own challenges, but it's one of the easier strategies to explain).

I wish you the best!

Hi @Elliot Kelley,

Although I don't have any experience in IC, I do have a bit of experience with duplexes in at least one Iowa college town (and before any assumptions are made, I grew up in CR and went to UofI for a Japanese major, so I was a Hawkeye first!) I'm also not necessarily local since I currently live in Japan, but I plan to keep investing in Iowa for the long run. 

Anyway, I love the economic stability of established college towns and am definitely interested in Iowa City and the surrounding area. Though from what I've seen, anything on the MLS tends to be a bit pricey for a reasonable return. What kind of deals are you interested in/searching for?

Hi Tom,

Yup. All of my rentals are currently in Ames, but I've started expanding my search (though I'm hoping to stay within Iowa borders). You're right that Iowa isn't necessarily the biggest investor hotspot mentioned here, but that's one reason I love it. Especially CR, IC, DSM, and Ames since it's a checkerboard of venerable college towns, a strong industrial hub, and a commercial (Insurance) powerhouse. Lots of opportunities!

Welcome, @Tom Quist!

I always love to see Iowans join:) and I think Des Moines is a great market to get started in. Brace yourself for a landslide of info and new ideas here! I noticed you mentioned buy and hold (which is what I'm after too). If you haven't already been there, I'd recommend stopping by Ben Leybovich's blog. His lessons on capital expenditures would've saved me thousands if I'd heard them in time. 

Cheers!

Welcome, @Patrick Allen!

I'm always glad to see more Iowans join the forum:) 

@Pyrrha Rivers ok! I'll definitely be there myself (I just got permission to leave work early tomorrow) and may have another. I look forward to seeing you there!

Thank you, @Joshua Dorkin for bringing this community together! 

I also seriously wish I would have found this site earlier, but am so thankful to be here now. Who would have thought people with real knowledge and experience would be so friendly and willing to share? Here's to another 11 years!