All Forum Posts by: Michael Pease

Welcome to BP! I've been inactive on the purchase side for a few years but run a real estate accounting firm in Davenport and have been managing rentals for 9 years as well, some mine, some for others. I'd love to connect with you and see how we can help each other! Feel free to reach out!

I've had pretty good luck with credit unions lately. Vibrant has been clutch for me and several of my clients/colleagues. Also I've dealt with Blackhawk pretty extensively and they've always been very real estate friendly! 

Welcome to BP! I'm an investor, property manager, and licensed CPA with a real estate focused tax and consulting practice in Davenport IA, not too far from you! Always happy to see new people on the site so feel free to reach out with any questions and of course if you ever need tax assistance or acquisition help feel free to call!

Have not heard that name before.

Just to add a little here, 2.5% - 3% means having the property being vacant for 1 month in total over 3 years (roughly). I would encourage you to run numbers being more cautious than this. That being said, I agree tenant turnover is less likely in Bettendorf than in other areas of the Quad Cities in my experience. Time of year can make a huge difference as @Shawn Faris mentioned.

MLS is tough in the QC. There are a lot of deals done off market with pocket listings, and wholesaling. QC FSBO would be a decent place as well but I've found over the years prices on here are typically higher than what an MLS may be at times. Not saying you can't find something on there but you for sure would have to be prepared to move quickly on something that popped up on there.

This is not legal advice FYI just what I've learned over the years.

1) Ryan Weber Gomez, May does a lot of real estate transactions, not much for evictions but he'd know the person to contact at the least.

2) eviction and small claim are completely separate legal cases. If the tenant is truly gone you do not need an eviction. We just had an eviction thrown out from over a year ago on a property we manage, (eviction was not done by us) the judge communicated that an eviction is only to remove tenant from the premise and restore your possession. 

3) I'm not sure there's a perfect answer here but what we do is include a clause in our lease that we will move the items to storage for 30 days and the tenant can pick them up at their cost. 

4) May be worth it but most of the time it is not in my experience. We usually have people leave due to being unable to pay rent though and that may not be the case here. Also depends on what the total dollar amount is at the end of the day. We have a collection process through our management software we use.

5) small dollar amount in Iowa I'd say go for it yourself. If the cost exceeds 5,000 it's not a small claim and I'd go with a lawyer.

Hope that helps some! 

@Derick Brown Jr local QC investor. Happy to share insight or connections with you, welcome to the BP network!

@Alex Bock, I'm a licensed CPA with an accounting firm in Davenport. On top of that I'm a real estate investor and manage property for others. I have an extensive background in real estate taxation from simple schedule E single member LLC properties to REIT tax compliance for a $6 billion REIT in Chicago. I began investing in the quad cities in 2009 and know that I bring a very unique perspective from a tax and accounting perspective when it comes to real estate. I'd be happy to hear about what opportunities you and your husband are working on in the quad cities and what assistance you are looking for. In this area I've worked with what seems like every type of real estate transaction ranging from accounting for real estate agents, investors with flips, buy and holds, wholesaling, commercial, and many more. Send me a message and I'd love to connect to chat further!