All Forum Posts by: Matt Fisher

I'm sure it has had a trickle down affect. There are lots of great sign-up offers to eliminate vacancy within the class A's it's HAD to pull in some higher earning B tenants... But I'm a SFR guy so I can't say with great certainty any more than that though. Just seeing some very tempting offers and strong competition.

@Anthony Wick  If you and your family moved into one of my homes, you, your wife and your daughter will fill out an application form.  If we accepted you, I'd refund that cost.  

Each of you is a legally consenting adult.  I want every consenting adult that lives there to be responsible for what happens there and responsible for those that are invited on the premises.  I'm strict as hell and it serves me well.  Nobody can pass the buck, everyone's responsible and accountable, and I'm not overlooking a child that's a nuisance to society and will wreck my asset.

It's difficult to enforce tag-along boyfriends/girlfriends, family, 'babysitters' etc.  But I ask and ask a lot. 

All adults.  If the kids have a party and destroy the house and the parents say they aren't at fault, you have a serious issue on your hands!

Matt

Just a couple thoughts RE: Universities.  The universities here are small.  It's definitely not a college town by any means.  DMU is the closest to a campus environment, but it's small and it will be relocating to West Des Moines soon so I'm not sure what that means for those apartments...

Maybe Ames is worth a look if you are actually looking for college rentals.  It's a nearby market with many of the same characteristics of the DSM market, but definitely bolstered by a strong state school economy. (EDIT sorry for tagging on to a zombie thread...)

@Anthony Wick I have attended the meetup quite a few times, but sporadically.  I stopped by Thursday and nobody was there though, which was weird...  The bar is too distracting for me--I liked it better when we used to have a room at Caribou Coffee. ...seemed to be more engaging. 

I think your strategy/thinking is sound, @Anthony Wick  ...And I think a lot of people are looking at this market's long history of solid appreciation.  If you look at it like a savings account, the appreciation is impressive.  I bought a house in WDSM recently that appreciated 50% in 10 years!  That's just nuts!  

I also suspect a lot of people have watched too much HGTV. The SFR market here suffers for that badly. I can only hope we weed a bunch of the 'interior decorators' out soon. Having multiple offers (on MLS deals) over asking price is crazy. It's a smart move to defer maintenance, I guess...

That said, I never pay full price or count on appreciation.  If I get some in the end, that's icing on the cake (but Uncle Sam will get his greasy fingers in that icing first lol).  If you can wait to find better deals-especially as a side hustle-you will be better off for it.  Why work your butt of for something that will keep you up at night.  You have your reasons for sticking to your numbers and criteria.  If the market isn't providing them, it's a prudent move to sit it out a bit and watch, but also ask: "what am I missing?"

Personally, I have little interest in the small multi-family. I feel like the tenant quality is lower and the pool of buyers is more limited. The benefits of a shared roof are totally offset by the fact you have neighbors on the other side of your wall, IMHO. Why not try SFR's?

@Michael Schafer I was a 'tag-along' too when I came here (albiet from Iowa City).  It forced my hand to jump into RE when I'd dreamed of it for years but never took action.  I wish I had much earlier! And as for a dream... well, IDK about that lol.

You came here for a fun first winter, and I can't argue with the Miami weather.  That said, changing seasons is nice, it just creates a lot of work and changing lifestyle.  I hope you begin to enjoy it. 

I caught some of this on the DSM register (which is almost always VERY one sided) and the FB responses (which are always SMH).  I think @Ryan Naylor really mirrors my thoughts well.  That's a pretty abrupt price increase... could that have been staggered over a couple years to just be decent?  That said, I also feel @Anthony Wick too.  What ever happened to caveat emptor in this country?  Those people AGREED to live on someone else's land.  There is no surety in lot rent-in fact it's almost implied that it will raise!  

I do feel for these folks, but I also support a 'no quarter' policy for people that don't plan for eventualities or take responsibility for what they signed on for.  

Welcome to the area Michael.  It's a great place to raise kids!

Thanks for doing the legwork there @Braidon Cottrell!  You summarized what I was thinking with actual laws!