All Forum Posts by: Nicholas Wallraff

Hello everyone, I think it's time!  I just added a new meetup event for July 22.  Please RSVP so we can find a venue that will be appropriate for the size of our group!

https://www.biggerpockets.com/forums/521/topics/849557-cedar-rapids-rei-meetup

Hello everyone! I've missed seeing you all at our meetups.  What. A. Year.  For the last several weeks I have been pondering when it would be "appropriate" to start having meetups again.  Obviously we do not want to put anyone at risk, but at the same time we cannot remain distanced forever.  I was waiting for a sign which made it "ok" to get back out there.  For me that happened when I was on my way home last weekend and my route was blocked due to road closures for a farmers market, that many people in one place? I guess it's time.

This meetup will be open to anyone who feels it is safe and is ready to get back out there!  The venue is still TBD, we are considering an outdoor location because virus transmission seems to be vastly reduced outdoors.  Please RSVP so that we have a rough idea of the number of people we are expecting and we can find a place to meet that would be appropriate for our group.

Anything indoors it typically not a problem.  As far as our local climate, concrete/asphalt is typically done late October/early November and starts up again in April.  Roofing/framing/siding etc can go to the beginning of December on a good year and start up again in March.  Utilities and everything else varies depending on the week.  It is an unpredictable climate, it seems like each year is different from the next.  Last year I was ice fishing on Dec 18th and road tripping on the motorcycle Dec 20th.

The easiest way to set up an LLC in Iowa is to go to the Iowa Secretary of State website, then just follow the drop down menus to "business entity filings." It doesn't take long, just enter your info and submit copies of your articles of incorporation and operating agreements if necessary. This route will cost you $45. You can also hire a lawyer to do it for you and draft any necessary documents, that will probably cost a few hundred. Good Luck!

If you want to keep your tenant happy and in place then just call a professional for a pest inspection.  For around $50-60 you can have someone check for all manner of nuisance and structural pests.  If you want to save the money then like @Jill F. said, get a few outdoor bait stations and place them around the building (likely what a pest control service would do anyway), then inform the tenant that they have been installed and the issue should be resolved with time.  Either way, problem solved with a few bucks and an hour of your time.

@Austin Bauer

As far as resale value is concerned here is what I've heard from local builders in eastern Iowa and also seen as an agent.

1. If you build a custom house you will typically spend more than the property will resell for, especially if you're outside of commuting distance for major cities. The more you make the house just right for you the less it will be right for others.

2. Trying to resell a home with major renovations can be difficult, no matter how well they're done something usually seems off about the floorplan, layout, etc. Also people in higher price points in Iowa typically want newer houses.

If you're going to keep this house forever then this likely doesn't matter much to you.

As far as rent vs. renovate it's really up to you. If your current house is nice and can demand top of the market rents then you shouldn't have trouble filling it with a good tenant who will provide minimal headaches.

That being said I completely understand not wanting someone living next door out in the country. Could you test the waters for awhile and try it out as short term rental or Airbnb before deciding to commit to a long term tenant?

I would also recommend Dan Seufferlien, I have worked with him on several deals and he has been great.

As far as Cedar Rapids investor meetups we actually got one started early this year but due to the coronavirus we have had to postpone events for the time being.  As soon as it is safe I will schedule another event and post it in the events section on BP and in other areas as well!

Hello everyone, unfortunately it looks like we'll have to postpone this meetup until further notice.  I will get a new date planned as soon as it's safe to do so! Thanks!

Our February meetup was great!  I look forward to seeing you all again and hopefully some new faces as well!

Hello everyone! I am a FF/EMT volunteer fire and ambulance with the Hiawatha Fire Department in Iowa. I also go out on wildfires as a federal AD hire. I have done a couple deals and currently house hack a 3 Plex. I got my real estate license this year and am looking forward to growing!

It is great to see other people in public service who are also interested in REI and all it has to offer!