All Forum Posts by: Spencer Stensrude

Hi David. I have actually been on the seller side of this situation, and it is very frustrating when a tenant prevents a showing to a potential buyer. The best advice I have is to try again but have your agent work with the selling agent to make sure notice is posted that she will be entering and that she has a key. Your next worry is if the tenant isn’t home and has a dog! Good luck and remember if you are having this much trouble buying the property everyone else is too! The seller will also be aware of how difficult it will be to sell in this situation.

If the financials are the part you are least confident about I think it would make a lot of sense to start working with an accountant. Find one to do monthly statements for your rental business and see if you can sit down once a quarter or one a month to talk about how it’s going or what to look out for. This could be the same firm that prepares your tax return each year.

Hi Richard. Welcome to BP! This forum will be a great resource to learn more about investing. I have also found that joining a local or fairly local real estate investors association (REIA) is a great way to learn localized operating information. There are a couple down in Des Moines and one in Mason City. I am not sure if there is anything in Fort Dodge right now. It sounds like you are off to a great start, so I would recommend you keep doing the deals that make so much sense you can’t say no!

What markets are you working in?

Hi Rylan. I think Eric Levenhagen in Mason City would be worth interviewing for the things you have in mind. Check out his LinkedIn to see some of his background.

Hi Jonathan. It’s inspiring to hear the changes you are making in your life! Try finding the owner on social media.

What is more important than anonymity is working with an experienced attorney to form the entity, and asking a lot of questions about how to maintain the corporate shield once you are operating on your own. There are small details along the way that are important to understand and are too easy to miss while researching on the internet. Google and YouTube are great places to get background information and find out what questions to ask, but when it comes down to the details of daily operation you need someone on your side that is working with this everyday.

Hi Haley. The first step I would take is to join a local REIA and get to know who is serious in the market. You could also ask your real estate agents for a referral to potential mentors. Having an experienced local investor that you can call and ask questions of is a big advantage.

This could be completely different in Des Moines, but I have seen city inspectors force tenants to leave for repairs to be made. It may be worth a few calls.

Sent a message. Hope you can reply.  There are always exceptions, but I have found it difficult to get beyond $750-800 in the past even with a nice house in a nice neighborhood.  For frame of reference the two I am talking about: one is a $100-$120,000 house near the hospital and the other is a $100,000 house south of Cabin Coffee.  However, I do know of a house in Briarstone that was rented for $1,100.