All Forum Posts by: Taylor Marvin

Hey Michael, feel free to drop me a PM. I've been focusing on the same in Des Moines for the last ~5 years and have built up a good list of recommendations. Also will echo Anthony and recommend the next meetup at Ingersoll Tap! 

Vosk and/or Central Appliance (both in Ankeny) also have good values on new appliances - they're direct from manufacturer, but can't be sold in stores due to scratches, dents, etc. 

Just found this link on their site - give it a try to see if you can find a local lender to discuss with. 

http://www.iowafinanceauthority.gov/Home/SFContact...

Hey @Jared Stroebele - yes, IFA grants and funding is available, however, not all lenders are set up to facilitate them. So I would call around to find a lender that offers it, and can review the details with you. If you're struggling to find someone, drop me a PM. I have a lender here in DSM that works with them, and could provide some general information for you. Good luck! 

Hey Rachel, to file your FED/MJ, you must use the below website, no need to go downtown. On the main page is a link to "Forms for eFiling" which has copies of the Original Notice FED (and/or MJ) that you'll submit, along with a Verification of Account (for each tenant). 

https://www.iowacourts.state.ia.us/Efile//

Once they accept the filing, you'll receive the court date/time back from them. Then you can get the sheriff to serve them (make sure to bring a check to their office). 

Yes, the FED is just for possession. You can file a MJ at the same time to avoid the second $85 filing fee, but you don't need to. 

Feel free to contact me offline to discuss further. 

My two cents on the question about future rates - for a general indication, you could check out the FED Dot Plot - where the FOMC predicts where they see Fed Funds Rate heading.

I agree with @Mike Dymski - rising interest rates will be offset by rising rents & values. IMO - the investment performance will be affected more by local trends (jobs, house prices, development, etc), than by changes in interest rates. 

FWIW - my experience, we've never had an issue refinancing performing loans, and we do work with a few different local lenders, just in case. 

I read somewhere that the grace period was intended to account for weekends and holidays where Tenant could say they mailed it before. But James is right, I'm not aware of any requirement to include a grace period. 

Regarding the late fees - some states will set a cap for the maximum late fee allowed. For example, here in Iowa, the landlord may only charge a maximum late fee of $60/mo if rent is less than $700/mo; or $100/mo if rent is greater than $700/mo. We used to have it set at 10% of rent also, but had to update it for that rule. Same with overdraft fees - Iowa has a limit of $30 fee per check.

Hilarious video. Great work on the 500k! I can only see that number rising... 

Yes, check with a CPA. My understanding: depreciation, mileage expenses, and office expenses can be deducted for rental properties regardless if they're held in LLC or personal. From a tax perspective, I assume you'll have a single member LLC and that simply passes through to your personal filing anyways.

Although technically correct regarding the due on sale clause, I've never seen (or heard of) a bank actually calling a loan because title was transferred from personal name to personal LLC for the purposes of asset protection.

Regarding seller-financing, the downsides can be a higher interest rate, shorter term, not holding the deed, and more practically, finding the deal in the first place. 

Hi @Ashly B. - We've used The Vroman Group in West Des Moines and they've been great to work with. They're probably swamped right now though if you were trying to have to it reviewed before 4/15. Of course, you could certainly file an extension and/or file an amended return later if they notice any changes. 

Congrats on expanding and good luck with taxes!