All Forum Posts by: Tyler Rasmussen

With a property like this, you're probably going to have a lot of turns, and few long term tenants. I'd ask for historical vacancy reports. I'd also recommend getting your own quote for insurance. Multifamily insurance is getting more and more expensive in Iowa. Toledo only has a population of 2400. We've had success managing properties in smaller towns and keeping the occupancy high, but it's something to be aware of. 

Welcome Tyler! I focus on investing in the Waterloo and Cedar Rapids area of Eastern Iowa. If you ever need any help or advice, I'm happy to help. Been investing in Iowa for over 10 years and I am the Broker/Owner of EPM Iowa, a management company with around 500 doors under management.  

We use Buildium to track everything in our trust account, but then use QB to handle our operating account. 

I'll trade you! A lot of our multi-family policies are going up 50% as compared to last year. For our insurance I use Smith D&L out of Independence. We also have used Dan Hoover with Brummel Madsen Insurance in Cedar Falls. 

What location?

I'm the owner of EPM Iowa Property Management. We're based out of Waterloo but manage 100+ units in Cedar Rapids and 500+ in the Cedar Valley. We're a full real estate brokerage and licensed and insured to manage properties in the state of Iowa. 

I'd recommend managing it yourself for a bit and see how it goes. You can always hire a 3rd party manager or sell it later on. 

The Iowa sellers disclosure does not ask for this information and it's in the buyer to do that due diligence. When we help our clients purchase an investment property we always put on the purchase agreement that they need to give us a delinquency report when the purchase agreement is signed, and then a week before closing they need to give us an updated report as well as tenant contact information and all the renters documentation. We've learned the lesson of taking over properties with significant delinquencies, and that just turns into evictions and a lot of vacancies for the new owners.

If you're just looking for 8% CoC deals, you may want to consider investing in a syndication. For the syndications that we've set up, our investors get an 8% preferred rate of return, then half of the upside after that.