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Old 08-16-2014, 12:15 PM
 
23 posts, read 26,985 times
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Can someone give me an idea of what being a landlord in Iowa encompasses. I am thinking about moving to Iowa for my retirement and my income would be based on income from rental properties. In particular, Mason City, but I'm open to suggestions.

What I'm interested in knowing about is property taxes, property insurance, and ordinances, vacany rates, things landlords traditionally pay for such as snow removal, utilities, anything I'm not mentioning, etc. Also, what would the average 3 bedroom house rent for?

Can any Iowa landlord give me an idea of their experiences?

Thank you.
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Old 08-25-2014, 08:03 AM
 
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You'll absolutely love Iowa's laws. They are some of the most landlord friendly laws in the country. Literally, you can do almost anything you can imagine to the poor souls that are renting there.
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Old 08-26-2014, 06:34 PM
 
Location: Jonesboro
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I suggest that we keep our focus here where it should be as in on giving helpful advice or providing direction to resources that the op could find helpful.

This is the Landlord & Tenant Issues page from the Iowalegalaid web site.
Iowa Legal Aid

Here is a fairly recent story about a man in Mason City who is the president of the Mason City Landlords Assoc.
North Iowa Neighbor: Jim Ervin, president of M.C. Landlords Association

Let's leave hyperbole out of this thread.
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Old 08-27-2014, 07:39 AM
 
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My advice was helpful. Directing a reader to cover large documents or link news story is equivalent to suggesting someone Google something. Since I happen to know a significant amount about renter laws, it seemed useful to cut right to the chase. Tough luck, you don't like me and I don't care. I give it out accurate information.

In Iowa we found most landlords don't pay for utilities. However, you definitely will be stuck paying for snow removal. Tenants will carry their own renters insurance, or more frequently be uninsured, so you'll want to write into the lease that it isn't your problem if your building burns down.

Average 3 bedroom house rental rates will depend dramatically on where the property is located. Des Moines, despite being a much larger market, is still much more affordable than the Iowa City area. There are several reasons, from capability of government to supply and demand of renters as a large city can serve itself much better than a college city. Generally speaking, running apartments will be significantly more profitable than running individual houses because the cap rates are better and the growth rates are similar. If you decide to rent in a higher rental cost area like IC, you'll need to establish a clear target demographic. You're either going for the relatively few middle class people, or the relatively common college students. If you decide to rent to college students you'll either need to plan to adjust rents and policies to handle drunken frat parties, or you'll need to screen out those potential residents to ensure you only rent to the more responsible tenants.

Let's leave the condescension out of this thread. Directing to resources is Google's job, not the forum users'.
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Old 08-27-2014, 08:54 AM
 
Location: Jonesboro
3,637 posts, read 3,612,723 times
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This is really quite a remarkable situation. Yesterday I provided a link to a story about a man who is the president of the Mason City Landlords Assoc. because the op asked specifically about the land lord environment in Mason City and because there was no online link that I could find for the Mason City chapter of the organization. Providing that story link was a means to getting the op in touch with the group via it's president.
I provided the 2 links yesterday given that I believe in passing on info & in fact-based conversations here rather than hearsay or flaming comments.
A year ago here you called me "...lazy..." for not providing a link on a thread but now you've written this morning that "Directing to resources is Google's job, not the forum users'."
So, which is it? You can't have it both ways.
Your remark about "liking" or not liking someone is getting way too personal here. As I saw written in a thread elsewhere last week, I'd advise "...a measure of caution..." with that.
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Old 08-30-2014, 07:08 PM
 
23 posts, read 26,985 times
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Thank you to everybody who responded. I really appreciate the information and links. As an aside, I don't want to do anything bad to my tenants, just looking for a way to finance my retirement. Now, off to check out the links that were provided, and I want everyone to know that EVERYBODY's responses are appreciated.
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Old 09-01-2014, 09:31 AM
 
3,492 posts, read 5,280,387 times
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Quote:
Originally Posted by Kickstand1958 View Post
Thank you to everybody who responded. I really appreciate the information and links. As an aside, I don't want to do anything bad to my tenants, just looking for a way to finance my retirement. Now, off to check out the links that were provided, and I want everyone to know that EVERYBODY's responses are appreciated.
GL kickstand. Have you done research on cost of living for the various state options, or are you planning to live near family? If you were concerned about costs of financing in retirement, wyoming has a very tax friendly environment for retirees.

Atler8, feel free to set your account to ignore my messages. You're becoming too personal with me and I'd rather we have some distance. However, I won't be leaving.
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Old 09-06-2014, 10:14 AM
 
23 posts, read 26,985 times
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Quote:
Originally Posted by lurtsman View Post
GL kickstand. Have you done research on cost of living for the various state options, or are you planning to live near family? If you were concerned about costs of financing in retirement, wyoming has a very tax friendly environment for retirees.

Atler8, feel free to set your account to ignore my messages. You're becoming too personal with me and I'd rather we have some distance. However, I won't be leaving.
I have done a little research on a couple of other states like Minnesota, S Dakota, and WI. I used to visit family in Iowa and Minnesota as a child, and that is where my heart has always been. Used to have a lot of relatives there, but most have passed on. I think I've got a thing for corn.
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Old 09-07-2014, 08:54 AM
 
3,492 posts, read 5,280,387 times
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As long as you've done your research and have a reason for your choice, that's all that matters.

I couldn't help but notice you picked awfully cold states (for winters), so I'm guessing the cold winters don't bother you. If you don't mind the Midwest weather, the landlord friendly laws in Iowa may help make up for the high taxes. Depending on your investment goals and expected cost of living, you'll probably find Des Moines and Council Bluffs as the best financial options.

If you opt to be a landlord in Mason City, there is definitely some demand with a population over 20,000. The smaller markets are less efficient, so plan accordingly. (Longer vacancies, more importance on getting advertising right) I'm expecting smaller markets to appreciate slower than larger ones on average. Even if you don't sell the property, the appreciation has a strong correlation with the rental rates, so growth in values should be expected to roughly mirror growth in rental costs. Still, if you want to retire in Mason City and have the money for investment properties, it is definitely something you would be able to do. The laws are landlord friendly, and the city is still big enough to be viable. Under 3-4k population, being a landlord is a risky proposition as vacancies can become absurd and the inefficiencies in the market become overwhelming.

Just my personal opinion, but I am a financial analyst with a history in looking at real estate investments
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