analysis: There are town-homes, town-boxes, and even town-ruts ... Make sure yours is a "townhome"! - 06/24/07 06:23 PM
It's bad enough that the world is diluged with what my neighbor calls "snout houses", but now we have these townhome developments where all you see are garages as you drive into the development.  Do you want to get to the front door, on foot?  Well, you'll have to park some long distance away,  then walk all the way around to the back side of the building, which for some reason is where the developer and the city decided a "front" door ought to be.  D'oh!     
Not so bad most days, but did the local permit department forget that this home is located in Iowa -- where we have 30 mph … (0 comments)

analysis: Working to develop network for distribution of RE TIC offerings (RE/MAX Agents in particular) - 06/15/07 01:04 PM
With the issuance of IRS Rev Proc 2002-22, Real Estate held for investment as a Tenant-in-Common was promulgaged as being eligible for a Tax-Deferred, 1031 exchange, subject to 15 provisions or restrictions.
Since that ruling 5 years ago, the total equity being invested in eligible TIC offerings has escalated at a phenomenal rate - from several hundred million to several billion.  And, there are a whole set of questions investors must resolve before jumping in (see To Buy into a TIC or Not -- That is the Question.  Searching the Internet will return literally 100's of references, particularly from the 1031 folks, but Rev Proc 2002-22 does open up the opportunity … (2 comments)

analysis: "The aim of education is not knowledge, but action..." Herbert Spencer - 06/14/07 12:09 PM
One thing I really like about having returned to RE sales, after 20+ years in the IT industry, is that "they" are not changing the rules all of the time. 
Oh, there is:
the slow and gradual march toward more and more documetation, to protect the consuming public.  This we know.  the less slow but just as gradual improvement in the technology for new construction -- both for homes and commercial.  the need to implement more technolgy for the Internet savvy industry professionals, and the ways in which we communicate with our clients.   (I love text messaging, and email, and gmail, and google talk.  I love our Settlement Room software system … (0 comments)

analysis: Multi-Family P&L Analysis vs Proformas - 05/25/07 08:34 PM
This is probably a question that is rhetorical -- I know the answer but I'm still fishing for a different way to state the obvious.   
For Multi-Family rental properties, sites like tend to offer a CAP Rate approach to property valuation.  Commercial Bankers, however, tend to prefer a P&L approach, or even a P/E Ratio analysis.  And, they assert some %'s for maintenance and vacancy factors that aren't even tied to the property's actual history.  I'd like to find more on what commercial bankers are looking for in order to underwrite a 1st mortgage. 
In the old days, a Gross … (4 comments)

analysis: Des Moines Anti-Bubble Research - From NAR - 05/12/07 11:50 AM
Here is link to my favorite links page, and from there, if you select the entry for Des Moines Anti-Bubble Research,  you can open a PDF document published about RE values in Des Moines.   It's for the analytical types who want more info than what will be available in the local newspapers. 
I also keep very accurate info for an area I call my "Listing Prospect Farm" area -- from 34th to 48th, and from Hickman to the Freeway.  A big area of approximately 2000 homes but this gives me enough inputs so that my data is less skewed.   Good reliable data on … (0 comments)

analysis: Strategic Pricing Methodology for Today's Marketplace - 04/30/07 09:27 PM
It occurred to me a while back that having a listing that is overpriced is actually nearly as bad as not having a listing!   Seller's can be demanding, and some are high maintenance (redundant, I know), but ALL tend to want their house sold!!!   Of course, Realtors wouldn't take listings if the sellers aren't really motivated to sell, would they?   Well, least not on purpose. 
Particularly with residential real estate, however, proper pricing is about 10% science and 90% art, because for many buyers, there is definitely an emotional component which will cost justify paying more what they might otherwise, were they a "prudent … (0 comments)

analysis: Real Estate Investment analysis tools - 01/29/07 08:24 PM
Each RE Investor has some kind of buying criteria, then a formula through which s/he runs the numbers.   This can be fairly simple yet the simplier it is, the more prone to error it could be.  
Take for example the old GRM (Gross Rent Multiplier).  Some used to advocate that 6 times the gross annual rents would indicate the property could be a bargain, while 8 or 10 times would be much less of one.   This hardly tells an investor anything.  Reject this old methodology because your hard-earned cash is much too precious.  
Then we have the, "I don't want to … (0 comments)

analysis: Two Rivers REIA (A Central Iowa Real Estate Investor's Association) - 01/11/07 02:26 PM
If you've been looking for an investors association in Central Iowa, you may have been looking for a while and not come up with much.   That's why we started a group called Two Rivers REIA, and details can be found at 
The group meets twice per month, currently.   The goal is to provide education, networking among like-minded investors, and a forum for ideas to help prevent investors from making costly errors.   We all have to learn something through the school of hard knocks, but we DON'T have to learn everything that way.  Sometimes, you can profit from learning from the … (3 comments)

Andrew Lietzow, MBA-Exec Dir Iowa Real Estate Investors Association - (IaREIA | Iowa Landlord Association)

Andrew Lietzow

MBA-Exec Dir Iowa Real Estate Investors Association -

Des Moines, IA

More about me…

IaREIA | Iowa Landlord Association

Address: 4023 Urbandale Ave Unit 13246, Des Moines, IA, 50310-0246

Office: (515) 255-0675

Mobile: (515) 710-1955

Email Me

Des Moines, Iowa -- There are a lot of positive things going on in Des Moines that make it a great place to invest in Real Estate, either as an owner-occupant, or an investor. Check us out!



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