Skip to content

Vol. VIII — Cedar Rapids, Iowa · Seller Desk

Sell the tired rental. Get a cash offer in 7 days.

Mike Halverson buys 1–4 unit rentals and problem properties across Iowa, Illinois, Minnesota, and Wisconsin with his own 14-person crew. No listings. No showings. No repairs. One cash number, signed at his desk.

Request a 7-Day Cash Offer Or call Mike direct: (319) 555-0142
312 Acquisitions closed since 2017
$47.2M Cumulative acquisition volume
14 In-house tradespeople on payroll
7 days From signed offer to funded close
A worn two-unit rental property in Cedar Rapids, Iowa, prior to acquisition and renovation.
118 B Avenue NW, Cedar Rapids — acquired Nov 2023, gut-rehabbed, re-tenanted at $1,485/mo by Feb 2024.

The Honest Filter

What Mike buys — and what he passes on.

Pre-qualifying saves us both a week of phone tag. If your property fits the left column, expect a same-day call back. If it’s the right column, Mike will tell you who to call instead.

Mike writes the offer

Properties he buys

  • 1–4 unit tired rentals with low or negative cash flow
  • Houses with problem tenants, eviction in process, or recent vacancy
  • Deferred-maintenance properties needing roof, HVAC, electrical, or foundation work
  • Inherited houses and probate properties, regardless of condition
  • Out-of-state owners tired of long-distance landlord work
  • Code-violation and city-fine cases in Cedar Rapids, Waterloo, Iowa City, Davenport, Rock Island, Dubuque, Rochester, and the Twin Cities suburbs
  • Fire, water, or storm damage where insurance has already paid out

Mike refers you out

Properties he passes on

  • Vacant raw land, farmland over 5 acres, or commercial-only buildings
  • 5+ unit apartment buildings (he’ll refer you to a local syndicator)
  • Properties outside Iowa, Illinois, Minnesota, and Wisconsin
  • Listings priced within 5% of recent retail comps — retail buyers pay more than he can
  • Active short-sales still in negotiation with the lender
  • Mobile homes, co-ops, or properties on leased land
  • Anything needing a full environmental or Phase I ESA before closing

Not sure which column you’re in? Call Mike at (319) 555-0142 — he answers, or calls back the same business day.

Disposition Record

Three real dispositions. What Mike paid, what he fixed, where the property landed.

Every tile below is a closed deal from the 2023–2024 cohort — not a hypothetical. Numbers are the actual figures on the closing statement.

Renovated kitchen inside the 118 B Avenue NW duplex after Mike's in-house crew completed the gut rehab.

Case 01 · Stabilized Rental

118 B Avenue NW, Cedar Rapids

Acquired
$84,500 cash, Nov 2023
Renovation
$31,200 — new roof, electrical panel, two kitchens, both baths
Re-tenanted
Feb 2024, both units, $1,485 + $1,250/mo
Disposition
Kept under management — 11.2% net cash-on-cash, FY2024
Exterior of the 1618 24th Street four-square after Mike's crew completed the full exterior and systems renovation.

Case 02 · Resale

1618 24th Street, Rock Island, IL

Acquired
$61,000 cash, Mar 2024 (probate, vacant 14 months)
Renovation
$48,750 — full rewire, replumb, new HVAC, kitchen, two baths
Listed
Listed at $169,900 after 41 days of work
Disposition
Sold $172,500, Jun 2024, conventional buyer
The renovated up/down duplex at 412 Walnut Street, La Crosse, after Mike's crew completed deferred-maintenance work on both units.

Case 03 · Stabilized Rental

412 Walnut Street, La Crosse, WI

Acquired
$112,000 cash, Aug 2023 (out-of-state seller, 2 code violations open)
Renovation
$22,400 — violations cured, new porch, electrical updates, paint in & out
Re-tenanted
Oct 2023, both units, $1,150 + $1,325/mo
Disposition
Kept under management — 8.7% net cash-on-cash, FY2024

Across 268 stabilized rentals, the FY2024 cohort averaged 9.4% net cash-on-cash return — with a median of 8.7%. Individual property results vary.

The Sequence

From phone call to wire transfer in seven days — here is the actual sequence, not a sales pitch.

No financing contingency, no inspection renegotiation, no last-minute repair credits. Below is the calendar Mike runs on every cash acquisition since 2017 — Day 1 through Day 7, with the document signed at each step.

  1. Day 1

    Walkthrough & written offer

    Seller calls (319) 555-0142 or submits the intake form below. Mike or a project manager walks the property the same day — interior, exterior, mechanicals. A written, no-financing-contingency offer is delivered by 6:00 PM, typically within four hours of the walkthrough.

    Document: Letter of Intent (LOI)

  2. Day 3

    Purchase agreement signed

    Seller signs the Purchase & Sale Agreement (PSA) Mike's title company prepares. Earnest money of $2,500–$10,000 is wired to escrow. The contract names a hard close on Day 7 — no extension clauses, no inspection objection window.

    Document: Purchase & Sale Agreement (PSA)

  3. Day 5

    Inspection, title, & survey

    Mike's 14-person in-house crew performs the property assessment at his cost — no seller-paid inspection. Title commitment is opened with the local abstractor, prior owner's lien payoff statements are collected, and the survey (if required) is ordered. Any material issue surfaced here is either absorbed by Mike or cancels the contract with earnest money returned within 48 hours.

    Documents: Inspection Report · Title Commitment · Lien Payoffs

  4. Day 7

    Closing & wire transfer

    Seller signs the warranty deed, closing affidavit, and 1099-S paperwork at the title company — or remotely via mobile notary if out of state. Funds wire to the seller's verified bank account the same business day, typically by 3:00 PM Central. Mike takes keys at the table; the in-house crew mobilizes for any renovation work the following Monday.

    Documents: Warranty Deed · Closing Disclosure · Wire Confirmation

Across 312 acquisitions closed since 2017, the median close has landed at Day 7.1. Two deals in that cohort extended to Day 10 due to title curative work on inherited parcels — Mike discloses that risk upfront, never on Day 5.

Direct Line

Submit the address and condition — Mike personally responds within 24 hours with a written offer, or a candid "no thanks, here's why."

The fastest sellers in our portfolio started with a two-sentence email and a photo. If your property is in Iowa, Illinois, Minnesota, or Wisconsin — and you can describe the unit count, current occupancy, and biggest deferred maintenance in plain English — Mike will reply with one of three things: a written cash offer, a referral to a wholesaler who fits the deal better, or a candid explanation of why Mike's Quarter is the wrong buyer for it. No chase, no spam sequence.

  • Call Mike Direct (319) 555-0142
  • Email [email protected]
  • Office 412 2nd Street SE, Suite 300, Cedar Rapids, IA 52401
  • Coverage Iowa · Illinois · Minnesota · Wisconsin

Seller Intake — 90 seconds

All four fields. Mike replies personally within 24 hours.

By submitting you agree Mike may contact you at the email or phone you provide. No marketing list, no resale.