01
House hackers
Buying a duplex or fourplex, living in one unit, and renting the others. You need a deal that underwrites with FHA financing and a renovation scope that doesn't blow your reserves.
Read the house-hacker playbook →Vol. VIII — Cedar Rapids, Iowa · Est. 2017
Small-portfolio real estate. Big-leverage outcomes.
Bought, renovated, and managed by Mike Halverson — a single operator running the Source, Renovate, and Manage desks out of one P&L, serving 1–10 unit landlords across the Midwest.
312
Acquisitions closed
since 2017
since 2017
2,100+
Renovation projects
completed in-house
completed in-house
9.4%
Avg. net cash-on-cash
on stabilized rentals, 2024
on stabilized rentals, 2024
$47.2M
Cumulative acquisition
volume since 2017
volume since 2017
Reader Profile
Who this is for
If any of these sound like the deal sitting on your desk right now, the rest of the page is written for you.
02
BRRRR buyers
Buy, Rehab, Rent, Refinance, Repeat. You need a contractor whose invoices actually pencil into your refinance appraisal — not a vendor who treats your BRRRR like a flip.
See a sample BRRRR scope →03
Accidental landlords
You inherited a property, moved for work, or never wanted to be a landlord in the first place. You need someone who treats the asset like it's their own P&L, not a 3% management fee.
Hand it off, the right way →04
Out-of-state buyers
Investing from Chicago, Denver, or a military base overseas. You need boots-on-the-ground sourcing, contractor accountability, and monthly statements that arrive on the 5th.
How remote buyers work with us →05
Sellers with a tired rental
You own a 1–4 unit that needs work, has a tired tenant, or has been sitting on the MLS. We close on the as-is, handle the eviction if needed, and pay inside 21 days.
Get a no-obligation offer →06
Listing agents with a deal
You have a small-multifamily or value-add single-family listing. We'll underwrite within 48 hours, present a clean offer with proof of funds, and protect your commission.
Submit a deal →The Operating Model
Three desks. One operator. Zero handoffs to strangers.
Most investors run a four-vendor stack: a buyer's agent, a wholesaler, a GC, and a property manager. Mike's Quarter runs all four functions inside one LLC — one P&L, one phone call, one accountable partner from the purchase contract to the month-60 rent receipt.
Desk 01
Source
Mike underwrites every acquisition himself. No junior analysts, no AI screener. We target off-market 1–4 unit rentals in Iowa, Illinois, Minnesota, and Wisconsin — probate, tired landlords, outdated MLS photos. Every deal is run through a 38-county acquisition map, a 19-point inspection checklist, and a stress-tested rent roll.
- 312 acquisitions closed since 2017
- $47.2M in cumulative volume
- Avg. 6.3 vacant-to-tenant days on managed turnovers
Desk 02
Renovate
A 14-person in-house crew — carpenters, electricians, plumbers, project managers — not a list of subs texting on a Saturday. The same crew that scopes the BRRRR budget also swings the hammer, which is why our kitchen-to-kitchen flip timeline averages 19 days and our refinance appraisals don't get hit with cost-suspect adjustments.
- 2,100+ renovation projects completed in-house
- 14 full-time tradespeople, no subcontractors on critical path
- 19-day average kitchen-to-kitchen timeline
Desk 03
Manage
Eight doors per manager — not the legacy-PM industry average of 70+. Every property manager can drive to every door in their book inside a workday, which is why our average tenant tenure runs 3.7 years and our 2024 cohort posted an 8.7% median net cash-on-cash return across 268 stabilized rentals.
- 268 active long-term managed units
- 8 doors per property manager (vs. 70+ industry avg.)
- 3.7-year average tenant tenure
Vol. VIII — Filed under: Track Record
Eight years on the operator's desk. The numbers, on paper.
No projection charts. No promised yields. Below is the working file — acquisitions closed, dollars deployed, rehabs delivered, and doors stabilized since the first closing in Cedar Rapids in 2017.
- acquisitions
- acquisition volume
- renovation projects
- stabilized rentals
Member, National Association of Residential Property Managers (NARPM-credentialed since 2020) · 2024 Iowa REIA Small Investor of the Year · 8 doors per manager, vs. 70+ at legacy PM firms.
Currently buying in 38 counties across Iowa, Illinois, Minnesota, and Wisconsin.
A note from Mike
Why one operator underwrites every deal himself.
"I started Mike's Quarter in 2017 after buying a duplex in Cedar Rapids and getting burned by a property manager who put a tenant in who stopped paying after the second month. I learned the trade in person — at the closing table, in the basement with the plumber, and on the phone with a tenant at 11 p.m. about a leaking shut-off valve. Eight years later I still underwrite every acquisition myself. Every walkthrough, every rehab scope, every rent comp. If we take it on, my number is the one on the deal. There is no junior analyst between you and the person who decides."