After the flowers bloom, there is a blub type pod that forms near where the flower was and I don't know what it is. What should I do with it? Thanks.
Those would be seeds. Many people cut off the flowers as soon as they have faded, to prevent the plant from putting its energy into seed making instead of new flowers. However, iris can be grown from seed; in fact, this is how growers develop new varieties. It's not easy, and takes a couple of years for a plant to mature, but if you're interested in doing special research and developing a spectacular hobby, this would be a good one.