An overdue introduction from Omaha NE

[Cody Purcell]

Hello world,

My name is Cody Purcell and I've been a BP consumer for years but as I'm sitting here, home sick with the flu, it dawned on me that I've never gotten around to setting up my BP profile.  There's no excuse really... I'm actively investing, I enjoy meeting people and I KNOW that BP is a great place to network and develop relationships... so I guess now is the best time to get started.

My wife Stephanie and I got serious about investing in mid 2016 and so far we've acquired four rental units in Omaha. Our first was a duplex in Midtown we picked up in late 2016. I was fortunate enough to get an off-market deal through a friend of mine that is with NE Realty (if you're looking for someone I'll give you his info, just DM me). Then last winter we purchased a new primary residence in Millard and put a tenant in our previous home near Lake Cunningham. The numbers on the home we left met our investing criteria so we decided to keep it in our portfolio. We also have some equity in it and a HELOC that we leverage for additional investments. The home we're in now was a real fixer and our strategy is to live here until we finish renovating it and then we'll either have the option to flip it and roll the equity to something else or keep it in our portfolio and do a cash out refinance. The other property we acquired last year was a FSBO where I had met the seller through my property management company. That property is a few blocks East of Benson which isn't a neighborhood I was pursuing but it was fully renovated and the numbers were excellent so we bought it. I know, I know... you're thinking I was tricked by the cash flow potential and that I'll regret investing outside of my target areas. I reviewed the last 4 years of the properties performance with the seller, thought it through and since I have high confidence in the screening and administration of my property manager we figured it'd be worth it. It's been less than a year but so far so good...

Our next step is to finish renovating the property we're living in now and then either repeat with a new fixer or, better yet, purchase a built for purpose 4-unit property and live in it for a year or so.  Unfortunately, those seem to be few and far between in Omaha.  We're also still looking at other single family properties to outright add to our portfolio.  Mostly in Midtown/Dundee but we're open to other areas that are headed in the right direction.

If you're in Omaha, I'm happy to meet up for happy hour or coffee sometime. 

Thanks for reading my post and have a prosperous 2018!

Cody Purcell