All Forum Posts by: Andrew Brown

Hello everyone,

After five years at a development company in rural Nebraska, I'll be relocating soon. Las Vegas is on the short list and I'd like to learn about the market before making a decision. If you're investing in Las Vegas, involved in real estate transactions, or can shed any light on the REIA, I'd like to hear from you. If you'd like to share anything about your business, please reach out.

Sincerely,

Andrew Brown

Hello everyone - hoping some of you with experience investing in small towns might be able to weigh in here and provide some guidance.  I moved to a town of 3,000 people in Nebraska about three and half years ago.  One of the problems I've come across when running numbers is that rents in town really seem to be capped.  Decent two-bedroom units generally go for about $500-550/month, and three bedrooms don't seem to fetch much more than $600-650.  Short of buying something very cheap that needs few repairs (maybe they're out there), I find it really difficult when using the BP calculators to come up with anything that makes sense.  There's a housing shortage across most small towns in Nebraska and mine is no exception.  However, this seems to be reflected much more in sale prices than market rents.  Just curious if any of you have encountered a similar plight and found creative ways to put deals together.

Switching gears a bit, I drive past the county courthouse almost daily.  What kinds of questions should I ask if I wander in there looking for leads for potential deals?  

I welcome any insight.  

Hey Erik, I'm in Central City and just completed my first deal in Hordville of all places. Currently looking for deals in Hall, Hamilton, Merrick, and Howard counties. Too bad that Grand Island doesn't have a REI meet-up. If you ever want to compare notes, let me know.

I need to finally jump into direct mail and feel compelled to get started in the next thirty days.  I'd like to target out of state owners, vacant houses, and houses with equity.

Looking for recommendations you all have for acquiring such lists, services for sending out the letters, and any other direct mail advice.  

I have a modest marketing budget and just need to get started.  Asking for your thoughts so I start in the right place.  

The house is in Grand Island.  I agree that I need to confirm with his lender; he agreed over the phone to sign an authorization for me to verify all the info with his lender.  I think I have that form somewhere, just need to find it.  It's far too much house for me and I don't live in Grand Island.  The plan would be to re-sell the property on a lease-option or offering seller financing.

Hope I have a live one here... I'm not sure so I'm asking you all.

I called a seller in my target area today who told me he'll sell his house for what he owes before I even asked.  He bought it almost five years ago for $260k (the NE market has been pretty stable).  He says he put 20% down, owes $195k, but is three months' payments behind.  Company downsizing forced him to take a job out of state. 

He's on a 30 yr fixed mortgage at 4.5%, and said that he's already talked to his lender and they're okay with someone bringing the payments current and taking over the loan. 

There seems to be a decent amount of equity, the financing looks good, and the seller wants out pronto.  Is this a solid base hit for a first deal?

Constructive thoughts and criticism are welcome.  I think I need an "Authorization to Release Information" from his bank and a purchase and sales agreement.  How do I word the purchase price on a Sub-To offer?  How do I best proceed?

Does anyone from Grand Island attend either the Lincoln or Omaha REIA meetings? I've been a member of the Central Florida and Nashville associations, but haven't been to any meetings since moving to Nebraska. I'm in Central City; just wondering about carpool potential.

Just wanted to reach out to the community for some feedback on how to maximize a modest monthly budget to get that all-important first deal done.  I'm interested in wholesaling and buying subject to.  I work full time in a town of about 3000, but would like to focus my initial efforts about 25 miles away in a town of about 50000 people.  Like many small-medium sized towns in Nebraska, there's a housing shortage and properties priced right move quickly.  Until the deals start flowing in, I can comfortably spend a few hundred dollars a month marketing without losing any sleep.  Just curious 1) how you shakers and movers out there would spend a limited monthly marketing budget and 2) about any advice for how someone new to the game can find good, investor-friendly realtors. 

@Aaron Impensand @Josh Nix

Thank you gentlemen, for your quick responses.  Being new to the site, had no idea I would be able to connect with local investors so fast.  Although I haven't done a deal yet, I'm truly looking to build a relationship-based business, as opposed to a transaction-based one.  I'll keep the REPG in mind, as I look forward to meeting people like yourselves - doing what I want to be doing.  I look forward to hearing more about your respective businesses and how we can help each other out.     

Hello everyone!  I joined BP a few days ago and just wanted to introduce myself.  I moved to Nebraska last spring to work for some folks who develop Low Income Housing Tax Credit projects in NE and KS.  The job is wonderful and so are the people I work for!  I've wanted to get involved in real estate investing for several years now, and have sat through enough classes, webinars, and courses to whet my appetite - now it's time to take action!

I'm particularly interested in wholesaling and buying subject to.  I get a handful of leads every month through a website I've got set up, but lack the experience to feel confident on the phone.  Just need a little encouragement and advice from those of you who were once in my shoes; the family and friends are all supportive, but I need to show them and more importantly myself, that this is something I can do.  Would love to hear from anyone doing deals in Grand Island, Lincoln, or Omaha, and how I can add value to your business.