All Forum Posts by: Brandon Frulla

Hey Wyatt, congrats on the awesome deal-- but I'm curious why you opted for 20% down? 

Since you owner-occupied it, doing 5% down on your conventional would've both lowered your cost of entry (saving cash for repairs), and juiced your CoC returns even more. It never hurts to be conservative on the first investment though, so congrats again on making the leap and the killer returns!

 I have to concur with what Owen has said above!

Omaha has a lot of good stuff going for it, weather and taxes being the biggest drawbacks. There are very few places where you can still get anywhere near the 1% rule, and in Omaha you really don't have to look that hard to find those opportunities in droves.

Not to get too into the weeds, but I have a thesis that the Midwest as a whole will begin to outperform the coastal and southernmost cities as time goes on-- primarily driven by increasing COL & decreasing QOL in said coastal urban cities. 

In 2021, Omaha was ranked the #4 city for new homeowners- and I think with the next wave of QE heading for markets, the gap for affordability in high-demand coastal metros will just make midwest flyover cities that much more attractive to would-be homeowners, in particular remote workers.

Within Omaha, there are entire neighborhoods being refreshed by investors and homeowners alike, as well as new home developments popping up on the outskirts of Omaha left and right. Despite the developments, Omaha is still short 35k affordable housing units- presenting a lot of opportunity for developers and new builds for investors. 

For schools, Omaha has an excellent public school system and has multiple counties with nationally ranked high-schools. The final pro for Omaha that I'll list, is that our Airfield (Eppley) is now in the process of adding an international expansion-- making it an even more attractive place to be that is centrally located, affordable, and primed for continued growth!

@Dave Vona VA as well as Omaha. I have two SFHs in VA and a duplex in Omaha, looking to scale Omaha up rapidly over the next year or two!

@Dave Vona Hey Dave, curious if you ever pulled the trigger on Omaha? You would've ridden a massive appreciation wave, so I hope you did!

 they probably swung by and fixed it, hoping you didn't call!

Expanding on this, you've done the rehab, the problem pipe already burst (one always does), the hard work is done-- now just let it ride and over the next decade adjust rents and it'll cashflow in time. 

Cash out refi and apply what you learned to the next one.

 Go figure I bump into you here, as I messaged you on Meetup.com just a few hours ago! 

Anyway, hello all-- my name is Brandon and I have two SFRs in VA. I am aiming to move to Omaha in a few months and intend to pick up a few properties while I'm out there. I'll be attending the Omaha REIA meetings virtually until I get there physically, looking forward to connecting with any and all!

 Never too old! Curious what your input was?

Seeing any property in the Fxbg area sell for just $159k made me raise an eyebrow- figures that it was off-market. Make sure to take that contact at the senior living center out to lunch, congrats on the great deal! 

If your debt is something high-interest (like a credit card) I would suggest paying that off before getting into any deals, or even looking. Like @Tyler Gibson stated above, $1,400 is not much to work with to start, so you will be better off focusing on lowering your expenses to expedite your savings rate. Look for ways to maximize frugality in your daily life over the next year or so, and suddenly you will have many more opportunities to choose from.