All Forum Posts by: Brian Egr

Just don't forget to do the public advertising then send the state a copy of it. And do your IRS declaration.  

I used legal zoom to set mine up, then I paid a lawyer 1K to fix what they did.  

Hi Todd, Welcome to Lincoln.  Depending on what you are looking for there are options here.  If you want something inexpensive that cash flows really well but probably will need some work check out the old large house conversions around downtown.  They are typically the old mansion type homes that were great houses in their prime, but have since been converted to 3-5 plex type buildings.  It seems like they are always popping up on the market and there isn't a lot of interest in them.

We also obviously have purpose built duplexs, 4 plexes etc...around.  Less renovation and maintenance involved with those -typically - but they don't cash flow as much.  Hope this helps.  I'm a realtor also so if you need help looking for something let me know!

The problem with the flat fee sites is that depending on how the agreement is structured the realtor that brings a seller gets a very small commission, or none at all, so Realtors shy away from showing clients houses listed on from those sites.  I have a license if you have a house to list I can help you out.

No if you refinanced with a conventional loan you wouldn't have to wait a year to rent it out.  Refinancing is pretty easy, all you are doing is getting a new loan to replace the loan you have now.  As far as your credit worthiness that's up to your banker to decide if he want's to execute a loan or not.

Sounds like they have an alienation cause in the loan, so yes they could request payment in full on the loan if you are not and owner occupant. Chances are they wouldn't, but they could if they wanted to. Why don't you just refinance to a conventional loan and rent the house out?

Welcome to BP! 

Originally posted by @Owen Dashner:

Sorry, I misunderstood what you were saying originally.  Nebraska and Iowa both list a broker's license as a requirement for managing other owners' property, but I know several PM's that do not have a broker's license (or even a Salesperson license).  So conflicting information is why I wasn't sure about this.

I have heard several investors on the podcasts (not just on BP, but others as well) that talk of having their own in-house PM.  I just want to know how they got to that point - got their own broker's license as step one?

I'm not sure about Iowa, but in Nebraska you (or your employee) can self manage properties you own.  You can not manage other peoples properties with out a license.

If he is 3 months behind the bank would probably happy just with the note being brought current and would over look you assuming his mortgage.  I would think there is an alienation clause in the exiting mortgage, so just close the deal subject to (if the numbers work for you), and pay the 3 months back payments to get it current - the alienation clause isn't that big of deal banks just want their notes current.  After you close I would turn around and put it up for sale immediately to make your margin and pay the note off. If you want to keep it, refinance it with a mortgage in your name using the equity you should have from buying it right as a down payment.  I wouldn't sell on a lease option or seller financing with the existing note in place, unless you refinance it.

@Clayton Bott because you never know how the conversion was done, ie...weekend handy man or professional contractor.  They tend to cash flow really well, so if you do want to buy one, buy one where all the utilities have been separated for each apartment at a minimum.  Be careful, if you end up having to do any repairs that require an inspection from the building and safety department (mechanical/electrical upgrades or something), the inspectors have a habit of noticing other things in the house that don't meet the current code and could lead to more repairs.