All Forum Posts by: Brian Egr

@Leo Hoang. I would sell the house here in Nebraska. Even if you were to want to have a portfolio in Omaha (I’m guessing your wife is at UNMC), what you are describing for the payment and amount owed on the house you own it doesn’t seem like a very good rental property as far as the numbers go.

@Chad Kastel Ummmm, I have no idea, it's just what my CPA tells me.  To be honest.

@Bob B.  I always say education is expensive.  Whether you go to college or spend money on real life learning experiences.  Sometimes the real world experiences cost a lot more than college!

@Darius Anderson I wouldn't buy anything in a 100 year flood plain, in those area's there a chance you will might have to deal with a flood at some point.  You can get flood insurance to cover the loss if a flood happens, but it's still going to be a giant pain to deal with.  If you are really nervous about it though buy something on top of hill.  LOL

@Chad Kastel becuase I operate in an LLC, the taxes are taxed as regular income, not capital gains. I also have a full time job that covers all my SS wages, so I don't pay near as much in the company I flip with in the way of income tax.

That's an easy question.  If you are new to investing which ever state you feel most comfortable investing.  If you are seasoned, which ever state you feel most comfortable investing in. 

One of the biggest problems new investors have is trying to make sure every single investing metric they have ever heard of is covered in their first deal.  They think it needs to be in a B+ neighborhood but below market, cash flow right away, be close to the best schools, be in a city that has population growth, be in a city with that recession proof (whatever that means), have wage growth, have a high median income, have the most potential for appreciation....etc... Basically it comes down to they are looking for the unicorn property.  

Don't get hung up detail, find a deal you are comfortable with and the numbers work for you and go with it. 

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $68,500
Cash invested: $60,000
Sale price: $143,000

This flip went terrible. I spend way to much money on it and it took way to long. I did a lot of the work myself, and it turned out well, but it wasn't worth the investment of time I put into it. After selling fees and holding costs, I lost $500.00 on the deal. I didn't make any money on this deal but I did learn more than anything how value my time was, and if I'm going to enter a deal it better be worth it in the end.

How did you find this deal and how did you negotiate it?

Postcard Mailing

How did you finance this deal?

Bank and cash

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $70,500
Cash invested: $1,500
Sale price: $86,743

This deal I bought with the intention of flipping. It came with a tenant in it that had a valid lease for 6 months after the time I bought it, so I couldn't start flipping it right away. I decided to try and sell it on the MLS for a quick turn, it ended up working well. I didn't put any money into it, got 3 months of rent out of it, and cleared about 10K on the deal after realtors fee etc...

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $70,500
Cash invested: $1,500
Sale price: $86,743

This deal I bought with the intention of flipping. It came with a tenant in it that had a valid lease for 6 months after the time I bought it, so I couldn't start flipping it right away. I decided to try and sell it on the MLS for a quick turn, it ended up working well. I didn't put any money into it, got 3 months of rent out of it, and cleared about 10K on the deal after realtors fee etc...