All Forum Posts by: Brian Washburn

I am looking for a home inspector in Omaha, NE. I know there can be wild variations in quality and price depending on who you have do the inspection. Any investors in the area have a great relationship with their inspector and want to give me some contacts?

I think I know of the package you are talking about. Unfortunately, my realtor and I have been trying for 2+ weeks to get into one of these homes to take a look and cannot get the owner to even respond to us. Doesn't seem like he is too motivated to get these things sold...

I'll be there just to meet the famed @Mindy Jensen ! 

INVESTORS: I am looking for your best recommendations for Real Estate Attorneys in Omaha, NE. I am looking to buy my first Rental property this year in a partnership with a friend and need to add a lawyer to my team, Unfortunately, Baird Holm is not an option. Who would you recommend? 

Here's another question. 

One reason I am not hitting $200 cash flow on a lot of these is that I am calculating my loan term at 20 years instead of 30. I do that to pay off the loan sooner and have more equity faster, but is that a good idea? Do most buy and holders stick with 30yr? Anyone else try to pay these off faster? The more I think about it, seems like doing 30yr and having higher cash flow each month to turn around and invest in more properties sounds like a better option.

@Jenessa NeSmith Do you mind sharing where you guys found this property? Was it just off the MLS? I see NP Dodge in your pictures. Or did you find it through a personal relationship, direct mail, etc?

Great job! 

@Matt Morgan I thought it should be higher rent too, but the listing description says it is currently rented for $925, and I found 2 other 4BRs in that part of town that were rented at $1000 and were in a bit better shape. I would think that house in that location should bring in about $1100, no?

I went to @Collin Schwartz 's meetup 2 months ago and it was great! I was out of town last month but I need to get back for the next one!

@Eric Siebert here you go.

Single Family, so tenant would pay utilities, and lawn care if they want it.

I am brand new to Real Estate in the Omaha, NE area, looking to buy my first buy-and-hold in 2018. I hear people say all the time that a good benchmark for these deals should be $200+ cashflow per month. What I am finding, however, is that I am having a really hard time finding any properties that meet that benchmark when using the BP calculator.

EXAMPLE:

-4BR/2BA in great location (near 2 universities and entertainment districts)

-Listed for $85,000

-No major repairs needed

-$1,700 Annual Property Tax

-20% down

-30-year Term

-$90/mo insurance

-$925/mo rent

-10% holdback for vacancy

-7% holdback for CapEx

-7% holdback for Repairs

-5% holdback for Management (though I would manage myself)

Inputting all of these factors I am getting almost no cash flow. To hit $200 cash flow I have to bring my purchase price all the way down to ~$48,000, and the list price is already below a lot of comps.

Can anyone tell me what I am doing wrong in these analyses? I seem to get these type of results for every deal I look at.