All Forum Posts by: Colby Fuller

Awesome thanks guys!  Also, can either of you tell me why you don't really hear of anyone charging rent on a bi-weekly basis?  I mean, most people get paid every other week so it works well for budgeting for them.  Plus, it'll give the home owner a 13th payment a year.  Just wondering if any of you have heard of people doing that.  

Hey everyone, I just bought a property in Benson, Nebraska.  Stationed here because of the Air Force, but will be moving on to somewhere else in about two years.  So bought it with renting it out with a cash flow opportunity in mind.  Was curious to get your take on it and see if I did enough homework and figured the numbers properly.  Here is the info:

-3 bed, 2 bath, 1300 sqft, w/ detached garage and a corner lot.  Zip code 68104

-Last years taxes = $1520

-Purchase price and financed amount at 4.6% for 30 years = $120,000

-Closing costs and funding fee (VA loan) = $9,200 paid out of pocket

-Pretty much turn key property, minor repairs that I can do, less then $200 worth of work.

-Projected monthly rent = $1,300

-I calculated 5% for cap ex, property maintenance, vacancy, and $95 a month for property management.

-Zillow says its valued at $126K.. 

Hopefully I put enough info in there for you guys to make an educated stab at it.  if not, just let me know.  Thank you so much for your take on my deal!!    

Thanks for the sound advice @Mary L. I was actually leaning towards getting his take on it for the reason you mentioned. To find out the truth and cause I am paying him.  I really appreciate your time to give me input. Take care!

Hey everybody, I just got this email from my tenant and was wondering what would you guys do. I have a property manager (Doc is his name) who is quite nice and I have doubts he would actually say I am planning on kicking them out, which I’m not..at this time. They haven’t been the best tenants, but they do pay their rent and haven’t had any Major problems. I do plan on raising the rent $200 for next lease and making it mandatory for direct deposit when it’s time to renew the lease in June 2018. Do I tell them that’s what I’m going to do? Should I share this email with my property manager? Thanks for your input!

——————from my tenant———————

“Just wanted to say thank you for getting that door done it looks really nice and it doesn’t leak any air. The tree in the front yard is gone sorry it took us so long to take care of it we’ve just been really busy the whole family has been sick lately.

Just wondering what’s going to happen when our lease is up doc has been threatening us that you’re going to kick us out. Just wondering if that is true or if he’s just being a jerk to us. We have been looking into buying a house or building a house I just don’t think that we’re going to be able to do it before our lease runs up. Due to no properties being available in this area at this time and the time to build a house takes a while. If you are willing to let us sign another lease when this lease ends then we can set up direct deposit if you’ really want to do this. We can set this up for January at the first the year.

Happy holidays”

Thanks guys for the advice and info! Sorry @Bryan Huntington that you're have a rough time, hopefully things take a turn for the better for you. On the part where you had to hire a HUD consultant, I read you only have to hire one of those people if the repairs are going to be over $35K. Is that not true?

Hi there BP community, who has had experience with a 203K loan? I know there is two types, one for over $35K and the streamlined version for under $35K. Can you do a streamlined 203K loan in conjunction with a VA loan? Can you do the work yourself or do you have to hire a contractor recommended by the bank? Have your experiences been good? Bad? Any tips for me? Thank you very much for any info!

Hi BP community, I'm looking for a real estate agent in the Omaha/Bellevue Nebraska area. I'm looking to find a deal for investment purposes on a Duplex, Triplex, or 4-plex. I've noticed a lot of agents are great at finding SFR for a personal, but are not that savoy at finding properties for investors. Are there any experienced Agents that are investors themselves or have worked with investors in the past? I'll be back in Omaha in January and will be looking to close on a deal by July or August. Thanks for any assistance!!!

Did you analyze the duplex with it fully rented out or with you living in one side?  If you can cash flow with you living in one side, Id say that is the deal to go with, cause it'll get even better cash flow once you move out of course.  My mind set is bad tenants will cost you money in the long run.  So even if the initial returns are a little less with good tenants, It'll pay off down the road since they'll cause less headaches later on.    

This thread helped me a lot! I'm in the Omaha area and have been looking into Duplex's, tri-plexes, and 4-plexes. I've been discounting the duplexes because most provided a negative cash flow and I've heard Brandon say once or twice if you don't make money on the day you buy, you bought a bad deal. But you guys are saying it's ok if the first year provides negative cash flow because you still get to live for super cheap (maybe a few hundred a month) and as long as it cash flows with both sides rented out, it's a good deal. I get all that right? I'm military so I'll most likely be using the VA loan process which doesn't require PMI. Still have to live there for a year, but can move out afterwards.

I agree with @Christopher Brainard, where focusing on sacrifices, to whatever degree that may mean to you, isn't the ideal path to success and wealth.  Now don't me wrong, drinking starbucks, eating out and paying for cable every day/month is a sure way to burn a hole in your pocket and hurt your over all net worth over years and years.  So cutting back on little stuff like that definitely helps.  But increasing income streams and figuring out ways to earn more money really accelerates things.  For exampleI try to live well below my means meaning wearing the same pair of shoes for years, packing my own lunch, not impulse shopping, and not give in to social pressures to spend money just because that's what the "norm" is.  At the same time I have a full time salary job, I have a part time job which I also get a decent amount of tips (delivering pizza, best side gig ever!!!), I donate plasma which earns me $300 a month, and I'm seriously looking into renting my car out to turn that into an asset instead of a liability.  My whole mind set is to work my *** off the first half of my life so I can have a truly relaxing retirement doing exactly what I want the last half of my life.  The take away:  sacrifice a little more then the average person, work a bit harder then the next guy and you'll be alright:)