All Forum Posts by: Connor Streit

Hello all,

I am currently analyzing a 4-plex deal that could provide some significant cash flow. However, the current landlord pays for all the utilities which comes out to roughly $500 a month. The rents are currently as listed:

Upstairs Unit 1: 2 bed 1 bath $850/mo rent

Downstairs Unit 2: 2 bed 1 bath $650/mo rent

Upstairs Unit 3: 1 bed 1 bath $600/mo rent

Downstairs Unit 4: 2 bed 1 bath $625/mo

Does anyone have any experience in changing contracts to maintain rental income coming in while trying to get tenants to pay for their own utilities on one meter? Would appreciate any help!!

@Hal Richman

That’s quite a track record of experience Hal, thanks for reaching out! I’ll definitely need the connections to people like yourself when I make the move. How many real estate deals have you done and which strategy is your favorite??

@Satyam Mistry

Thanks for reaching out man, I appreciate it! Congratulations on your milestones. If you don’t mind me asking, what areas of Omaha are your properties located? Would love the opportunity to talk and meet up if I make it into Omaha sometime in the future once the virus has calmed down. Shoot me a DM with your info!

@Greg Scott

My apologies, I should've been more specific. I'm a first time home buyer trying to take advantage of the FHA loan given my limited capital. I can see how some of the ones you've linked would fit the criteria for a conventional loan with 20% down though!

@Joseph Cacciapaglia 

I appreciate the insight. Maybe more opportunity in places that need more TLC to make on the back end with appreciation. I'll just have to consider that when analyzing! 

@Guifre Mora Thanks for the tip! I usually keep my eyes peeled for extra square footage listed in the listing

@Frank Patalano

Anytime I am analyzing a potential investment property, the 1% rule lingers in the back of my mind and makes me hesitant about pulling the trigger on a deal. My main barrier is:

1) Lack of Cash-flow - I live in a market where rental rates and home prices are on opposite sides of the spectrum. I.e. On average, 3bed/2bath houses go for about 150k with the average rental rate hovering around 1k/month for updated houses. Do I need to switch up my strategy to make a deal work? I'm wanting to BRRRR my first property but hesitate to pull the trigger because, after all expenses are accounted for, I'm still having to shell out $400-$600/month to pay the mortgage.

Am I missing an important element in my analysis? Is there another way to analyze a property without making the 1% rule a priority? Appreciate any insight!

Hello BP Community,

Anytime I am analyzing a potential investment property, the 1% rule lingers in the back of my mind and makes me hesitant about pulling the trigger on a deal. My main barrier is:

1) Lack of Cash-flow - I live in a market where rental rates and home prices are on opposite sides of the spectrum. I.e. On average, 3bed/2bath houses go for about 150k with the average rental rate hovering around 1k/month for updated houses. Do I need to switch up my strategy to make a deal work? I'm wanting to BRRRR my first property but hesitate to pull the trigger because, after all expenses are accounted for, I'm still having to shell out $400-$600/month to pay the mortgage.

Am I missing an important element in my analysis? Is there another way to analyze a property without making the 1% rule a priority? Appreciate any insight!

Hey @John Story !

Frustrated I didn't catch this meetup but wanted to comment so we could connect. If you have any interest in the Kearney, NE market, consider me a contact. I'll be looking for more meetups like this in the future!

@Alex Olson

Appreciate it and I hope to get my feet wet soon. I've been commuting back and forth between Kearney and Omaha a lot over the past couple years and have grown to love the area. Where in Omaha/Lincoln are you originally from?