All Forum Posts by: Erik Emerson

Thanks @Taija Walkowiak....I appreciate the help.  

I would be interested in networking with other investors operating around the Hastings, Grand Island, Kearney area or around the Beatrice area.  We have some cash to partner up on a deal or looking for wholesalers with flip properties in those areas.  

Hey @Josh Nix, thanks for getting back to me.  Yes, I am looking at investing in the Hastings, Grand Island, and Kearney area. My brother is also working the Beatrice area.  Lincoln wouldn't be out of the question but we aren't as familiar with the market there.  

@Mateusz Prawdzik@Brian Egr

I would be interested to hear some more details about your offer.  

We could make flipping work, but that is not in our wheelhouse. If that is what we have to do in order to scale, then we are willing to do it. I didn't know if trying to get a conventional loan on a rental property with a small down payment would be the best option or building our cash with flips? Any suggestions?

Here's my situation. A family friend wanted to help my brother and I get started in real estate. He supplied us with a $70,000 line of credit at 2% annually for five years. Probably doesn't sound like a lot, but we live in Nebraska, and the prices are relatively low. How would you use this money to scale as fast as possible? The ultimate goal being to quit our jobs within 10 years. We are both married and we all have W-2 income. We both have good credit.

Thanks for the reply. My question is if she is added to my loan does that take up one of her conventional loan spots?

My wife and I would like to purchase our first single-family rental. I understand that utilizing a conventional loan in my own name is wiser than going through my LLC or qualifying with my wife and I together. By qualifying individually each of us are allowed our own 10 conventional loan spots. When the bank looks to qualify me individually, do they still account for both of our incomes or will they only look at mine? The reason I ask, is that I am a teacher and my wife makes three times as much as I do. Will they consider her income when looking to approve my individual loan?

Thank you everyone for the welcome.  

First of all, I want to thank everyone for all of the knowledge that you have generously provided for free on this website.  I have been feverishly reading the forums over the last few days and I have been blown away by the openness and the hospitality that I have witnessed. That is the true definition of an abundance mentality.

My name is Erik and I live right in the middle of Nebraska.  I am married with four kids.  I am a science teacher and a football coach.  I enjoy both of those professions, but I am ready for a new challenge.  In general, I was fine with the way things were going career-wise when on vacation in paradise I was struck with an obvious realization .  We were heading home and about to board the plane in Providenciales, Turks and Caicos, when I realized that I could have never paid for this vacation on my own.....and I probably would never be able to in the future with my salary.  My parents had paid for the family vacation.  

When I got home, I decided I was going to do something about my financial future.  After some research, I decided that real estate had the most potential for creating the life that I wanted. I am a little worried that I have started too late in life....(almost 40), but I am not looking back. 

I can't wait to get to know some of you and learn from you.  I am a willing student.