All Forum Posts by: Josh Miller

@Christian Wilson , get a home warranty for $500 bucks (or better yet, negotiate it so the seller pays for it).  It will be nice to have for the first year in case something major breaks down.

A thousand ways to skin this cat so take everything I'm about to say, take with a grain of salt.  
1.  Although unsolicited,  I would not even consider purchasing a house until I've paid off all my bad debt.  i.e debt that isn't making you money.  Credit card, student loans, etc.  The reason I say this is if a bad day comes along, you don't want to worry about paying off your bad debt and a house payment.  Moving on...

2. Have at least 3 months of savings in the bank, hopefully, more outside of any housing expenses to cover. 

3. Now finally to your question.  Well, a lot depends on the house you end up buying.  Is the roof 15 years old, is the HVAC on its last leg, does the electrical panel need updating, has the plumbing been touched in the last 50 years?  How old is the house?  As a rule of thumb on my rentals, I consider 45% of the rent as "gone" before my mortgage.  So using your $140,000 house I'll take a stab and say that would rent around $1,400 a month.  That means you should expect to pay AT LEAST $630 a month in insurance, taxes, maintenance, and repairs.  Well actually maybe a bit less since you don't have a property manager, so make that an even $500 per month.  TImes that by 6 months and your talking about needing ~$3,000 if nothing goes wrong.  As I write this, I'm not loving my answer but it should give you something to think about.  

@Alan Strong I've used Jason Bott in the past for multi's.  Good guy to work with.  

Hi Lucas, I may be talking out of turn but I see a lot of folks trying to get into real estate and asking questions such as how do I set up my LLC or where do I find a good accountant, or how do I raise money. I always recommend first getting your head in the right place, second, getting educated, and third, finding a good deal. With a good enough deal, life becomes a whole lot easier, including finding money. I consider a good deal anything at 70% of ARV minus repairs. Like Jay mentioned above, family and friends is probably your easiest method of raising private money bet but I like the idea of going with an established local investor. It's easy to make money in this business but even easier to lose money and going with an investor will help ensure that your flipping numbers are realistic and your not forgetting about any hidden cost. Hope this helps, if not feel free to let me know any specific questions you might have.

The apology is a little late.  The delay in closing cost me 10's of thousands of dollars and could have easily been avoided.  Besides the 14 e-mails over the 14 days, I had 3 phone conversations with my account representatives supervisor and even that didn't make a difference in getting the items that I needed.  

I'm too young to have a heart attack but that's what I just went through dealing with NREIG.  Long story short I'm getting a portfolio loan through LimaOneCapital and they have some pretty specific request when it comes to insurance policies.  One of the requests was that I get an official invoice for any outstanding balance for each property. Well, 14 days later and 14 requests later I still don't have it and still can't close on my refinance deal.   Actually, it's been 14 written request and probably the same number of phone calls trying to get it.  I was on the phone with one representative and it took her 30 seconds to generate the report for a single property but when I asked for the same report for the other properties, she said I could only get it from my representative.  

Besides this one case, the only other negative experience I had was in trying to file a claim.  It didn't work out so well but I understand certain aspects are out of their control.  Regardless, I would highly recommend paying the extra few bucks other insurance companies charge and go with an Insurance provider that gets you what you need when you need it.  

Just lowered the price on 401 William St - little Italy to $57,000.

https://www.cashbuyersomaha.com/property/401-william-st-omaha-ne-68108-usa/

@Dave Vona @Lance Peterson we do multiple wholesale deals a month.  Feel free to signup www.CashBuyersOmaha.com  Good luck!  

@Collin Schwartz , didn't you have a tax consultant come to one of your meetups to talk?  Forgot the name of the company but they seemed super knowledgeable. 

Thanks @Ryan Foote