All Forum Posts by: Kurt Pauley

Hi there,

I own a triplex near Creighton University and I am looking to add a bedroom in one of the units and also do a little bit of other work.  I will have more jobs coming in the future with some small flips in Omaha.  Can you recommend anyone you have used?

Thanks!

Kurt 

Hey Dan,

I am very interested in this role. I believe I meet nearly everything you're looking for. Everyone says I am the most positive person they know and I was just told yesterday that I was fearless! I work in sales for the plumbing manufacturer named Uponor and I love the sales environment. I've lived in Minneapolis since 2013 and I know the market well as I have been looking to get into the investing but haven't had much luck. I currently own a triplex in Omaha, Nebraska near Creighton University where I went to college. I also bought and sold 3 SFR's in 2016 in Omaha. I moved to Minneapolis from NYC where I had moved directly after college. I have a strong understanding of the wholesaling industry and have worked with a few in the twin cities but I have not actively wholesaled anything or bought anything from a wholesaler. I am very interested in lead generation and especially interested in finding creative ways to find leads. I am also pretty knowledgeable in terms of the requirements needed to purchase real estate using short term financing and later refinancing to get your money back. I am a very driven person and this gig seems like the perfect thing for me to continue on my path in real estate investing. I would love to take the next steps and talk with you further about this. My email and phone are below. Feel free to text/call/email.

Best,

Kurt Pauley

402-681-8622

[email protected]

@Patrick Martone I am active in the Minneapolis market and the Omaha, Nebraska market. I used to live and go to college in Omaha, Nebraska and I have built a small team there. It is a growing market with cheap prices. I bought a triplex off market right next to Creighton University for under 120k recently. If I were you I would find ways to get into properties with less that 20% down by either doing the FHA route or partnering with someone. In my opinion it is much harder to make money in Minneapolis and you have to be ready to pull the trigger within minutes. Things on the MLS go fast and the prices are inflated. I got for finding properties off market whether that is by hard work that I put in or by using wholesalers/connections/etc. Let me know if you want to know more about either market. I am looking for a partner in the Omaha market. My triplex in Omaha was $114k with $2400/month in rents. No work was needed.

Good luck with your journey. Education is success

Hi guys, I have a situation where I was going to go 50/50 on a deal with a partner and the partner had some stuff come up and now cannot put the full 50% down at purchase. I was going to offer him a 25% stake in the ownership and 25% of cash flow for what he can put in now but I know they want an option to go in at 50% down the road.  How would you go about allowing them to buy in in the future? Interest on the money? Should it be a portion of the initial investment or something different? 

Property is a triplex, $115k, I am putting 25% down to a local bank for the mortgage.  My estimation is that this property will be worth $150-160k with some very minor repairs and I plan to refinance within the year. It is about a 1.75% deal.

Thanks for any help!!

@Grant Steiner Let me know if you would like to connect, I need more like-minded people my age :-). I am closing on a triplex on 2/10 and this is my 4th deal. Talk to a lender. It will be easy for you to get a loan on your next house. Especially if it will be your primary residence.  You have a lot of options with all the programs out there. Be creative and push for it. Side note, when I bought my first house, my girlfriend (who is my wife now), did not want to live in a duplex and wanted the privacy of having our own home.  So we bought a traditional single family home in Minneapolis. And now 2 years and 4 deals later she regrets not getting a duplex to start as she now understands how much that extra income would help us. Either way we are getting there. Just wanted to share my story. 

I agree with @Dan Coleman. I have used this strategy before..  If you need someone to stop by the place or change the locks I can do it for you. I am not looking for anything in return. I have just had similar problems and I know how bad it can suck.

Good luck

Just curious, what type of financing are you using with 15% down and PMI, and it not being your primary residence?

Hi, Does anyone have an electrician that they can recommend? Unfinished electrical work in a duplex. I need a estimate

Best,

Kurt Pauley

Amy, Could you please PM me the details? Much appreciated

Kurt 

I would complete a 1031 exchange and re-invest the money.  If you re-invest the gains into another purchase you can defer the taxes. You have 45 days after the sale to "identify" some property and once you identify a property you have 180 days to make the exchange.   I am currently in the process of doing this with 60k in gains. There a few other rules but PM me if you need more info. 

Best,

Kurt