All Forum Posts by: Mark Maly

Just curious your logic on this property and the other one you have listed for sale on Bedford on why anyone would want to buy them as a rental? The return on the two listings are extremely low. If buyer would be obtaining financing, this property on 52nd wouldn't even cash flow. 

You guys did a great rehab on them, but they definitely have no rental potential.

Depending on the area, $48k can be a little steep for a 2 bedroom.  If its in Northern Omaha, that would be more retail pricing, especially if there is no off street parking. 

There are a lot of opportunities out there where you could get similar numbers in regards to price vs rent, but could get a "more ideal" property that may have 3+ beds and has off street parking.  

I tend to shy away from anything that is a little "funky" just because there is quite a bit of other opportunities out there.

@Marty Bauer- No negatives with replacing carpet with vinyl planks that we use, besides the slight additional cost upfront. With vinyl planks, the floor doesn't need to be even.  

The vinyl plank flooring holds up really well.  Its the same flooring used in many commercial places and hospitals. 

Its not that much more then decent carpet to install it upfront and not have to worry about replacing/cleaning the carpet. 

You definitely can take money out of the deposit for carpet cleaning or replacement. Just the headache of coordinating and having it done and turn over taking longer to get this done everytime.

We've been taking out all carpeting in our houses in Omaha and putting vinyl plank flooring instead.  We are able to get it installed for $3 a sq ft for labor and material.  Saves big in the long run since you have to either clean or replace the carpet every turnover.

According to the department of real estate, you have to be a licensed agent to market any property you are not the current owner of.  You have to be on title to be considered the owner. They don't care about any of the other ways around it that investors try to use like "equitable interest" since you have a signed purchase contract with the owner.

I've had really good convo's with Greg Lemon the Director of the real estate commission along with a few other guys on the commission.  Did a few conference calls with them and an attorney.

You can easily find attorney's that would argue that you don't need to be licensed to market a property and find ways around it.  But at the end of the day, the commission is the judge and jury so its best to play by their guidelines.

We both know a ton of people wholesale without being licensed and never get in trouble. It's just one of those things if the commission catches wind of it, you know what their opinion is on it and could issue a cease and desist, fines, etc. 

To wholesale in Nebraska you have to be a licensed agent.  Unfortunately there is no way around it.

...

Am I crazy? Yeah probably, but who’s not. I’ve got a property you can virtually steal from me. Don’t worry, its not illegal to steal if I’m giving consent. I’ve priced this bad boy way below market value to sell it quick. I need the cash. For what you ask? Wouldn’t you like to know. I’ll tell you my secret though if you steal my house from me. So here’s the quick details. Read them, check out the pictures, then give me your cash to buy this property. We’ll become great friends and you’ll thank me later for making you money.

Estimated ARV: $130k-$140k

Estimated Rehab Amount: $40k-$50k

Picture Link: https://www.dropbox.com/sh/d57aw45o5kuh6w0/AADiKpzoK__LAC1-w4GSTmeea?dl=0

@Gilberto Watson- I have a local contact if you need it.  It depends on where the properties are located though as they avoid some areas.  I also have a national lender that we've gone through for some of our refi's.