All Forum Posts by: Nick Johnson

My wife's cousin rehabbed a small 2/1 and kept it as a rental. He is moving out of state and let me know he was looking to offload it. Essentially he is holding it off the market for a few weeks if I want it - if I don't he will list with a realtor. We expect the purchase price to end up around $45k. He has rented it for around 5 years steadily at $600 per month. Besides mortgage/insurance, he pays just one of the small utilities. Tenants are responsible for all the rest including lawn care, etc. It's not a knockout - but I'm hoping it is a nice start. If we can cash flow $100-$150 a month and get a reserve fund set up, it should start us down the right path.

Me and a friend (50/50 partner) are going to the bank next week to attempt to secure financing for our first deal. One thing I want to do is make up a "packet" with pictures of the property and the vital numbers. What are some other tips/tricks to help us prepare for our first attempt at financing!? Annnnnnnd go!

Josh Dotzler and Dustin Skelton Happy to see some more Omaha BP members! I haven't done any deals in town yet but I am definitely interested in getting to know more about what you guys are looking at. I think our market has some great potential, but as a newbie it sure helps to talk to others in the same position.

Without knowing how to answer ANY of your questions, I would suggest getting a good accountant to do your taxes for you. I'm willing to bet the benefits of using a good tax preparer will far outweigh the costs.

Hey guys,

I came across a "tired landlord" in my local craigslist who wants to sell the college house he bought for his son. It is located near a local medical school, where his son just graduated from. The owner is a local lawyer, and the property looks to be in great shape. Furthermore, it has renters (I believe they are med students) with lease through the summer.

My wheels were spinning until I did a valuation lookup and saw that the house was built in 1895... You can very obviously tell that is has been modernized and well taken care of recently, but that physical age makes me VERY nervous. Does anyone have experience buying a property that old that can shed some light on this?

A topic for another post will be the fact that I'm a newbie trying to come up with some sort of seller financing ideas for this property. The seller is open to ideas, and just had some investors back out on him. I feel like he is primed to offload the house. He is a successful local lawyer and business investor, and just doesn't want to be a "landlord."

Hehe... Aaron Mazzrillo, I'm pretty sure Brandon Turner owns a multifamily or three...... I think he just wants to get a good discussion going.

Go Hawks! A fellow Iowan here (live in Omaha, though). Sounds like you are really getting a great start!

I am still working on saving and learning solid analysis, so it'll be awhile yet for me but glad to see people having success!

Nick

In Omaha, $1,300 could get you a very decent 3/2 or 4/2 Single family in a good area, or an upscale apartment or condo in the downtown area. Looking at some of the other people posting from large metro areas, I see now why the 2% rule is so tough in Omaha... our rents are crazy cheap as housing is so affordable.

I've sometimes wondered the same thing, but I have since shifted my focus onto networking with other investors. Through BP I have met with one local investor and I'm doing it again next week. I'm very up front about the fact that I'm just starting out, and I hope that it will lead to opportunities in the future!

If I was interested in a real estate office, I would probably just get my real estate license and go that route.

So true about there being a holdover period of time for these people to understand freedom in the American sense of the word... We have all sorts of whackos that say whatever they want here, for better or for worse. Good to keep that context in mind. A lot of these people don't understand that our government doesn't control every bit of info/movie/tv etc. that is released.

I sincerely hope, though, that these countries do consider the amount of aid they get from us. Be offended, sure.. that is your right. But don't insight violence to the same people that will surely give you food and water for free if you are in dire need.