All Forum Posts by: Ben Hollingsworth

Have any of you ever dealt with medium-term (multi-month) furnished rentals for traveling nurses? I hear podcasters talk about that periodically, but I wonder what the market's like in Lincoln/Omaha.

Have any of you ever dealt with medium-term (multi-month) furnished rentals for traveling nurses? I hear podcasters talk about that periodically, but I wonder what the market's like in Lincoln/Omaha.

Welcome, Sanat.  Yay for UNL Comp Sci!  (BS '94, MS '04).

There's a group of Lincoln real estate investors that gather in the back party room at Grata Bar at 70th & A from about 7-9pm on the second Monday of every month.  I haven't been post-COVID, but pre-COVID, there were typically 40-80 people there.  There's about 45 minutes of unorganized meet & greet, followed by about 45 minutes of formal presentation on some topic, followed by more meet & greet.  There's no cost, but the bar has food & drink available on your own dime.  You should definitely check it out.

@Shawn M. Yeah, $20-30K is what I was hoping for.  We have excellent credit, and our personal cards (both Chase) are $10-20K.  Alas, all Chase would give us on this new Ink card is $4500, and that's AFTER calling them to raise it from the default $3000 limit.  $4500 is pretty useless when we're expecting to spend $80K in the next few months on this house.  We'll have trouble getting the sign-up bonus because none of our bills will be small enough to put on that card.  I wonder if it would have helped if I'd rounded WAY up on the revenue number.

I'm considering cancelling the card and trying again with a different bank, but now we already have two credit rating pulls today from Chase, and I fear that any more in the near future will have a negative impact on our credit score.

OK, you all convinced me to go with a Chase Ink Unlimited card.  It's been a very long time since I applied for a credit card, so I've got a question:

While signing up, it's asking me about annual revenue/sales, which is a gross income number, right?  For house flipping, that's the sale price of all the houses, right?  Which gets big in a hurry.

Are they going to ask me for documentation to prove the number I give?  Since we're just now closing on our first property, do you think I'm safe in entering the expected sale price for our first flip?  I don't have any past history to provide as documentation.  That's what I was about to enter, but my wife wasn't sure that was the right number to use, so I'm asking.

We use a Chase Ink Business card for a different business already (and older variety that's no longer offered). It works well for that business. However, all the perks are geared toward office supplies, technology, and travel, none of which would benefit a local house rehabbing business. It would, effectively, just be a 1% cash back card for this rehab business. I wonder how hard it is for our reward points to cross the fuzzy line between our LLC and our personal life.

Our personal card is also through Chase, branded as an IHG (holiday inn hotel group) Mastercard.  I wonder whether adding a third card through the same bank would be a good idea or not.  It would be easier to manage everything through one portal, certainly.

Thanks for reminding me about needing a high limit.  That wasn't on my radar.

Hey all,

We're just getting started in the flipping and BRRRR world. We have an LLC with its own checking account to use when paying for stuff. We'd like to get a credit card that's specific to this business. Are there any cards that have perks which are particularly well suited to rehabbing investment properties? We don't plan to travel as a business expense, so we really don't need airline miles. Would a cash back card be best?

Only the cap rate & gross revenue determine the final value, just like comps would for a SFR, right? If the property needed a ton of work, the cap rate wouldn't change, but the selling price would have to be adjusted accordingly, right?

I'm considering buying my first commercial-sized apartment building in Lincoln (a purpose-built 8-plex built in 1926).  It doesn't need much work. What sort of cap rate should I expect to see on something like this?  How would I go about finding the typical cap rate for my area?

Travis, please give your recommendations here in public so that others can benefit from your expertise!