All Forum Posts by: Owen Dashner

REIA's must vary quite a bit from city to city and state to state. The one we have in Omaha is fantastic for both the speakers and the networking opportunities, and the membership fee is a pittance for the amount of value returned. I have met multiple people I've done deals with as well as future business partners by attending our local REIA and our free meetups. Like others have mentioned, if you don't see what you are looking for in your local market, by all means start one on your own and tailor it to your liking!

Thanks Dmitriy!

Investment Info:

Single-family residence wholesale investment in Omaha.

Purchase price: $72,000
Sale price: $90,000

Contributors:
Brandon Tauber

This is a South Omaha home that we picked up from a PPC lead. The owner wanted a quick, easy sale because the house needed quite a bit of work and he already had another house bought and didn't want to deal with it. We closed on it and ended up selling it as-is to another investor friend, and financed his purchase with our hard money lending business.

What made you interested in investing in this type of deal?

This was an off market lead, needed work, and offered multiple exit strategies.

How did you find this deal and how did you negotiate it?

We found this one through our PPC channel. We made it easy for the owner, who left behind a house full of stuff and a lawn about 2 feet tall. We offered cash and a flexible closing, which he liked.

How did you finance this deal?

We bought this one using our line of credit.

How did you add value to the deal?

We didn't really do anything to the property other than cut the jungle lawn.

What was the outcome?

We sold to an investor friend who is an experienced rehabber, and we provided financing for him with our hard money biz.

My 2 cents...  Get a property management person/firm to take over the day to day and stop trying to do everything.  Do something else for income to replace the expenses of the PM.  It is not realistic to think you can survive on cashflow on only 3 properties. 

Take the long view - you are going to look back on this 5 or 10 years from now and wonder why the hell you were doing what you are doing now.  

Get out of your own way, focus on making more money - not penny pinching.

This is highly personal and everyone's body and mind require different amounts of downtime.  Listen to your body and see how you feel mentally to gauge how much sleep you need.  I average about 5 to 6 hours a night and still have lots of energy, but not everyone functions at a high level with that amount.  Diet, exercise and overall health play factors as well.

 

Investment Info:

Single-family residence fix & flip investment in Omaha.

Purchase price: $115,000
Cash invested: $32,000
Sale price: $198,000

Contributors:
Angela Thiel, Brandon Tauber

This was a PPC lead from a couple whose father was recently moved into assisted living and they were looking to sell as-is. The house is a starter in a sought-after subdivision in District 66 in Omaha. The house was extremely well maintained, it was just very dated. We updated the plumbing and electrical, gutted the kitchen and bathroom, refinished the amazing oak floors, added new hardware and lighting, and painted inside and out.

What made you interested in investing in this type of deal?

Well maintained, but dated Grandma/Grandpa houses are my favorite flips. Almost all of your dollars go into cosmetics.

How did you find this deal and how did you negotiate it?

This was a PPC lead that came in, we met with the seller's daughter and her husband. We formed a good rapport and walked them backwards through their different options of selling the house and what the potential pros/cons would be. In the end, they really trusted that we would do the right thing with the house and understood that it would take quite a bit of work, but would leave us with a good profit.

How did you finance this deal?

We bought using our trusty 5 Points Bank line of credit.

How did you add value to the deal?

We remodeled the kitchen and bath, new lighting and hardware, refinished hardwoods, replaced the fuse box with a panel, replaced galvanized lines, painted throughout and partially finished the basement.

What was the outcome?

The finished product turned out awesome and we sold it to one of the first showing buyers for $9,000 over asking price. Our agent negotiated really well, so she gets a nice bonus on top (thanks Angie!). We will end up with a profit of around $40K.

Lessons learned? Challenges?

The project took a little longer than anticipated, but we are very happy with the results.

Investment Info:

Single-family residence fix & flip investment in Omaha.

Purchase price: $115,000
Cash invested: $32,000
Sale price: $198,000

Contributors:
Angela Thiel, Brandon Tauber

This was a PPC lead from a couple whose father was recently moved into assisted living and they were looking to sell as-is. The house is a starter in a sought-after subdivision in District 66 in Omaha. The house was extremely well maintained, it was just very dated. We updated the plumbing and electrical, gutted the kitchen and bathroom, refinished the amazing oak floors, added new hardware and lighting, and painted inside and out.

The finished product turned out great, and after 2 days on the market, we accepted an offer $9,000 over asking price. We will end up with over a $40,000 profit on this flip. We originally had planned to clean it up and list it as a wholetail, but the couple we bought it from really wanted to see the home restored and go to a new family to enjoy, so we rolled up our (contractor's) sleeves and got the work done.

What made you interested in investing in this type of deal?

Well maintained, but dated Grandma/Grandpa houses are my favorite flips. Almost all of your dollars go into cosmetics.

How did you find this deal and how did you negotiate it?

This was a PPC lead that came in, we met with the seller's daughter and her husband. We formed a good rapport and walked them backwards through their different options of selling the house and what the potential pros/cons would be. In the end, they really trusted that we would do the right thing with the house and understood that it would take quite a bit of work, but would leave us with a good profit.

How did you finance this deal?

We bought using our trusty 5 Points Bank line of credit.

How did you add value to the deal?

We remodeled the kitchen and bath, new lighting and hardware, refinished hardwoods, replaced the fuse box with a panel, replaced galvanized lines, painted throughout and partially finished the basement.

What was the outcome?

The finished product turned out awesome and we sold it to one of the first showing buyers for $9,000 over asking price. Our agent negotiated really well, so she gets a nice bonus on top (thanks Angie!). We will end up with a profit of around $40K.

Lessons learned? Challenges?

The project took a little longer than anticipated, but we are very happy with the results.

@Adria Allen there are 2 big, active investor groups in Omaha with monthly meetups of 80-100 people, plus lunches and other 1 off meetings. The Omaha Real Estate Meetup group on FB is one, and the Omaha REIA is another. Both are great with diverse groups of investors, agents, lenders and vendors. Experience level ranges from total noob to tons of experience. Check them out!

As Jose mentioned, DRI Title, Midwest Title, and Trustworthy Title are your wholesale-friendly title companies in Omaha.  Charter Title out of Lincoln will also do them.

@Darson Grantham, yes, thanks again for all you do. @Becky Hiu is good people!