All Forum Posts by: Reis Pieper

My wife and I are in the process of purchasing a 4-plex in Omaha, NE. This will be our second property. Our first is a SFH that we are currently living in and planning on renting out after we move into the 4-plex.

Now that we have the deal, we’re trying to figure out the best way to finance it. The purchase price is $300,000. The monthly income is currently $3400 with all 4 units rented or $2350 with us occupying one of the units. Rent hasn’t been increased in at least a couple of years and there is also opportunity to renovate each of the units to bring them up to date and increase the monthly rent.

The lender we used for our first property is offering a conventional loan at 15% down. From my understanding, an FHA loan is also an option at 3.5% down. What other options do we have?

Any thoughts, suggestions, or connections would be appreciated!

Hey, Drake! 

Way to start taking action! House hacking is a great way to get started. My wife and I bought our first property earlier this year and have been slowly working on a variety of renovations. Our first tenant will be moving into the basement in January.

I'd love to connect with you after you get settled here in Omaha. I'd also be glad to connect you with a few different realtors/lenders that I know. Feel free to message me!

Reis

Hey, friends!

My name is Reis and I’m a new investor in Omaha, NE. My wife and I are currently living in and renovating our first property. It’s a 3bd 2ba single-family home. We’re planning on renting it out as soon as we’re finished renovating and find our next deal. 

I’ve been doing most of the work myself and have probably spent more time watching how-to videos on YouTube than actually working on the house. That said, I’m a little stumped on what to do with the utility room in the basement. The rest of the basement will be finished with the addition of a 4th bedroom, so I’d like to at least get this room to the point that someone would feel comfortable using it. I’ve even thought about adding a door for more privacy (the utility room is between the garage and the basement). I’d also love to cover up all of the plumbing and electrical, but that seems like it would be more time/money that it’s worth.

Any suggestions would be much appreciated!