All Forum Posts by: Todd Franklin

Thank you all for the welcome!  @Lance A White I honestly don't know the area enough to have narrowed it down yet. 

@Stephen Anthony, I figured the student population helps the rental market here and you are correct, it is all much cheaper than Portland!

@Brian Egr thanks for the tips, I will take a closer look at conversions!

Hello Bigger Pockets and hello Lincoln, Nebraska!

I am on an 18 month contract for a local hospital, I am an Instructional Designer and curriculum developer.  I live in Portland, OR but I am in Lincoln 4 days a week and would like to purchase and possibly live in a multifamily here during my contract.  After my contract ends I would like to continue holding this property and rent it out.  

I would prefer a 3-4 plex but am open to duplexes also, I am not opposed to lower income housing and properties that need some love. 

I am new to real estate but I would love to offer help to any investor in the area.  I am aware and plan to attend the next Investor meeting at the Grata lounge at the Clocktower Plaza on the second Monday of every month at 7 pm.  If anyone has any other suggestions please let me know and if anyone wants to chat and have a coffee please reach out!

I work in Lincoln 4 days a week and I am on this contract for the next 18 months. I live in Oregon, but would love to buy a multifamily I can also live in, in Lincoln. I would then hold this property after I leave.

I am an Instructional Designer and curriculum writer for a local hospital. While I am new to real estate, I would love to offer any help I can to any investor in the area.

I would love to hear more about this meeting!  I work in Lincoln 4 days a week and I am on this contract for the next 18 months.  I live in Oregon, but would love to buy a multifamily I can also live in, in Lincoln.  I would then hold this property after I leave.  

I am an Instructional Designer and curriculum writer for a local hospital.  While I am new to real estate I would love to offer any help I can to any investor in the area.

I will be traveling to Milwaukee starting next week and every week for the next 4 months. I would love to attend a networking event there!  Looking for a Multifamily, 3+ preferred.  Reach out I would love to connect with anyone from the area!

Use the Rental Property Calculator to make sure it is a good deal. Comparables for residential properties probably won't really be a viable comparison as this is a Multifamily. Make sure the GRM makes sense, check out this article to learn more. Why All Investors Should Understand the Gross Rent Multiplier

Once you are sure you have a good deal, make an offer!

Good luck!

The owner can try and talk to the bank, but especially if it is one of the big banks they may be out of luck.  You can stall the sale date of the foreclosure if you can get the house under contract and provide documentation to the bank but I don't know how long they will stall it for. 

Not sure if you had seen this yet...

I think you may have a hard time getting this done while in foreclosure unless you can get the bank to agree to a restructuring of the loan first.  Usually, it is too late in the process to perform a short sale, so that means the bank is going to want the full amount of the loan before the foreclosure sales date.  

Sometimes the bank can take up to 2 years to foreclose on a property though, is the sales date set?

The GRM looks good at 5.

I'm new also but the numbers look pretty good.  Is this assuming no repair costs upfront?