All Forum Posts by: Tyson Thomas

I have had luck with FB marketplace and apps posting in some for sale by owner type groups locally.  You just have to look at their restrictions on groups first.  Also, posting for rent and including verbiage around possible purchase has worked also.

I too was disappointed to see this pass.  A few bad apples spoil the bunch for sure with this one.

My current rentals are outside Omaha city so I am not directly affected.  However, it has me thinking twice about buying within Omaha.  

I don’t see why you wouldn’t raise your rent to recoup those costs, same with raising based on property taxes.  I live in Omaha and had increase on my home I  wasn’t thrilled about.

Have they determined how they will keep up with these inspections?  There are a lot of rental properties to cover in that time frame and everyone waiting until the deadline, as I would do, means they may not get inspected for months. 

I’m under contract on a fix and flip in Papillion and tried to give a Patch of Land a try.

Long story short, we have missed our original close date and I am wanting to go a different direction.  

Any omaha based lenders you guys can recommend?  Needing funds in less than a week. 

Purchase: $198k

Rehab: $16k

ARV: $255k

Hi @Collin Schwartz I have 2 main goals at this time:

1) Network with like minded investors in the Metro Area to share ideas and best practices with.

2) Identify key partners where I can leverage some sweat equity for equity share right now and when my own capital is freed up, a partner that I can invest with and split the work.

#1 is of highest priority to me, #2 will depend solely on the relationship that is built and the deal at hand.

Thanks for the reply.

I manage a golf course in Papillion, Papio Greens.

Hey Everyone! 

As the title says, I love my job, who needs some help?  I have a full time job that affords me the freedom of roughly 3 months off every Winter.  I still receive my salary and have tons of free time. I'm not bragging, just stating my situation and how maybe I can be of help to you.

Usually during this time I am working on one of my own projects with a live in flip or rental, but we just bought an acreage and won't be taking on a project by ourselves this Winter.

That's where you may come in!  I have experience in remodels and would love to find a partner to work with for a few months over the winter possibly.  I'm not just offering myself up for free, unless the right mentor relationship presented itself, but I would love to sit down for coffee with a few people one on one and see if we can start a fruitful relationship.

Just let me know if you have any interest in getting together and see where things lead.  I know this isn't a typical way of doing this, but my philosophy has always been, "you never know until you ask."

Looking forward to hearing from you.

@Henry Perez Thanks for the info.  We thought we found the right partner.  They are a regional credit union that holds a large portion of mortgages in house.  They have been great to work with but not borrowing on investment property is a big thing we overlooked.  We will be looking for other partners in the near future.

@Mike Day You are correct. We refinanced 3 mos ago thinking we would stay here and leverage the HELOC for a while. The wife got the itch and we decided to jump on a different opportunity. The bank knows about the investment prop change because we are using them for financing on the new one. Looks like we will probably need to ride this out for a year or so and then look at refi again with a lender that will borrow on investment property.

Hey Everyone,

This is my second post on BP and I'm hoping to gain some insight.

My wife and I have successfully completed 2 live in flips and are sitting in a great position equity wise. We have a HELOC for $60k on the 2nd flip house that we are living in. We sold the first and gained $30k and rolled that into the second and then made another $30k. We should have held most of the cash, I know, but we were not thinking long term business at the time. It was just a hobby.

Anyways, we put an offer in on an acreage property that we want to raise our family on and will eventually remodel/rebuild the house on that property when the time is right. The problem is, our HELOC will obviously be gone when the deal goes through and this house is converted into an investment property.

With this house and our new property under contract, we will be close to our max DTI. We were under contract for an investment property using the HELOC that I ended up wholesaling to a family member this past week. We had plans to use the HELOC as a base to build our portfolio further with flips and rentals.

Now we will have our dream property and a great rental cash flowing $550/month that we intend to save and reinvest later.  

I say all that to say, what options do we have to tap into the equity in the rental?  I know we could look at a refinance for a large portion of it, but then we lose the cash flow.  That and we recently had a refi on it to clear up the cost of reno.  We didn't plan to move when we did that.  So, is my only option to look commercial and leverage the equity?

Hoping someone out there has some ideas.  I'm good with waiting a while to do something, but wanting to plan next steps and be strategic.  Thanks for reading this long post and for your input.

Thank you everyone for the warm welcome and for the invite @Josh Nix.  I look forward to interacting with all you more as time passes.