Guide in Dallas or Omaha?

Question

Hi BP colleagues! I own 2 SFH rental properties, both of which cash flow, but I am ready to move on to buying my first Multi-Family or Apartment (I'm shooting for 4-20 units or so).

I'm looking for a guide in Dallas/Ft. Worth and/or Omaha, NE areas (I have family and own property in both) to guide me a bit in finding/buying my first Multi-Family/Aprtment property. I'd be so thankful for the help of the fantastic coomunity here on BP.

Scott

Lance A White · Answer

I agree. Larger units mean less work for banks to do the deal. Show them the cash flow and DCR and they will work with you. I also work with three local banks in the Omaha/Lincoln?Council Bluffs markets.

Jeremy Prunty · Answer

@Scott Wise - I agree with Stephen Anthony.  It's not as difficult as Arlan states with the lenders here in our backyard.  Biggest thing they want to see is skin in the game.  We work with 3 Nebraska lenders now, it's all about relationships.  Let me know how I might be able to help.

Scott Wise · Answer

Thanks Lance - appreciate the insight.

Stephen Anthony · Answer

@Scott Wise - I've found banks in Nebraska very willing to work with investors on 4-20 unit properties, even with newbies (I am one). Feel free to PM me and I can share a couple bank names.

Arlan Potter · Answer

It should be easy for you to jump to duplexes or quads. A 20 unit may be tough. It depends on your bank account. Banks are merciless when it comes to big deals. They want history, collateral, and basically for you to convince them you don't really need the loan. Then they want your first born as a second mortgage.

Guide in Dallas or Omaha?

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