Omaha, NE · Member since 2015 · 19 posts · 2 votes
Hello BP,
I want to take the next step and see how much I can afford by getting pre-approved. Any suggestions on where to go for financing in Omaha,Ne and why you picked that particular Lender?
Flipper/Rehabber · Lincoln, NE · Member since 2014 · 171 posts · 54 votes
11y
Andrea,
Small local banks are best for real estate investing. They can act faster than big banks, and you usually deal with a decision maker. We use Malinie Staben at Union Bank on S 177th. She is great to work with and can set you up with constructions loans. She communicates very well and is on top of our account.
Flipper/Rehabber · Lincoln, NE · Member since 2014 · 171 posts · 54 votes
11y
Andrea,
Small local banks are best for real estate investing. They can act faster than big banks, and you usually deal with a decision maker. We use Malinie Staben at Union Bank on S 177th. She is great to work with and can set you up with constructions loans. She communicates very well and is on top of our account.
Small local banks are best for real estate investing. They can act faster than big banks, and you usually deal with a decision maker. We use Malinie Staben at Union Bank on S 177th. She is great to work with and can set you up with constructions loans. She communicates very well and is on top of our account.
Great, thanks for the helpful information and referral Lance!
Small local banks are best for real estate investing. They can act faster than big banks, and you usually deal with a decision maker. We use Malinie Staben at Union Bank on S 177th. She is great to work with and can set you up with constructions loans. She communicates very well and is on top of our account.
Being a novice, any advice on what to communicate to her about what I want to do: Buy and hold single family, duplex, triplex, 4plex
Flipper/Rehabber · Lincoln, NE · Member since 2014 · 171 posts · 54 votes
11y
I would say give her as much information as possible. I try to give all my lenders the information that they want including how much the property is, how much the rehab is going to be, and what the expected value of the property is after it's done. If you're doing a buy and hold you need to check to see what the rent is going to be and if the rent easily supports the loan the insurance and the taxes.
Omaha, NE · Member since 2015 · 13 posts · 2 votes
11y
dont think that you have to buy a 100,000 house either. There's alot of house's under 50,000 that you can get a personal loan for and buy and fix up and rent out. The neighborhoods may look run down and scary on the surface but a crime check website will show you that most those areas are not that bad. The ppl that live in those areas all have jobs and when they loose a job they can find another pretty quickly. Your cashflow will be bigger. Instead of all ur money going to your loan. your loan pay off will be shorter too. Plus after you fix it up youll have increased its value which will help you get approved for more financing later. Plus if you fail. Youll loose 50,000 and not 150,000. Look up the B.R.R.R technique.
Investor · Omaha, NE · Member since 2014 · 37 posts · 7 votes
11y
I have to agree with @Account Closed. Most of my rentals are sub $50K properties, and they cash flow well. Using BRRR has helped fund additional down payments.