Central Nebraska Buy and Hold Investing
Hello All,
Not new to the forum but first time poster. I have a few questions regarding real estate investing in Nebraska. Unable to find a lot of information regarding this region so I am hoping I can get a few bites, or at least some useful advice along the way. Let me first start by showing my appreciation in advance for the read and responses.
I'll start from the beginning:
My brother and I are co-founders of an LLC (2 member), recently established with the intent to purchase buy and hold rental properties of all types, primarily single family and small multi-family homes as these are far more abundant in central Nebraska. We are in the process of analyzing properties and are eager to get the ball rolling. (I know family/friends do not always make the best business partners but in this case I am content with the situation, so this is where we are at)
Questions:
1. We have a family friend who is a real estate agent and has been assisting in the property hunt and showings, etc. That said, we are interested in potentially obtaining our own real estate license, for the usual reasons; MLS access, cut out the middle man etc. Can anyone provide insight on the process of obtaining licensing in Nebraska, maintaining the license, annual fees, need to actively broker etc. Is this worth the time and hassle?
2. Despite a relatively stagnant population, the demand for housing in the area seems to be relatively high at the moment, and market prices are unreasonable. A lot of the % rules we discuss on here rarely apply. There are a few properties that come and go, primarily duplex and triplex properties of not great quality in not great areas that fit the bill, otherwise the mainstay seems to be something like: 3 Bed 2 Bath home, 900-1200sq ft, built in 1930s, needs some work, 120-160k. Would rent ~$750-900/month. Question is, is it worth the time and effort to stick people with ~70% value offers or should we wait out this market trend? As I mentioned, we are eager, but as beginners we are also cognizant of the detriment of buying a bad first deal.
3. Very interested to meet any investors in the area. We are eager to learn!
Again, we appreciate your time and comments.
Best,
D