Anyone BRRRRing in Lincoln?

Question

Hello! I'm originally from Lincoln and lived there until I graduated from college at Nebraska Wesleyan. I have since been living/working out of state for the last 18 years, but am interested in possibly doing some investing back home where I still have some family local.

First, I'm wondering if people are having much success BRRRRing in or around Lincoln? And, if so, what neighborhoods have you been targeting? I've been gone long enough that the landscape has changed quite a bit. I'd be looking primarily for small multifamilies in solid A/B neighborhoods or improving neighborhoods where the inventory and margins are in place.

Since I'd also be doing this from afar, would be interested in hearing recommendations for investor friendly realtors, contractors, and property management to see whether it would be feasible/advisable. Thanks in advance and looking forward to connecting with investors that have found success in my old hometown!

Daniel Judge · Answer

@TJ Addison I would also be interested in hearing more about your BRRRR deal. Numbers, anything you'd be willing to share.

Daniel Judge · Answer

Hey @TJ Addison, thanks for responding! We were probably together on campus for a few years - I graduated in '02. Probably know some people in common and could catch up on that as well.

Sounds like you're doing fantastic in the real estate game. I'm sitting at two doors right now and hoping to get up to around 10 to help supplement an earlier retirement.

What areas of town have you had the most success in and where are you trying your first BRRRR (best of luck with that project!) Have you found your contractor and, if so, how difficult was it to find a good one in Lincoln? A good contractor is one of the the most difficult pieces of the puzzle here. Would also be interested in hearing about how you have sourced your deals and if there are any virtual meet ups or groups that you might recommend. Thanks!

TJ Addison · Answer

@Daniel Judge

Hi! - I’ve got about 30 units in town but am working on my first BRRRR now. Most of my stuff is small multi family several duplexes up to a 12 unit. I’m always up for discussing real estate.  If you want AB neighborhoods you will be paying a premium but being out of town maybe the less work the better.

I’m also an NWU grad ‘03