All Forum Posts by: Dennis Tierney

I forgot to mention the next meeting is Monday May 14th 6:45 pm

I encourage all Omaha area real estate investors to come to a MOPOA meeting and consider joining the organization. We have about 500 members but can always use more. It is a group of active single and multifamily owners/investors, some of which have been in the business for decades and have a lot of wisdom to share. We meet the second Monday of the month Sept.-May 6:45 pm at the Westside Conference Center, 3534 N 108th St. We also have a monthly Sat.  7 a.m. breakfast meeting at Farm House Restaurant, 84th and Grover. Check us out!

Dennis Tierney

@Stephen Sykes I would suggest Suzy Jennings with Insurance Solutions. She's independent and can find the best company to fit your needs. I apparently can't post her contact info on this post but you can google her.

Dennis

@Vincent Meoli I was in a similar situation as you and started investing in multifamily 12 years ago. I retired last summer, having enough real estate income to replace my W2 income. I also added SFH a couple of years ago as I found it impossible to find reasonably priced multifamily. To scale up to the income level you need you'll have to have good 3rd party professional management. You just can't manage enough property by yourself to get to your income level. I have also invested in a couple of commercial syndications and set up 2 of them myself. It is doable. Good luck.

Dennis

@Aaron Fanning I assume since you said it was a Bene SEP IRA it is a beneficiary one. You have to remember you have to take a yearly RMD based on your age so that said you'll have to be sure the real estate kicks in enough income to pay the RMD. Plus you'll have to obey all the rules regarding nonrecourse loans etc.. if you intend to leverage a buy. You may have less headache if you just buy a REIT and get the income that way.

The syndicating entity end up with 50K in "sweat equity". We didn't have any trouble getting financing, but, I also had a track record in apartment owning and set up another syndicate before doing this one. I haven't set up another since that one due to difficulty in finding a decent multifamily investment. Cap rates are too low in the current sellers environment. The only way to get one is off market. We just closed on a 24 unit yesterday, but, we did that ourselves using the proceeds from a sale last July.

@Jason Bindra Yes, all of my loans have been 75% LTV. I have a couple from insurance companies and a couple from local banks. They all have to be nonrecourse by IRS rules.

@James Conaway The SDIRA or ROTH SDIRA is the sole owner of an LLC that purchases the property. There are a number of companies that set these up for investors. There are a number of threads on this topic on this site.

@Thomas AndersonYou need need to develop a relationship with a few good local commercial real estate agents. They are the ones that do the "pocket" deals that are off the market and never hit the MLS. They are looking for investors as well as sellers. My best buys were all done as pocket deals.

@Gabe G.No it's a local bank. I do have a history of business with them so that makes a difference, but, I also use others so they are aware that I'll go elsewhere if the rates are better.