All Forum Posts by: Dennis Tierney

I've used both Cornhusker Title and Nebraska Title and found both competent but can't speak to the specific fees you mention. I'm sure if you call them they could tell what they would charge.

So my friend did eventually rent that half of the duplex and to her knowledge so far the tenants  haven't been bothered, but, she also hasn't asked. No news is good news I guess.

@Raylor G.  Definetly do not pay a management co. for an empty unit. Their interests and yours are aligned when they are paid a percentage of gross rents and not when they are paid when a unit is empty. You will be ripped off if they and your interests are not the same. I would keep looking for a management co. that is paid by gross rents. I have used 3 rd party management cos. for 10 yrs and would not accept that arrangement.

@Mark Neiger I understand your eagerness to get a property under your belt, but, you definitely have the right to look at a vacant unit before making an offer. I never offer less than 30 days due diligence. You'd be surprised how long it takes to get good info on a property and a competent inspection done. Never go by a proforma to make any offers. Run your own numbers based on actual income and expenses. Demand 3 years of actual financials. If you get resistance just tell them the bank will demand it to qualify a loan (which they will) so they may as well get it to you up front.

@Brandon Sturgill The last deal I did at the end of May was 19 units found by a local broker and funded by a local bank. We paid $83,000 per unit but it was fully rehabbed in 2010 with granite counter tops etc.. and rents are above average. The seller agreed to fund the small amount of deferred maintenance needed at closing.

Around  here the Bank of The West guys offer a 10yr with 30 yr amortization

@Azeez K. Congrats on the purchase. I'm not sure of your plan on the utilities. Are you going to have each tenant billed by the utility co. or are you going to do a RUBS? If it's a RUBS be sure your management co. has experience administering it. It has worked well for me in the properties we've used it but the management co. has good experience with it. Good luck with it.

 Dennis

WPC in an IRA. I don't like REITS outside of an IRA/401K as they are taxed as ordinary income.

@Tyler Bain I don't do SFH and have no experience with wholesaling in the area. Hopefully Fred can direct you in that area but I don't know if he does much in that arena either. You might want to consider joining MOPOA (Metropolitan Omaha Property Owners Association) when you get into town.

Brooks has it exactly right. No commercial lender I know will do less than 20-25% down and the loan is typically 20yrs. If you are an experienced investor with good credit they may go with 20% and 25 yr loan (always with 5-10yr Balloon). You'll need to scratch up the rest of the down payment, get a partner or wait to buy until you can save the cash to buy.