All Forum Posts by: Jonathan Stastny

@Carlo C. Yes, it's booming right now. Lots of multi family popping up all around there. It's a hot area near a lot of restaurants, bars, downtown and Mutual of Omaha amongst other large employers.

@Carlo C.

I have never wholesaled a deal before, however I would like to make it a part of my strategy moving forward, and currently have a deal under contract that would be perfect.

My question is, how do I go about presenting it to potential buyers? What types of things should I include and what is imperative?

Hi everyone!  I am fairly new to real estate investing, but I have been living and breathing it for the past 18 months, taking in all of the information and advice that I possibly can.

I own two rental properties, and am getting my first cash out refi this month!  I have found my first legitimate opportunity other than the duplex I am house hacking and the rental property I inherited.  The property is two blocks away from my current duplex and was for rent, I called the owner and talked to him and he is a retired farmer who owns over 50 rentals, but most of them are closer to his hometown, about an hour and a half away from Omaha, where the property is located.  He is interested in selling it to me, and I even brought up seller financing, because he owns it free and clear and doesn't need the money.

Anyways, the property is identical on both sides, 2 bed/1 bath, however the basements are large and it wouldn't be difficult or expensive to add a good sized bedroom with a large closet and attached bathroom, it would technically be the master. Duplexes rarely sell in my market and the only comps are from 2016, so I am having trouble landing on a number to offer. I have ran the numbers, and at current rents ($820 per side) and current condition, it would cash flow $14/mo at a $160,000 offer. He purchased for $150k in 2012. Zillow has the home value listed at $179k, but I know Zillow isn't great to go off of for valuations. I don't want to insult him with a low-ball offer, because he seems like the only reason he is giving me the opportunity is because he likes me and we connected. Normally, on a property that only cash flows $14/mo, I would not make that offer, however, knowing that I will be able to raise rents $450-500/unit as 3/2's, should I just offer the $160 knowing that the investment makes sense for me in the long run, or do I try and get it cheaper? Not to mention the ARV would be at least $230, as there are hardly any 3/2 duplexes that even exist in our market, and the demand for duplexes.

As it stands now, I would like to offer $160k if I need to get my own financing, or $170k if he will do owner financing.  Even at a $170k purchase price, the property would still cash flow over $600/mo after upgrading the units.

I hope I made sense in all of that...any advice would be greatly appreciated!  I am wanting to make an offer today before he fills the vacant unit.

I have a question for anyone familiar with medicaid and elder law.  My friends Grandma owns a home that she owed money on, but has over $4,000 in equity(the max asset value allowed in my state.)  I know that once medicaid begins to pay for bills, they can put a lien on the home for the amount that they've paid and the home must be sold for market value.  However, my question is, is that if she were to sell the home for only what she owes on it before being for medicaid, would that effect her eligibility?  Any insight would be appreciated.  

Thanks for the input everyone. I have called 8 different lenders and haven't gotten anywhere, but I will continue to try.

@Scott Bergmann Dundee Bank is who I was working with, because I had heard great things. However my friend didn't have a great experience with them either.

I have a unique(I think) situation that I could really use some advice on. I currently own two properties(one duplex and one single family.) I've got an FHA loan and am house hacking the duplex. The single family, I have rented for $1625/mo and own it free and clear. I spent about $45k on the rehab and it should appraise between $160-165k.

The problem I have is that before leaving my job, I was working with someone at a bank that told me it would be no problem getting an LOC or mortgage with my stated income from my rentals and Air BNB(about $50k/yr.) Plus I picked up a job bartending nights where I make another 30k. However, when it came time to apply for the loan, I was denied because they won't count any of that income for 24 months. I couldn't even get a 60% LTV against the house that I own free and clear.

My dilemma is that I would like to purchase more properties using the BRRR strategy, but not sure where to go from here other than to wait until I can show 24 months of consistent income. Does anyone have any suggestions that might help me move forward sooner? I'm not super interested in flipping, I'd rather build a portfolio for long term wealth.

Hello,

I am new to REI and am currently finishing my first rental property, and plan to put it on the market this weekend. My intention is to build my business with systems in place, so that I can hand over essential duties to future employees. As of now, it is just me, but I would like to push towards passive investments.

Starting from day one, I am looking for recommendations for books, programs, CRM's, etc, or just advice on what some of you have done to implement repeatable systems early on.  My goal is to have efficient, teachable methods, rent collection, listings, etc, so that when I am ready to hire an employee/employees, they can be trained to run necessary aspects of my business without skipping a beat.

Any and all advice is welcome, and I thank you in advance!

If it's time your worried about, just replace the items, and file the claim.  They will write you a check for your losses, and you don't have to wait for the claim to play out before you can put it back on the market.  However, most insurance companies these days work pretty quickly.

That seems like a big loss to just let slide.