All Forum Posts by: Jessica Monroe

Thank you for the feedback Josh! I would like to be as hands on as possible - managing myself, fixing minor / cosmetic repairs myself - while finding a contractor I can trust to handle larger projects. 

I'm looking to attract B class / long term tenants. While cash flow is important and don't want the property to cost me money, I also am focusing on building equity to pull out in the future to purchase additional properties. Would that be the logical way to think for first time investor who plans on keeping full time job for the next 5 - 10 years?

I'm looking to purchase my first multi family property and have a seen a few conversions on the market. I've heard to stay away from conversions as they are hard to pull equity out of or sell. In general, if the numbers are right and cash flows does conversion still = red flag? 

More specifically, this property is O-1 zoning so might even be worth more to tear it down in upcoming years?

My long term goals are to buy and hold rental properties focusing on multi families. 

Thanks to everyone in advance for you feedback!

I'm looking to purchase my first multi family property and have a seen a few conversions on the market. I've heard to stay away from conversions as they are hard to pull equity out of or sell. In general, if the numbers are right and cash flows does conversion still = red flag? 

More specifically, this property is O-1 zoning so might even be worth more to tear it down in upcoming years?

My long term goals are to buy and hold rental properties focusing on multi families. 

Thanks to everyone in advance for you feedback!

@Chris Willis & @Ray Slack I am also looking about doing a 203K on a few fixer uppers - I would buy & hold on to for rental properties. Any issues you ran into right away while applying and throughout your current process? Are you using to flip / live in / rent?

Thanks guys!

Jess

Welcome to BP! I'm a newbie as well and currently "house hacking", purchased my house two years ago using FHA.

With a business partner here in NE I would recommend getting a house near campus and him live there - purchase another property in AZ for you to live during the school year and trying to use FHA twice to minimize down payment. However, the issue I've run into using FHA is not being able to pull any equity out right away for additional properties. Someone did mention above that FHA & LLC will not work together. I've also heard that if you plan on moving under your LLC in the future (you sell to your LLC) the bank could call the loan due.

Again, I'm new at this as well so my strategy may be different to those who have been at this longer. Good luck! 

@Josh Nix

 looks like a good deal, especially if you have the rehab background! Are you finding most properties in Lincoln are going for what they're listed for or pretty close? I bought my house two years ago and paid close to asking and seems to be the same scenario as I'm looking for investment properties. 
Are you going the traditional route, 20-25% down or using hard money? I'm currently weighing all my options on the best way to get into my next property.

Good luck! 

Welcome to BP! @Joe Howell

Hi Everyone,

I am looking to start buy my first rental property in Lincoln, Nebraska/ Preferably residential for the first purchase but open to multi-resident if it's the right property. In general what are some tips from experiences land lords on what needs to be taken care of from the beginning?

Thank you all in advance!

Justis and Stephen, I would be interested in joining one of the investors associations in Lincoln...has anyone taken real estate classes from Larabee School of Real Estate and Insurance in Lincoln?

Hello all!

I am 23 year old Husker Alumni here in Lincoln, Nebraska, currently at the beginning stages of getting my real estate license. After buying my first home about a year ago I had an immediate interest in the buying and selling process. My goal is to buy, sell, and manage residential and eventually commercial property. I am looking for any and all tips anyone has to offer on how to be successful in real estate, I look forward to meeting you all!

Thank you in advance,

Jessica Monroe