All Forum Posts by: Ryan Basye

We belong to a local Landlord group and they have provided the best tried & tested forms for our market.  As for collecting rents there are many platforms that work great.  

The hardest part is starting!  Omaha is a very stable market, low turnover rentals.  I call Omaha the "bond market of real estate" because it may be boring, yet makes money year over year.  We have the lowest unemployment of top 100 cities.  Personally, I had zero issues during Covid so that should tell you a whole lot!

Always treat the work as if it was your property (because it is).  Permits and licensed/insured workers.

You can always get a new agent - research ones that can help your goals.

Investment Info:

Single-family residence fix & flip investment in Omaha.

Purchase price: $310,000
Cash invested: $50,000
Sale price: $585,000

This was a live-in flip to avoid capital gains. I convinced my new wife to see what I do in real estate. She agreed and we added some modern updated to a classic brick Dundee home. Most of the work was done in the first 6 months and we enjoyed it. This was a SIX-figure profit deal!

What made you interested in investing in this type of deal?

The location and character of the home.

How did you find this deal and how did you negotiate it?

It was a relation service that was having trouble selling it.

How did you finance this deal?

Local bank, 10% down.

How did you add value to the deal?

We did some major modernization to the home just to bring the appeal to today's buyer. We left the character and some original features.

What was the outcome?

This was a BIG win and proud to say SIX-FIGURE profit that we used to buy our home.

Lessons learned? Challenges?

When dealing with older homes, it is better to find a contractor who has done the specific work required (may be plaster walls, or antique chandelier, or old tile).

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I use myself - Ryan Basye at Nebraska Realty

Dundee Bank for the financing.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Omaha.

Purchase price: $200,000
Cash invested: $10,000

Purchased a 4-unit brick building that was near where I lived. I noticed it was never fully rented and reached out to the owner about selling. I was able to buy it right, get it rented out and add a 5th unit. It's still in my portfolio because it's a great investment in a great location. The point is you just need to take a chance and ask - see the potential - make it happen!

What made you interested in investing in this type of deal?

I saw the potential that the owner was not harnessing.

How did you find this deal and how did you negotiate it?

It was in my neighborhood. Shop where you know! I took a shot by calling the rental sign on buying it and it worked out.

How did you finance this deal?

10% down, bank financing on a 5/1 ARM. After some work and getting it fully rented at market rates, we refinanced into 15-year fixed rate.

How did you add value to the deal?

We upgraded each unit, added a 5th unit, added WiFi, added coin laundry.

What was the outcome?

It is still in our portfolio. It has been a great rental and continues to grow with us.

Lessons learned? Challenges?

One of the carry-over tenants was not paying rent, so we learned real fats how to deal with eviction process, small claims, changing locks, etc.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I represent myself - Ryan Basye at Nebraska Realty.
The lender we have on this deal now is Omaha Federal Credit Union (15-year fixed rate for rental property is great).

@Tyler P. it truly depends on what you want.  High-end, high return, multi units, etc.  Single family rentals are most effective in Midtown Omaha.  Multi-units with good walk score or near hospitals.  I like to call Omaha the "bond market" of real estate.  We may not be flashy, but you steadily make money here!

If you still need help, I can introduce you to some local attorneys and CPAs.  As an Omaha investor, landlord and Realtor to investors I have a vast network here to help people be more successful in their adventures.  You will find Omaha can be a "big small town" where we liek to help each other to bring up the whole area!