All Forum Posts by: Jared Sveen

Hey @Jason Eberhardt, 

There are definitely opportunities in the Lincoln area with multifamily and the rents have continued to increase year over year.  However, in my opinion, there are specific areas to potentially avoid even though there is an affordable multi-family building in that area.  I'd be happy to connect and share any insights I may be able to provide about Lincoln as a whole or the specific areas to potentially avoid. Like everywhere else, the market here is at an all time high and there are definitely some sellers looking to capitalize on that. But there's opportunity everywhere if you look/work hard enough to find one.  Shoot me a PM if you want to discuss further as I would love to share any information I can about Lincoln and hopefully answer any questions you may have. 

@Andrew Bundy message me your email and I’ll shoot over what I use.

In my opinion, I would say to have the tenants cover all expenses including lawn care and snow removal.  Less cost and less hassle for you and will make projecting monthly cash flow easier since you shouldn't have as many variable costs.  Just my two cents.

https://www.biggerpockets.com/landlord-forms

Thanks @Jeff Rabinowitz, I'm looking at anywhere from 120K to 130K per duplex so ($360K to $390K) for the three properties total. I am projecting the ARV of each of the places to be $160K to $180K after about 5K of work on each of the places.

Hey everyone, 

I found a seller who has three duplexes that are not on the market yet but he is looking to sell off all of the properties because he is sick of doing the landlord thing.  I am very interested in buying the places but still need to find out what he's looking for on each of them as he isn't sure his partner will let him sell them (as they currently cash flow).  I was curious as to if anybody has any creative ways of approaching or structuring a deal to buy all the properties (either all at once or one every few months) assuming he can actually sell them. 

Thanks in advance!

Hey Andrew Brown What's the plan for the property? Do you want to have it as rental? Personal residence? Flip? Also, you may want to somehow confirm what the guy is saying about his lender. Most mortgages are not assumable so I would think it's a little suspect that he said the bank would be willing to let anyone step in and start making payments. Also, area of Nebraska would be helpful for reference.

Thanks for the input Josh Nix ! I think you are probably right. I am wanting to force something to work for the property when the numbers don't make sense for either option. I am getting anxious to go out and buy something but I likely will be better off waiting for winter to slow down the Sellers market. I just noticed I spelled Lincoln wrong as well and can't edit it from mobile.

Hey everyone,

I was curious if anyone else has taken a look at this property and had thoughts on it. 

Zillow Link

I walked through it on Sunday and thought it had potential but I'm still pretty new at this and have a difficult time projecting repairs/rehab costs. 

The property clearly has a few issues but overall I think it could make for a decent BRRRR deal if I can get it at the right price. The items that I'm seeing as large issues are as follows:

- foundation issues (which likely lead to water in the basement) 

- Needs a new roof (within a year or two)

- Screened in sun porch needs to be torn down (or somehow salvaged)

- downstairs half batch needs to be gutted and replaced.

- Needs new siding (possibly lead based paint)

Otherwise, everything else is in fairly good shape, but probably could use paint throughout and maybe new counter-tops in the kitchen.

After doing some research on comp sales I estimate that the ARV to be between 115K to 125K.

I tried tailing everything up being very conservative about the repairs and I think it would run roughly 40K for all necessary repairs.  However, with their being a large issue with the foundation I'm nervous that my estimate might be too low.  

This may be a lot more work than I would like to put in on my first BRRRR deal but thought I would at least get some experience with the analysis and see what the "number" is for this property.

Any suggestions or advice is welcomed!

Thanks for the input @Chris T. I am definitely leaning that way as it will allow future growth at a quicker pace.