All Forum Posts by: Stephen Anthony

Anyone have recommendations for good portfolio lenders / banks for properties in Omaha, Nebraska? Specifically looking for a local or regional bank that has an interest in improving North Omaha or at least is comfortable holding multiple loans in their portfolio for properties that are in North O - primarily single family (SFRs).

Does not need to be a bank based *in* Omaha necessarily, I actually live in Lincoln. Thanks!

@Jeffrey Gagnon A couple thoughts:

Go talk to another lender whether or not your current one is good. Just like having multiple contractors, it will give you a comparison point for terms (rates, amortization periods, LTV), types of properties they will loan on (and can underwrite in your case), and other factors. It also pays to have another lender (or three) if one won't loan on a particular deal you're doing. You don't have to take up a ton of their time, but start building a relationship now by talking to them about who you are, what kind of investing you want to do, and asking them questions about what kind of loans and properties they do, and what their typical terms are.

This no 3-4 unit comps thing sounds weird to me too, multifamily in Omaha has been HOT for several years now. Maybe you're looking in a specific area that doesn't have recent comps and they're right, I don't know, but I'd get a 2nd opinion if VA loans can be underwritten there.

Other thought is don't lower your numbers of offers so much that you drastically lower your chances of getting anything. You will probably have a lot of offers rejected before you get one accepted. Don't get me wrong, stick to your criteria and numbers #1, but if you're putting out safe (you mentioned low), well-analyzed offers, I wouldn't suggest limiting them just because you're artificially trying to lower the number of deals you have to analyze. You will learn a lot right now analyzing a bunch of deals, and especially with lowball offers, more of them will increase your chances of one sticking.

Hi, welcome Mario. For making connections in Omaha, I would suggest coming to the monthly Omaha REIA meetings on the 3rd Monday of every month. There's always a speaker with time before and after for networking. Just search for "Omaha REIA" for their website.

@Kyle Titus @Collin Schwartz I'm fairly sure zoning laws govern new builds and are generally not applicable to converting the interior of the structure to multiple units. Lots of investors have certainly done it, regardless of zoning or not. What may be required are things like getting a Certificate of Occupancy for the new units and inspections depending on local building codes. A quick phone call to the county's Building & Safety department should get you answers to everything though.

Welcome @Todd Franklin! Multifamily is overpriced in Lincoln right now and has been for awhile (but who knows, might look like a steal compared to Portland). Brian's right in that conversions will go for a better price but you're going to have a lot more maintenance issues and capex (replace plumbing, electrical, HVAC, etc) potentially. Lincoln has a strong rental market due to a high college student population among other things.

I recall taxes being about double what they are in Omaha every time I run numbers on a property in CB, so make sure to factor that into your considerations - it's a big hit on returns.

@Deanna McCormick That makes sense, thank you so much!

@Lois Ginter That's a great idea, thanks for the suggestion.

@Deanna McCormick This is all starting to get clearer, thank you. In this situation, the caregiver is actually the main person renting the home, and will live there full time with the dependent adult. So the caregiver is fully on the lease and financially responsible. The dependent adult has no income but sounds like from what you're saying would need to sign their own lease as well, in care of and signed by their guardian. Anything I'm missing?

I have approved for leasing of my single family home two joint applicants. They are both over 18 years old, one is a ward of the state with an appointed legal guardian - as described to me by the other applicant. The other applicant is the caretaker of the legal dependent (and family friend), and is a contractor hired by a local company to do so (I reviewed this contract and spoke with the company during screening). I fully screened both applicants, though of course the caretaker had to fill out the online application for the legal dependent.

The question is, should I put the legal dependent on the lease? Or perhaps I should specifically not put said applicant on the lease, but request other documentation instead? Tenants 18 & under don't go on a lease, so maybe this is a similar situation - since said applicant probably can't legally enter into a contract, even with signature from legal guardian.

I talked to my law firm, but the attorney had nothing of value to add really. Wasn't sure if the legal dependent could go on a lease if it was signed by a legal guardian, suggested just not to. Didn't suggest any documentation I should ask for, just said it may be protected by a judge order for privacy purposes so I may not be able to get anything anyway. Ultimately said it's just a business decision to rent to them with the legal dependent not on a lease.

Guessing folks in the assisted living facility niche may have experience in this - your wisdom would be appreciated!

Welcome Patrick.

@Laramie Hiebner - Meeting is tonight at the Grata at 70th & A St, Clocktower Plaza.