All Forum Posts by: Wyatt Simon

Hi BP, 

I am looking to increase my deal flow. Last year, after MANY offers, I was able to put together 1 BRRRR using the MLS in my Omaha market. However, I have not been able to make this a repeatable success and I am getting burnt out on this method.

What I'm looking to accomplish is create something that I can get sustainable deal flow through. I have been doing some research and speaking other investors about what the best way to do this for me is. 

What I've gathered so far is that I need to get a list of properties that I am seeking and go after them. I do have a specific area that I'm targeting in my market, so I've narrowed down where I want to invest, now I need to purchase a list. I can then choose how I want to attack the list, whether direct mail, cold call, or hand-written letters. 

So now that you understand my situation, here are my questions: 

For investors that are already using lists, what are the best places to find a list and what key criteria do you use to make your list? 

Hi Henry, 

Saw your post and wanted to say welcome to the BP Community. You're doing the right stuff man. 

As for out of state rentals, I went through the same scenario with price to rent ratios being pretty high in Colorado. That is why I moved to Omaha where the price to rent ratios are pretty good. It's not too difficult to find properties in desirable locations that follow the 1% rule. 

I just closed and moved into a duplex 2 days ago that I will be house hacking here as well as currently have a BRRRR SF home that we are in the middle of renovating.

So far so good here in the Omaha Market. Hope this helps! 

Hi BP, 

I was fortunate enough to U/C for my first househack on Monday. It will actually be a live and flip with roomates paying my rent so best of both worlds! 

I've been shopping around with mortgage brokers to get the best interest rate and lowest possible downpayment costs. So far I Omaha national bank is offering me 4.375% interest on a 30 year fixed. Does anyone have recommendations for banks with a lower rate. 

Currently 

Loan conditions: 

This is my first time buying a home. 

3% down Conventional loan. 

@Lisa K. HI Hal, 

I am also a new investor to Omaha and had a fantastic week of networking this week. I was able to find a contractor that a lot of local investors recommended to me: Nolan Ausan from Warrior Homes. 

I have not worked with him yet, but he is also an investor and a GC. He is very flexible to structuring deals pending on how you would like. Feel free to reach out to me with any other questions as I love connecting with other local investors. 

Cheers!

@Daniel Thomas 

Thank you. I look forward to meeting him and many more local investors! Hopefully our paths cross at some point Daniel. I read your profile and we have very similar goals. 

@Jonathan Miller 

Thank you for the warm welcome! 

Hi BP, I recently relocated to Omaha, NE and just wanted to introduce myself to the Omaha community. I am have 2 branches of my investment goals that I am currently seeking. 

1. A fourplex to Househack. I have been actively searching for a fourplex to househack. I check the market everyday for new listings in order to move fast when something does come up. I'm also currently calling landlords to try to negotiate something off market as well. I am currently approved up with Access Bank up to 250k without leases in place, but with longterm leases I am approved to purchase up to around the 350k range.  

2. My father and I run a flipping business. We are currently in search of a house to BRRRR in the Omaha market. We have made a few cash offers, but don't have anything under contract currently. It would be great to connect with a good, honest wholesaler in the area, as well as any referred contractors.

If anyone would like to get together and grab a cup of Joe sometime feel free to reach out. I love networking and will be attending the OmahaREIA tonight along with the Omaha Real Estate Meetup Wednesday night. 

Looking forward to get to know those of you in the Omaha market! :)

Congratulations on your first deal! 

In regards to obtaining tenants, from books I've read and podcasts, I recommend listing your property for rent as soon as you have it under Contract to help get tenants in asap. 

Some sites I suggest to do this are: 

- https://cozy.co/   - I use this for my rental. It makes everything extremely easy. Tenants apply online, are screened online, and better yet pay rent online.  Additionally, when you create your listing on cozy, it is actually posted to multiple websites making your life easier. 

- https://www.zillow.com/rental-manager/   - I'm sure you've heard of Zillow. It's a great place to advertise your property. 

In regards to your rehab, I recommend asking your realtors and property managers in your area what kind of rent rates you should expect depending on what kind of remodel. Also I would research what's on Zillow for rent rates to help get a since at where the market is at specific to your area. 

Hope this helps! 

I'll be there! Awesome I'll get to see @Mindy Jensen after listening so much to her! 

Also will be my first Omaha real estate event, as I'm moving in on the March 25th from Colorado. Looking forward to meeting all of you in attendance. 

Thank you all for clarifying this. I think how I should move forward based off this discussion is to speak to as many lenders as possible and try to find one that will refinance for forced appreciation at 75% of appraised value. However, this may be difficult with no real track record for the banks to go by. 

Currently First bank will Refinance immediately 80% of purchase price, which means I'll get most cash back, but I'd like to treat each BRRRR as a flip and actually pull out all of my cash after repair if possible, along with have a cash flowing rental.

I'll also see if I can find a lender that doesn't sell Fannie/Freddie in order to be able to get more loans. 

I will keep everyone updated what I find :)

Wow, that’s great news to hear Ian. I’ve been searching for different lenders here in Colorado and just spoke with another broker. Seems like 1st bank will refi for 80% of the cashback of the purchase price, but that is not the forced appreciation that I’ll be putting into it, so I’ll have to ask around more. Any suggestions out there? Banks? Portfolio lenders?