Lincoln's older neighborhoods are full of solid 1910s to 1950s houses that need everything above the foundation, and sometimes the foundation too. Those are the flips that pay, if the budget accounts for what is behind the plaster.
In short: LendingStreet makes fix and flip loans on 1-8 unit investor rehabs in Lincoln and across Lancaster County. Loans run from $150,000 to $5M+, cover up to 90% of total cost and up to 100% of rehab on some programs, and can close in as little as 10 days. They are short-term and interest-only, and you exit by selling or refinancing into a DSCR loan.
Most Lincoln flips are older single-family homes: American Foursquares and craftsman bungalows in the Near South, Everett, Hawley and University Place, small 1920s cottages in Havelock and College View, and 1950s and 1960s ranches in Bethany, Belmont and the Highlands. Estates, long-held rentals and homes that sat empty after an owner moved into care supply much of the inventory.
Resale buyers are often first-time buyers, university and hospital employees, and state workers who want an updated house close to downtown or campus. They pay for finished basements, updated kitchens and mechanical systems they do not have to worry about.
Older Lincoln homes commonly have stone or block foundations that need mortar repair, drainage work or wall bracing, plus knob-and-tube or undersized electrical, galvanized plumbing and old boilers or furnaces. Many have basements that take water after heavy spring rain, so grading, gutters and sump pumps belong in the scope.
Homes built before 1978 may contain lead-based paint, and renovation that disturbs painted surfaces generally has to follow EPA lead-safe work practices by a certified contractor. Parts of the Near South and other older areas are historic districts, where exterior changes like windows, porches and siding may need design review. Check with the city before you price the job.
This example is illustrative and not a quote. An investor buys a 1915 foursquare near Nebraska Wesleyan for $165,000. The $70,000 rehab covers a new electrical service, a furnace and central air, a kitchen, a second bathroom, basement waterproofing and exterior paint. The after-repair value is $305,000.
The loan covers 90% of the $235,000 total cost, or $211,500: $70,000 for the full rehab, released in draws, and $141,500 toward the purchase, about 86% of the price. Over a 7-month hold, estimated interest-only payments total about $12,954.
After a sale at $305,000 and about $21,350 in commissions and closing costs, the investor nets roughly $30,696 after repaying the loan and recovering the $28,500 brought to the purchase, before property taxes, utilities and insurance during the hold.
| Item | Amount |
|---|---|
| Purchase price | $165,000 |
| Rehab budget | $70,000 |
| Total cost | $235,000 |
| Loan (90% of cost) | $211,500 |
| Cash at purchase incl. closing | $28,500 |
| Estimated interest, 7 months | $12,954 |
| Sale costs | $21,350 |
| Estimated profit | $30,696 |
Exterior work, roofing, concrete and foundation repairs are easiest from April through October. Investors who buy in late fall often sequence the job inside out: close up the exterior first, then spend winter on mechanicals, drywall and finishes. Spring is the strongest listing season in Lincoln, so a house bought in October and finished by March can hit the market at the right time.
Keep holding costs in mind. Property taxes in Nebraska are high, and you pay them during the rehab too, along with heat in an empty house through January.
Lincoln's Building and Safety Department issues permits for structural, electrical, plumbing and mechanical work, and inspectors sign off at each stage. Our draw inspector is separate: they confirm work is complete before releasing your next draw. Keep permits open and inspected on schedule so a final inspection does not delay your sale or refinance.
Some Lincoln rehabs rent better than they sell, especially near campus or the hospitals. If you decide to hold, you can refinance into a DSCR loan qualified on the new rent. Run that number on the full tax bill first; our Lincoln DSCR page shows why the tax line matters so much here, and how a duplex can change the math.
Lincoln has deep sales data in most neighborhoods, which makes after-repair values easier to support than in many markets. Use sales from the last six months within the same neighborhood and style: a renovated foursquare in University Place should be compared with other renovated older homes nearby, not with a newer ranch in the suburbs.
Buyers here notice finished basements, a second bathroom and central air in older homes, since many Lincoln houses from the 1910s and 1920s were built with one bath and no ductwork. Adding those features is often what separates a strong flip from an average one.
Terms depend on experience, the property and the scope.
Send the address, purchase price, scope of work and your after-repair value with a few comparable sales through the form below, or call (877) 298-1001. If you have an inspection report on the foundation or sewer line, include it; it helps us size the rehab holdback.
Our investor loans are business-purpose loans on non-owner-occupied property. For more on flipping elsewhere in the state, see our Nebraska fix and flip page.
Up to 90% of total cost and up to 100% of rehab on some programs, depending on your experience and the deal. You bring the remainder and closing costs.
Yes. Plan for design review on exterior changes like windows and porches, which can add time and cost.
On homes built before 1978, renovation that disturbs paint generally has to follow EPA lead-safe practices by certified contractors. Budget for it.
In as little as 10 days with a complete file, clear title and insurance in place.
Not if you plan the order of work. Interior work continues all winter, and spring is the strongest time to list.
Yes. Many investors refinance into a DSCR loan once the property is leased, qualified on the rent.
$150,000 across purchase and rehab. Many Lincoln flips meet it once the rehab budget is included.
No. Our flip loans are business-purpose loans on non-owner-occupied investment property.
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