Omaha's older brick homes are built to last, which is exactly why flippers like them. The bones are usually sound; what needs money is everything a 1920s house was never designed to have, from modern wiring to a second bathroom.
In short: LendingStreet funds fix and flip projects across the Omaha metro on 1-8 unit properties from $150,000 to $5M+. Some programs cover up to 90% of the purchase cost and up to 100% of the rehab budget. Loans are short-term and interest-only, can close in as little as 10 days, and exit by sale or by refinancing into a DSCR rental loan.
Most flips in the metro target houses that a first-time or move-up buyer wants once they are updated. Field Club, Hanscom Park, Morton Meadows, Benson and the Dundee edges have brick homes with character that sell well when finished properly. Ralston, Millard and the older parts of Bellevue offer 1960s and 1970s ranches and split-levels that are simpler, faster rehabs.
North Omaha and the Florence area have lower purchase prices and some of the deepest discounts, but resale prices are lower too, so the margin depends on keeping the scope tight. Keep in mind that our loans start at $150,000, which shapes which projects fit.
Resale buyers in Omaha tend to be practical. They want updated kitchens and baths, a dry basement, a newer roof and furnace, and a garage or off-street parking where the lot allows it. Finishes that look good but skip the mechanicals rarely hold up once the buyer's inspector goes through the house.
Walk any 1920s Omaha house with a contractor and the same list tends to come up. Price each item before you make an offer.
Structural, electrical, plumbing and mechanical work requires permits through the City of Omaha's permits and inspections division, and licensed trades where the city requires them. Suburbs like Papillion, La Vista and Bellevue run their own permit offices. Closing out permits before listing keeps the buyer's inspection and title review clean.
If you plan to rent the house instead of selling, remember the property will also need to be registered under Omaha's rental registration program.
This example is illustrative and not a quote. An investor buys a brick two-story near Field Club for $195,000 with a $72,000 rehab budget. Comparable renovated homes support an after-repair value of about $345,000.
The loan covers 90% of the purchase and 100% of the rehab, a total of $247,500, or about 72% of after-repair value. Estimated interest-only payments are about $2,166 a month, about $10,828 over a 5-month project.
At sale, selling costs are estimated at $20,700 and the Nebraska documentary stamp tax, usually paid by the seller at $2.25 per $1,000, at about $776. After the $19,500 down payment and $6,500 in closing costs, the estimated profit before taxes is about $39,196.
| Item | Amount |
|---|---|
| Purchase price | $195,000 |
| Rehab budget | $72,000 |
| Loan amount | $247,500 |
| Interest over 5 months | $10,828 |
| After-repair value | $345,000 |
| Selling costs and stamp tax | $21,476 |
| Estimated profit before taxes | $39,196 |
Omaha winters are cold and windy, and exterior work like roofing, siding and concrete slows down from December through February. Interior work continues, so plan a scope that lets crews move inside when the weather turns. Spring and early summer are usually the strongest listing seasons, and many flippers aim to list then.
Spring hail can also hit a finished roof before you sell. Keep the property insured with a builder's risk or vacant-property policy throughout the project.
The purchase portion funds at closing, and the rehab budget is held back and released in draws as completed work is inspected. Organize your budget by phase, keep receipts and photos, and be ready to fund the first phase yourself so work starts right away. Draws that line up with city inspection milestones tend to move fastest.
Changes in scope happen. If a sewer line or foundation issue appears after demolition, talk to us before you spend, so the budget and draw schedule can be updated.
Ask for a sewer scope before you close. In older Omaha neighborhoods, a collapsed clay line can add thousands to a budget, and finding it after demolition is the most common way a flip runs over.
If the resale market softens, or the rent on the finished house is strong, refinancing into a DSCR loan can make more sense than selling. Omaha rents relative to prices often support that path, especially on duplexes and homes near UNMC, Creighton and UNO. Our Omaha rate-and-term refinance page explains how that payoff works.
A finished brick home near the medical center or a duplex in Benson can often rent quickly, and a DSCR loan qualified on that lease can pay off the flip loan. Run both the sale and the rental numbers before you buy, so you have two ways out if the market changes during the project.
Send the address, purchase price, rehab scope and expected after-repair value through the form below, or call (877) 298-1001. Include recent completed projects and your contractor's information; experience helps with leverage and terms.
Up to 90% of the purchase price and up to 100% of the rehab on some programs, subject to after-repair value and your experience. Leverage also depends on the after-repair value supported by comparable sales.
In as little as 10 days with a complete file and clear title, which helps when competing for estate sales and distressed listings.
Fix and flip loans start at $150,000, combining the purchase and rehab amounts. Very low-priced houses may fall below that.
We fund across the Omaha metro on the Nebraska side, including Bellevue, Papillion, La Vista and Ralston. For Council Bluffs, Iowa rules apply, so ask us about that state separately. Each suburb runs its own permit office, so plan for slightly different inspection schedules.
In Nebraska the seller typically pays it when the deed is recorded, so it comes out of your proceeds when you sell. Confirm with your title company.
Yes. Many investors lease the finished home and refinance into a DSCR loan qualified on the rent.
It helps with leverage and terms. First-time flippers should bring a detailed budget, solid comparable sales and an experienced contractor. Completed projects in the Omaha area are especially helpful.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
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