Omaha may be best known for being the home of Warren Buffett, but Sterling Anderson is another budding investor making a name for himself in the area. Sterling is the founder of Overbrook Properties investing in single family and multifamily in Omaha, Kansas City and Atlanta. Today, he talks to us about scaling from wholesaling to multifamily, the Omaha and Kansas City markets and finding emerging sub-markets.
Key Market Insights
Born and raised in Omaha, but does more deals in KC
Started with wholesaling then moved to rentals and flips
Mentors helped him expand to multifamily
Inventory is tight in Omaha for flips, but you can find rentals all day
Likes North Omaha as a great rental market; rich in history and culture, but properties are inexpensive
Great areas for flipping in Omaha: Dundee, Benson, Papillion, Bellevue
Strong margins in this area days on market are running at 30-45 days
What’s Driving Demand? Schools, neighborhood, proximity to shopping and interstate
Omaha is seeing an apartment boom in midtown and downtown
The due diligence period is critical and ensuring the time period starts when we get all documents from the seller
Kansas City: Brookside, Prairie Village, Troostwood are higher end areas for flips
The Plaza is a popular destination spot that backs up to these neighborhoods
Railcar development in KC will be huge for the area
Staying on top of what’s happening through the internet and has a great team that will send reports
Up and Coming Areas in Omaha: Midtown and Goldcoast have gone through significant development
Up and Coming Areas in Kansas City: Troostwood, Troost street runs north and south and is under going a lot of development
Came close to buying his childhood apartment complex
Single Family Opportunities in Atlanta: Decatur and Kirkwood
Bull’s Eye Tips:
Winning Your Market: Pay attention to your market
Tracking Market Changes: Talk to people in the market, join the local REIA
Daily Habit: Prayer and meditation and writing goals twice a day
Best Business Books:
Multifamily Millions by David Lindhal
"If you’re doing direct mail, stay consistent"
"Due diligence starts when we get all documents from the seller"
"Omaha is seeing an apartment boom in midtown and downtown"
"The railcar development in KC will be huge for the area"
Places to Grab a Bite:
Big Momma’s Kitchen - https://www.bigmamaskitchen.com/
Biaggi’s - https://www.biaggis.com/locations/omaha/
Connect with Sterling:
Instagram: @sterlingvision and @overbrookproperties
Website: Overbrook Properties - http://www.overbrookproperties.com/
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