All Forum Posts by: Amy Kendall

Congratulations on your first purchase! Do you have a primary home that a HELOC would be possible? If not, maybe you have connections with other investors, hard money lenders, or family that could lend you the money for a limited time in return for a fixed amount of interest. Whichever way you go, just make sure you will have plenty of money when you refinance to pay off all your debts.

A hard money lender is always an option. Along those lines, if you have contacts with other investors/family you could always offer them a fixed return on their money. A HELOC is possible if you have some equity in your home you could tap into. If none of those are possible and the deal is on the line, try posting the specifics and exactly what you need. Maybe someone is willing to partner with you for the deal.

You can always look for seller finance deals. Sometimes those are listed on the MLS, but more likely you will have to search out or create this type of deal. You can look for owners who do not have loans associated with their properties if you want to get a list created. I also know some people that have come across good seller finance deals by attending real estate meetings. One person got a great deal attending a landlord session and just talking with the person attending with them. That person was at the class but was really just sick of his property and was ready to just let it go after talking with the investor that was just getting started. Just make connections and put yourself in places where investors are and you might just find what you are looking for. Good luck

@John Hawkins jr Do you attend your local investor meetings?  Try and make contact with more investors in your area.  I'm sure there are people around you that are looking for deals to invest in.  Best of luck!

@Gary Johnson. I'm sure there are a lot of investors that would partner up on a deal with you.  You just need to present them with a good deal.  You will get quick responses if you post a deal with excellent numbers and ask for potential partners.  If you are asking for a seasoned investor to partner up with you on a deal they have already found and put the work into, then you will have a hard time with that.

@Scott Warden welcome to the BP community.  Good luck to you

@David Fairall I did not split the meters on my basement, but the city did not require me to do that in order to make it a legal accessory apartment.  A legal accessory apartment is a step up from a mother-in-law because it allows me to legally use it as a nightly rental.

I started out buying older homes and they helped me develop equity and provided good cash flow along the way.  I am in the process of exchanging one of those homes, and I plan on buying two newer homes/townhomes that will require less maintenance but still provide the same cash flow.  You might not want to buy homes with obvious deferred maintenance present, unless you are prepared to tackle that, but there is certainly a place for them in investor's portfolios.

Honestly, the best way to get an answer to that question is to go and start talking with lenders in your area.  You could show them the property and what you want to do.  They will answer all your questions and more and help you see why or why not they are able to loan to you.  Check with a few different banks in the area as well to get a good variety.  You will get the benefit of having your questions answered and you will develop the connections you will need to get the deal done.  Good luck!

I live in Lehi and recently did this to my basement.  It was a pretty easy process as long as you already have a separate entrance.  I did not have a separate entrance and had one put in, which really wasn't too hard either, it just took a little time and I had to get a separate permit for that.  Lehi city had me draw up a plan of the interior and submit that.  I also had to meet some criteria on the outside entrance, like railing, lighting, and parking.  We paid the impact fees to the city to make it a legal basement apartment as well.  I'm sure Roy has a process similar to that and it is just a matter of contacting them.