All Forum Posts by: Andrew Dean

@Ayodeji Kuponiyi 

Thanks for the advice!  Do you have any books you recommend?  I've read Millionaire Real Estate Investor and a few others, but would love to add more! 

@Brett Snodgrass

Thanks! :-)

@Lars S. Thank you! The duplex is a 4 bed, 3 bath, 2 car garage with 12 parking spots (The yard was asphalted back in the day). It's located in between 2 big colleges that have 35k+ students each, so it's not that hard to rent out to singles. And the master bedroom is huge so we made that a shared room. Our goal is at least $500 a door for a SFR or a Duplex. and $300 a door for a 4plex.

@Brett Snodgrass @Brian Ragsdale Thanks guys!!

@Marquis Harris Thanks man!  My goal is to have about 10 of these in the next 5 years.   

@Tim Mellor

Hey Tim!  Thank you!  Would love to chat with like-minded investors in my area.  Let's get together soon and I can give you more insight into what we've done!  And for sure my wife and I are looking for partners as well!  I'll shoot you a message with my info.

@Joe Au

Thanks man!  There's definitely a science to it, but I don't think the Utah market is as hot as everyone says it is.  Maybe it's just me? 

@Hersh M.

Thanks! The US Bank portfolio loan was an owner-occupied loan, so yes. We are moving much closer to my work and my wife is going back to school in Salt Lake (35 miles north), so we are getting another place this week under an FHA loan for a 4plex.

Hey @Brady Lee, I would start networking.  Google "real estate investment groups Utah" and find and join networking groups.  Get to know lenders, agents, investors, etc and learn what they did in your area to be successful.  Get a subscription to audible and real books like "Millionaire Real Estate Investor" and others like it.  YouTube has lots of cool videos of people that have been successful as well.  Find a niche you like, like seller financing, or multi-family units, buy-and-holds, or flipping and become an expert in it.  Joining BP is definitely a step in the right direction :)  Good luck!

@Becca Summers

Great questions!  Each person fills out their own lease and own deposit (usually 1 months rent).  I have each tenant fill out an application with a $35 application fee.  I do it so I can check their background and credit.  Usually just by saying that to them, it filters certain people out.  If they have issues with it, I just tell them "most people like you appreciate that I screen your future roommates" and 100% of them agree and have no problem.  It works awesome.  I have a condo in Pleasant Grove, UT that we've rented out to singles for over 3 years now and do the same thing.  They all pay through Cozy, which is a free service that does automatic rent payments.  Never have to cash a check.  It takes about 5 days to show up in our account, but hey it's free.  My wife and I self-manage and it's been ok.  Now that we have 4 properties though, we're probably going to find a property manager, maybe.  Might just keep doing it ourselves til we get overwhelmed, lol.  Feel free to message me and I can send you more info on what we did!  

@Tanya Smith

There are some Utah Banks/Credit Unions that will do it for less than 20%. Portfolio Loans are loans that are serviced in-house, meaning not sold to Fannie Mae or Freddie Mac, so they can make their own rules. Typically, though, they have a higher interest rate, but also don't have PMI, which makes it more-or-less a wash. Mountain America Credit Union, for example, has a portfolio loan that is called the MACU90, which you only need 10% down on a non-owner occupied, but they only allow you to have 2. The US Bank portfolio loan is a 10% down owner-occupied loan, which is what we did. I can get you more info on exactly what we did if you want! Just PM me :)

@Shanel Wiggins

Thank you!  I see you're interested in doing the same thing, my wife and I are doing it again with a 4plex, so pm me and let me know if you have any questions what to do!  :)

@Ryan Craig

Thanks Ryan!  We are pretty excited to do it again and again and again..

@Thomas S.

Our Mortgage and expenses are $1600/month.  So $3000 less $1600 = $1400.