All Forum Posts by: Andy Jenkins

Hi Bruce,

I'd start off listening to a bunch of the BP podcasts and read a book or two. Locally the SLREIA (Salt Lake Real Estate Investors Association) and UREIA (Utah Real Estate Investors Association) run many events and meet ups.

I'll PM you some specifics.

@Christian Moreno

Getting a job or skills in construction could be a good idea. SLC is crying out for more contractors. Getting an apprenticeship as an electrician, HVAC, or plumber would be a sweet option. They pay well, and are skills you can use as a RE investor.

@Christian Moreno

Get a job. Save as much money as possible. Be cool with people.

PM Sent.

I don’t think you can pay a car loan or a mortgage with a credit card. It has to come from a bank account.

If you’re planning to live in a duplex as your primary residence, you can use 75% of the rents from the other unit as if it’s income. If the units are different sizes the lender will use rents from the smaller unit, irrespective of which one you actually plan to live in. 

Did the lender take the rents into account when they ran your numbers?

Hi Leanna, welcome to the forums. Do you still have the properties you and your husband bought? Where are they located? Are you looking to sell any of these to help purchase your next one? As mentioned above, Ogden is a solid option if you're looking to cash flow. Salt Lake City is a bit harder to find cash flowing multi family as everyone is looking for them at entry level.

Brett Rowe with Oakbridge.

@Nick Vought

That is a hell of a price for 9th and 9th! Well done for following up when it was UC. Congratulations Sir!

Hi Destin, welcome to the forums. As an agent desperate for more inventory in the valley, I should explain the benefits of selling. Don't sell. Hold onto it! Rent it out and continue to benefit from the appreciation you're getting in this market.

Hi Luke, welcome to BP! It sounds like you've been putting in the research and are ready to head out on your real estate journey. Where in the Valley are you looking to start out?

House hacking is a great strategy. @Amy Kendall is right that multi family comes at a premium in SLC. Creating a Mother in Law is a great option. I have clients under contract in West Jordan who are going to rent out their basement MIL- and already have the renter lined up!

I house hack a duplex. I don't live for free, but I live in 2/3 of the space and only pay 1/3 of the mortgage.

Have you spoken to a lender yet? FHA isn't the only loan available if you have less than 20% down. FHA works best if you have credit issues, but if you're a strong candidate, you can get a conventional loan with 3% or 5% down. FHA can come with its own headaches when it comes to property condition, and given you're both handy with tools, finding something that needs work seems like a good option for you.

Be warned, things are very competitive at low ($350,000 and below) price points. $10,000-$35,000 over asking price is quite normal in Liberty Wells, Rose Park, Poplar Grove etc.