All Forum Posts by: Rebecca Belnap

@Joel Brown You are smart to not want to overpay for education.  I will probably buy some, but I'm looking a 2 companies that are local and not the 3 day seminars that come and go.

I don't know that I could mentor you since my experience is almost the same.  We have a triplex and a duplex, both in Utah county.  I have done a lot more flips, started in 1999 and did about 2 per year until 2007 when the market crashed.  We did just one in 2015 and none in 2016 since we just couldn't believe the high prices and were afraid of another bubble burst.  If you are looking for someone on an equal level who can keep you posted on the current market, I'm happy to chat.  Will contact you privately.

He isn't kidding about Utah having low inventories. I'm looking more into one time close construction loans to try to see about what are the lowest down payments for people who need to build.  Usually about 2/3rds to the market sells and 1/3rd is over priced.  Right now all we have left is the overpriced inventory and even that is selling.

Definitely, time to build.

@Kesi Ika-Kioa I don't know anything about Freedom Mentor except for seeing a few youtube videos, so can't help you there.

I only heard about Renatus 2 weeks ago and have not signed up, but I am also considering it.  The all day event last Saturday with Mark Kohler was amazing, and I'm getting invited to at least 5 events per week.  They seem to have a huge support system and training, at least here in Utah.  Since I don't have a lot of info I still can't really endorse them, but you said they are $10-$20K to start and that isn't quite true.  They do have a $2,000 startup and then you can pay to upgrade later.  Still a lot of money, but you can at least ask the person who is trying to bring you in about all of your options.

Yes, it is very difficult to find deals right now. The MLS is full of over inflated properties, we are usually jumping at anything over 6 for a CAP rate. Not saying that better deals can't be found, but we do have to sift through NOD lists and Driving 4 Dollars.

It's killing me, but I won't be able to make it this time.  Family conflict.

I agree with Mikki, the Utah REIA is great. There are several other meetups around Utah and SL counties that have been amazing. I'm not a big investor but I have done some flips and have a triplex and a duplex. If you have questions, I would love to help. I have found out a lot about no and low money down options.

@Steven Gillmer I know that @Jeff Rappaport Does a lot of Wholesaling in Idaho.  They had a really good 4plex before Christmas, but I know that one is gone.  Still worth getting in contact will him if you are needing more info or ready to buy.

A good place to start is with your own home. If you don't own a house, start with a no money down program and buy something that can allow you to add equity by fixing it up. You stay in it for "more than half a year" and then you can stay in it longer and get a HELOC, sell it for a profit, or rent it. It doesn't hurt to get your real estate license like @Jay Hinrichs said so profit isn't all eaten up in costs.  

If you already have a home and don't want to move, do some affordable improvements to maximize the value and get a HELOC.  To really flip homes effectively, you need 20% down and repair costs of the home.  Partners can work for this, but if you aren't careful, partners and Hard money lenders earn most of it and you would earn more if you were working for McDonalds.  When you are cash poor, you have to pass on a lot of good deals in your search for the GREAT deal.

He is showing the high cap rate using "Actual Expenses" and getting a higher cap rate than you would expect because he isn't fixing anything unless it is completely unavoidable. Here in Utah we tend to have low CAP rates compared to the rest of the county, so I think this is about average, but this isn't really the big issue.

He has told you to go away. He doesn't even want to talk to anyone without a 25% down payment. You said you are new, so I am guessing that you don't have $212,500 in cash or equity from a HELOC to throw at this. It may be fun to look at and think about the numbers, but with a seller this arrogant, it's never going to happen.

To start, I would advise you to look at a few small single family or duplex properties. They are easier to get loans for and for less of a down payment. If you have a home, do you qualify for a HELOC to get your down payment funds?

If you don't own a home, did you know there is a grant program that will gift you your 3.5% down payment for an FHA loan and you may NEVER have to pay it back if you qualify. That grant can even be used on a duplex if you get prior approval and on a case by case basis. You do have to owner-occupy it, but . . . it's the only program I know of that will pay you to by a duplex.

@Caleb Rigby Great job.  Enclosing the garage was a smart move.  The kitchen and fireplace also look like you made some good choices.  At least you didn't go with paying him hourly.  I've done that before and it has always backfired.

Nice job.