All Forum Posts by: Rebecca Belnap

@James Bird Welcome to bigger pockets.  You look like you are in a great spot to start from.  What's the story in Vernal?  It's the only spot in Utah that I'm seeing a lot of short sales popping up.  Did some companies do layoffs?  Is the rental market still decent?

@Alan Walker UCAR says the only way to get access to the MLS main site (which is the only way to see solds) is to be a licensed agent who pays the fee for access. The annual dues for SLBR are about $870 for a full year but the prorate them based on the month you start. The MLS fee is $35 per month unless they have raised it recently. There are several good brokers who charge nothing unless you have a closing, so there is no insurance as an agent unless you have a sale. You will have to take continuing education classes to maintain you license, but you can find most of them for free.

Those are the minimum fees in order to get access to the MLS

I just went and looked at your original post.  I was thinking you wanted to be an agent so that is why I was recommending the school.  I'm not sure what the rules are on getting access to the mls.  It is possible that you can just pay the mls fee, but it's also possible that you must be fully licensed.  Have you talked to the people at the mls?  You may not need the classes.

@Kenya Arnett Here in Utah, KSL is likely the only one you really need, the others tend to pull in calls from scam locations in Africa. One thing I am noticing is that you said your tenants need 3X rent. That is more strict than both the FHA and conventional requirements to buy a house. A good tenant by those standards isn't going to rent from you, they will buy their own home. The deposit seems a bit high too.

If it was me, I would be very firm about the no smoking, and the unreliable rental history, and illegal immigrants but be a little more lenient on the bankruptcy and drop it to 2X income.  Here in Utah you are often looking at people with 4 small kids so mom doesn't work.  That makes it tough to earn over $4500 a month on just one income.  But they never go out so costs are low and they make it work.  Listen to the bankruptcy stories.  Most of these people are good people who finaly broke.  And keep in mind, if they have already filed bankruptcy, they can't do it again for 7 years and they just lowered their expenses to be able to afford your rent if they learned their lesson.

NOD lists are a good option if you are comfortable knocking on doors and introducing yourself to people who are in foreclosure. Networking and asking are good options. Both are a lot of work, but with the MLS so high right now, those are the best ways I can see. Good luck and welcome.

A good lender at a bank that self funds can get their part done in 7 business days and have you clear to close very quickly, especially if you get approved in advance.  The appraiser is the tricky part.  They can also be 3 days or less if you have a good one who isn't busy.  Can you count on that on a regular basis when the market is moving fast?  No.  

That is why Realtors always ask for 30 to 45 days to close just to be safe.  The owners sound like they are over extended since they both are and aren't using the brother in law as a Realtor.  He sounds like a jerk to try to intimidate you by showing that he sees you as inexperienced.  But that is the hand you are being dealt right now, work with the seller on his terms, counter with your own, or lose the deal.  Hope it works out.

@Joel Brown Your sellers are letting you know that they are the ones who are painted into a corner, and not by you.  This is the way sellers act when they have payments that they can't afford and are acting out of fear.  They want someone to make the payment for the next month since it is hurting them personally to not have it rented or sold.  When fear and emotions get involved it often stops going the way it "should go".

I have had a few deals go this direction and I just had to face the fact that I may lose my earnest money on this one.  Maybe if you do a counter offer that you get more time but will accept a time clause and they can keep marketing it.  Then if they do get another offer, you are still in first position.  It could make them feel more safe and that is what you are dealing with right now.

@Joel Brown 2 weeks isn't impossible, just very quick.  Also, it is only the appraisal which should be the issue since it would be smart to be pre-approved before you put in offers.  If you are looking for an out so you don't have to buy the property that should be tied to the deadline for inspections and the sellers disclosures.  2 weeks is short notice if you don't have an inspector that you have on speed dial, but it isn't too bad.

Yes, sellers almost always pay closing costs, but they often raise the price to cover them so the net affect is that you pay them.  It should always be in your first offer to the seller, since they are usually expecting it.  If you come in now with counter offers, they are more likely to ask that you raise the price to cover it since they can see with your first offer that you were willing to pay them.

@Don Ashby great job, getting started is the hardest thing for most people.  I hope it goes well and you get good cash flow,

Brandon is right about moving to multi-families is a good move at some point, however there are some advantages for single families.  You can often get a single family for 15% down when multi is almost always 25%.  It's also a hard thing to come up the the down for even 1 unit.  It also really comes down to the best deal available at the time you are ready.  

"Why buy 1 when you can have 4 at 4 times the price?" That is a joke (since internet is really bad at getting vocal inflections right.  

Multi's are nice because they usually aren't 4 times as much for 4 units.  Less expensive to manage since they are all in one place.  Right now, the multi-family market is so high with all of the newbs with too much cash coming into the market, that almost nothing will break even.  Always run your numbers. 

@Jonathan Ramos Are you looking for down payment money, someone to get the loan in their name, or both.  Would have to talk with my partner, but PM me what you are thinking.