All Forum Posts by: Ryan Landis

@Daniel Cisneros unfortunately nothing sexy to share lol. Everything I have done since that post has either been true seller financing where they are pretty flexible where I get the down payment from, or bank/conventional/hard money. I have yet to find a source that allows for a higher combined LTV with the seller carrying a 2nd where the rate/terms actually make sense to take that on. I am sure there are some commercial outlets that allow it for some of the higher price points, but at least in the sub <$1M range I have not found a ton of luck. I will say there is a way where you can do some stuff with personal property depending on what you are purchasing. For example, if the real and personal property combined is worth $1M, you might be able to purchase the real conventionally at $800K and have the seller carry 100% of the personal property. Just one thing I have learned throughout all of this :)

@Nick Gerli great post. I personally am a strong believer in the Salt Lake market, but feel like the overall Utah market is going to do phenomenal in the next 5-10 years.

@Johnson H. is doing an awesome job explaining a lot of what is going on. @Sid Naik without knowing more, it could be the complex/unit/etc. I will say some of the smaller stuff is struggling a tad more, and also little things (think shared laundry vs in unit). Right now there are just some things that people are opting to want a bit more (maybe 1+ bed so there is an office vs. a studio). To be fair, this is also not the most prime time to place a tenant (not terrible, but there are better seasons). So could just be getting hit from a lot of angles at once. Gets back to the product (not saying this is the case for your condo) but during good times people always think "oh shared laundry isn't that bad of a situation" or some other item like that. You see it pan out when people get to be a bit more selective with their buying/rental options

@Nicolas Almanza not sure how much experience you have, but for what it is worth, I would focus on trying to find one (or more) agents/brokers etc. that are open to "teaching" you the business. The brokerage will not matter as much as the experience/learning you can get under the people there for the foreseeable future. It is not impossible to go figure it all out on your own, but if you can learn from others what works/does not and have them help you through the first couple of transactions you will be much better off. 

@Carlo Dacanay might want to add lender to the list ;)

Feel free to ping me and I can provide a couple that you can talk to for the different options.

@Tyler D. so without providing legal advice on a forum, there are legal ways to get buildings vacant. That being said, I am not sure how it would work for 3 owner occupants if you went with an Ellis or something like that. If all 3 of you are committed to living there for the foreseeable future and would be able to ride out the wait period, etc. it could be something worth talking to an attorney about.

That being said, each person has their own moral compass and you would ultimately be kicking 0-3 people out of their living situation so I will let you deal with that part.

If you can just get vacant upfront it will make things easier, but you are going to pay for it. In terms of setting up a TIC, that is a pretty common approach in SF. Most TICs trade for less than condos because they are not as straightforward to finance, but if 3 owners are going in on it I would have to think you could easily set it up to protect yourself (i.e. first right of refusal, if someone fails to pay, etc.)

Your lawyer bills on this won't be cheap, but it could very well save you some money compared to going and purchasing 3 condos...

All fair points above. So not every agent requires them, some do though. For context, I agree with the idea that you should not sign something until you feel confident in working with a person. That being said, it goes both ways. As an agent/broker, if the client is not committing to you, how committed are you to the client (if you ask them about this). 

The quality of agents runs the gamut, but I bet you don't ask the attorney to represent you and tell them I won't pay you until I am sure you win the case (obviously some do work that way but talking about the situations where that is not the case).

That being said, if you ask someone to run around and do a bunch of "free" work eventually that tapers off as they find clients that respect their time, energy, resources (assuming they are worth their weight). 

Not saying you said any of the above, but I personally sign them frequently on properties before they are presented, etc. It is just part of how people protect the fact they are doing a job that doesn't get them paid until closing...

@Sarah Ann so the way it typically works is escrow cuts a check to the broker (if they mail it could be 1-7 days). Then they deposit, needs it to clear and then should be able to cut the check to you, pending a complete broker file/review. Some brokers may require the broker file way further in advance so just depends on timing. 30 days seems long in general, but there are a bunch of moving pieces to it so I would just make sure you have a complete file early on so it is more a paperwork item compared to anything else. 

Hey @Jake Donohoe welcome! So I will say getting that first check is probably one of the more exciting days of the whole journey. Add that, with a few gray hairs because almost always the first few are the hardest you will ever have to do (for some way the world just works that way).

I will say working with a client that isn't overly intense will help out a bit, at least for the first one as you navigate what characteristics of the clients you work with you enjoy

@Srinath Shankar as others mentioned, you won't be able to depreciate a primary residence (at least not all of it, ie home office, etc.). So assuming you are looking at is as an investment, you can offset the passive income on your RE but unless you are a real estate professional, it is not as plan as if you make $1M in a tech job you can offset it with $1M in depreciation (again, assuming you are not an RE professional, etc.)