All Forum Posts by: Brandon Norlund

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Well, this has certainly been an interesting post to read through. Yikes! Too bad people just can’t agree to disagree and move on. I am interested @Mike Watson if you could give a short summary/some bullet points here about your program? I know you said not the old paint and carpet rehab, so what kind of rehab/renovation do you do (if any)? And also, use changes? I assume (dangerous, I know) you are referring to buying residential and changing it to commercial, or vice versa?

@Oscar Chirinos, my wife is a real estate agent here in Utah and she said it would need to be disclosed on the seller's disclosure form that is submitted to the state. If you were renting it you probably wouldn't have to tell the tenants, but it would be public record if they ever looked into it, and it's good practice to be honest. 

I don't know if I see it as a big deal if you have it decontaminated and rehab it. I would view it the same as disclosure of asbestos, lead paint, and decontamination of those things. I wouldn't hesitate to live in a house where all of that was taken care of. If the decontamination works with the numbers, I wouldn't necessarily walk away just because of that.  

Also recommend KSL Classifieds/Facebook. I may be interested in some of it as well. Send me a message and we can discuss.

@Jodi Kaili @Josh E. I am meeting with a CPA from my MBA program to talk to him about some RE stuff. He has offices in Logan and Layton. A bit of a drive for you guys, but may be worth it if he is good. I know he has small business (LLC, LLP, etc.) experience, but not sure about RE. I will be meeting with him sometime in November. If he seems like he will be good, I will definitely let you guys know about him!

@Daniel Howard, if you don't have experience estimating costs or doing the work yourself, there are some books out there you can pick up. Obviously, the prices for things change and can move up and down with the market. Another option would be to find a partner/mentor/contractor that has experience to go and check out the properties with you. Depending on how you would work with those people, you may offer to compensate them for their time.  

Hi Stephanie, I am sure other people will chime in, but I will give you my two cents. If Ogden is one of the places you are open to, they definitely have some of the best market prices right now. You can easily pick up SFH deals in the $100s, multis not much more than that either. The one thing I would say that is negative about Ogden is the schools. They are some of the worst rated for a large metro area in Utah. Just an FYI. Even with that, the overall market in Ogden is projected to increase in value by about 4.5%, so not bad. North Salt Lake/Bountiful/Woods Cross areas are quite a bit more for market prices. You are going to struggle to find any SFH deals for less than $250k. Multis are going for anywhere from $250-500k depending on how many units you are looking for. Schools are much better in this area, also obviously closer to the SL Valley. Hopefully that gives you a bit of starting info to go off of. If I can be of any help to you, let me know. My wife and I are investing in these same areas and I would be happy to be “boots on the ground” for you guys if you see any properties you are interested in. My wife is also an agent so she can pull any MLS info you might want and also help you with any deals. Just let me know! Good luck with everything up there!

Hi Krystal! Glad you spoke up! Do you have an idea of what kind of property you are looking for and where? Also, what kind of investing are you wanting to do (flip, wholesale, BRRRR, etc.)? I know a great realtor who just happens to be my wife. :) She should be posting on here shortly with her contact info.

That’s what I was talking about with contacting local lenders. I’m not sure they will give out that information, but they would certainly know what loans they own that are in default. Other than that, I don’t know how you can know who is close to foreclosure with any certainty.

Hey Bodi, newb to investing here too, although I have some good construction experience. Just working on scoping out/analyzing deals and getting comfortable with that before pulling the trigger. I’m sure folks with more experience will chime in, but my recent experience in Utah has been that there are not a lot of foreclosures or even preforeclosures around right now. And, if there are, I am sure they are getting snatched up as soon as anyone gets a whiff of them. It may be worth contacting local lenders for anything they might be getting ready to foreclose on, checking tax lien lists for the counties you are interested in, and probably just driving for dollars looking for distressed properties.