All Forum Posts by: Brian Cone

Seems like an excellent idea in general. I've never had one but it seems like better process than mailers, given the relatively quick feedback cycle.

What is a VA? What process is a cal?

I'm not sure if you're trying to get a loan or someone to do work for you.

@Alex Chau - All my analysis says that everything on the market is overpriced for me - your levels might be different. I own multiple property here in Salt Lake.  Short term its leveling off and going to fall a little bit, but longer term its still going to increase. The good news is that rents are high and climbing which supports a lot of the current properties but not some of what people are asking as @Jeff Rappaport has indicated as well. 

Unless you can find a true deal, I recommend broadening your scope from just SLC.

Zion's bank. Best HELOC around as far as I can tell. Decent rates, interest only for 5 years.

@Jeremiah Maughan couldnt agree more...I just don't have the time or GAS to articulate it as well as you. Secondarily, I'm jumping back and forth between "the good deals exist but I'm just not looking hard enough" to "things are too hot to touch" and the only way to find a deal is direct from the owner. I think its probably a good thing I'm so conservative on numbers... @Ryan E. its unlikely you'll be finding 500 NOI deals even in Ogden at this point. Know if you're going to be okay with a "good deal" by whatever your standards are. I don't look at things as NOI, myself... I do however take a hard look at IRR and I'm no longer finding anything near the 14% range (which is what I consider a GREAT deal).

Salt lake city guy here... The best thing to do is show that you're trying your best to comply with the zoning board's desires while being very upfront with what you want: To allow get them to legalize the 3rd unit through a variance. 

In 2012 the city initiated a process to allow properties like this to legalize. I think that they only ran it a year, however they may be amenable to allowing your property to legalize if you meet their requirements - otherwise, you're screwed and have to rent it as a duplex. 

Here is a link to the process I mentioned. Hopefully you find it helpful. The city can be a pain but being on the up-and-up is better for everyone - tenants included.

http://www.slcgov.com/planning/planning-project-un...

Also - plus 1 for the guy telling you to lawyer up. I've never done it but I imagine that they are more effective than the average citizen in arguing a case. 

Hello All - 

New to BP but not the REI game. I've been in for about 5 years in the Salt Lake area. I own and manage 7 units @ 3 properties with a partner. I'm an engineer by background an fully employed in a high-pace work environment.

Strategy: Buy and hold undervalued multi-unit properties. Active self-management until I reach critical mass. (I'm currently very close). Purchase new property at 2 year intervals based on cash flow from the business itself. Sell at year 20. 

Strengths: Customer service, analysis, creative solutions.

Looking for: Mentorship, partnership, expanded network, increasing my knowledge-base. I've been "thinking" about joining a local REIA but struggle finding the time to actually go.

Thanks for checking out my OP - home to hear from anyone (especially local) that has thoughts or advice.