All Forum Posts by: Bryce Till

Thought the below link was a pretty interesting deal. A Porsche 356! Anyone else have any stories of pleasant surprises they've found when buying a property?

http://hunkydee.blogspot.co.uk/2011/01/barnyard-find-guy-buys-land-inherits.html?m=1

Tonights battle! Kiyosaki vs Ramsey!

There isn't a right or wrong answer. There are so many factors that go into this decision. Leverage is powerful tool but requires a lot of responsibility. Personally, I like keeping a mortgage if you are young, gainfully employed (W-2) and have the plans/discipline to NOT refinance!

I would say that before paying off any extra principal or making any investments I would pay off any other debts, put away some in an emergency fund and make my annual IRA contribution.

@Josh Butler Josh, I love the idea of a duplex for your first primary residence.

If I could do it all again I would buy a duplex as my primary and rent out the other room.

If prices are too high on the MLS I would think about trying to direct mail duplex owners. You will undoubtedly have to do some rehab , but you might be able to find a motivated duplex seller.

I haven't done any research myself but there must be a list of duplex owners available somewhere.

Also, it maybe that prices in SLC are just too high to live for free. Last year I found a condo downtown where I rent a room for $650 which helps, but I still payout of pocket to cover my bills.

@Josh Butler as far as buying an holding I'm looking into other markets out of state. We are in an environment where, in my opinion, if you're not making at least a 10% cash on cash return you're money can be put to better work.

In Utah, for buy and holds I have heard of deals close to 10% happening in Toole and Ogden. Flips in class A areas like Sugarhouse can be very profitable. Checkout the "Muve Group" they do the best flips I've seen in Utah. I would imagine they're doing alright profit wise.

Im planning on attending the SLREIA meeting tomorrow. Anyone else going?

Welcome Josh! Be sure to set up your keyword alerts for "Salt Lake City" so you can receive notifications when were talking about SLC. If you're seeing a lot of properties, which Utah areas are you most interested in? For myself, the prices in Utah are generally too high for buy and hold SFH rentals, so I'm exploring some other options. Bryce

Dwight,

I have zero wholesaling experience but I would think it would be best to be upfront with the seller. They should know you're wholesaling the property and where you stand to make money.

Interested to hear other opinions.

Remember that retirement accounts cannot be touched my creditors. If you really get in a bind these accounts will be the only thing safe.

Also, to pay back the loan your using after tax dollars and then that same dollar will get taxed again when you take distributions.

I like the idea of finding another property to cover the difference. Make some life style changes to contribute a few extra hundred dollars a month toward the principal. You're 5 years into your amortization which is worth something. You'd have to find a great deal to make up for it, but, isn't that why were all here?

Like most Condo deals the HOA on this looks likes its going to kill the deal.

@Rizwan Alam thanks for you comment. This deal fell through but an "02" unit sold for 340k, which would be 120k. I was being conservative with my numbers. I think that one comp alone was worth taking a look.

Thank you all for your comments. This deal fell through as the seller decided he wanted to keep the property. On to the next!!