All Forum Posts by: Jordy Clark

Hey Brandon welcome to bigger pockets! I'm an agent that specializes in buy and holds and flips in salt lake county. I'm very familiar with the 9th and 9th, sugar house, 15/15th areas. I'd love to help you accomplish your goals. Give me a call. 8018575383 

Why don't you feel that you can never find this deal again? My experience has been that if you wait long enough, you can find something. I agree that our market is really hot right now, but that being said, it just requires a bit more patience!  I am an agent, and i also invest. People told me that finding a deal to meet the 1% rule was impossible, but i found one in a great area, seller financed with 5K down. Id say just wait, and something will happen. (FYI in utah it usually happens in Dec, Jan, and Feb) 

There is a local bank that does a rehab loan. It's way better and easier than a 203k loan. Problem with fha is that they won't allow you to buy a super distressed property. Lmk if you want info on that loan. I've done a few properties with it. 

thanks @travisfisher and @sergiobriones! It has been a lot of work but a great start!! 

Well this post has been a long time in the making. In late 2010 when i was 20 I had a neighbor by the name of @douglaslarson approach me with an opportunity to make some extra money fixing up a house or two, I took the opportunity and my eyes were opened to the world of real estate as i worked along the side of Doug I realized that I really liked this rehabbing stuff! Two years later as i was talking with Doug he mentioned that I read a few books, among them was the millionaire next door and rich dad poor dad. This started a great mentor ship with a great guy.

A few months later I got a job offer to become a loan officer for a local credit union. I worked there for about a year and i began to realize that the only part i liked about my job was analyzing properties! I consulted with my wife of one year and we decided that i should become a realtor. Soon after passing my test, we found a foreclosed town home that we thought was a great deal, purchased it, renovated it and moved in. (All with the intention of moving out and turning it into a rental in 1-2 years.)

I joined a real estate team, and my baptism by fire began. This was one year ago. Since then, I have done 35 transactions as a realtor. I mainly work with investors, and it has been a great experience! I actually prefer working with investors as opposed to owner occupants! 

As far as our personal deals go, we purchased our townhouse for 160K put 4K materials and lots of sweat equity into it, and it is worth about 185K now. The similar units are renting for $1300-$1400 in our complex. We also bought another rental property on a 10 yr seller finance four months ago! Purchase price was 121,250 with 5,000 down and about 5,000 in repairs. It is currently rented to my painter for $1000 a month (he offered to paint the exterior for a discount of $250/mo for 1 yr) and will rent for $1250 after he buys a house in a year. 

Six weeks ago, we also bought a property at the courthouse steps, and brought a credit partner in. 327K purchase, we funded the repairs of 40K, and put it on the market at 425K and got multiple offers the first weekend. We should Net 18-21K on our first flip! 

So with that being said, my first year as a real estate investor hasn't been too shabby. I just turned 25 last week and as for the future, we are planning on buying a larger home that we can raise our kids in (first is on the way this sept 21st) and renting out our live in rehab. In five years i would like to have a total of five properties all being paid on 15 yr notes. 

All in all, I am very grateful for a great relationship with Doug and for a wife that supports me in all these crazy ideas i have! I am also grateful for this website and the podcasts! 

Jordy Clark.

Jeff Breglio and Ken Melrose. They pretty much only work with investors. They just set me up a Series LLC To hold my rentals in. Ill send you a message with their info. They go to all our local REIA meetings

#askBP instead of four newbies and how they did their first deal, have four seasoned (200+ deals) investors tell us how they sustain high performance achievement, and mistakes they still make. 

The numbers look like they would stretch you a bit, i'd hate for you to get into this deal and worst case scenario, the bank calls the due on sale clause and you are out of a house and have wasted money... If it were me i would find someone willing to do a seller finance that either owns it free and clear, or isn't behind so much. This one seems like an okay deal, but pretty risky if this is your first one. 

I bet with some searching you can find a better deal for you with less risk. 

I have great credit 760+, the problem is that i only have one year tax return as a realtor. I was a loan officer the year before that, and most jumbo loans require two years self employed history... so i have to get creative...

Hey guys and gals I have run into a decent multi family opportunity... to make a long story short, they are building new four plexes (its actually 4 townhomes with one tax id#) And i have the opportunity to purchase one($585,000) (146,250/door).

Rents will be $1250/unit $5K/mo. I will owner occupy one unit for a year or so.. i could get enough for 10% down. I only have one year tax returns being self employed... Anyone have any ideas ? I hate to pass this good of an opportunity by because most multi's in my area are from at least 1950 and most are pretty run down. This has a good return, i just have to figure out the financing