All Forum Posts by: Christian Kenworthy

Start coming to the REIA meet ups, they're great 👍 Kinley Puzey I can get you the dates if you'd like.

Hiring a virtual assistant to call around for leads @Brian Cone

We're looking into getting a VA to cal FSBO's. What are your favorite companies and why? I hear anything from the Philippines works pretty well but I'd like to get your input. I currently operate out of Salt Lake City, Utah.

Hello BP! I need funding for this property I'm looking at. I'm about to hit up "dohardmoney.com," but would really prefer a referral. Can you guys refer me to any good lenders or have any recommendations in my area? We operate out of Salt Lake City, Utah.

Welcome! Daisy Chau there's multiple options available to you. Yes, a traditional mortgage is a lot harder to obtain without a solid w-2, but that doesn't mean you can't finance it. If I were you, I'd look into getting a portfolio loan through a smaller local bank or partnering by means of private money. Although if you have the cash, my might be able to just get someone to cosign for you. There's also many institutions that lend on existing rental properties if they are already cashflowing like City Creek Mortgage. Please message me if you have any questions or if there's anything I can do! Also read the forums! There's an ungodly amount of people in your same boat that have had their problems assisted with this amazing platform . Good luck!

Thanks for your input!! @Dax Gurr@Ben Bartlett@Nik Krohn@Becca Summers 

From the sounds of it, first thing's first is that I need to get some qualified bids to determine my SOW as soon as possilbe. Would you guys recommend gathering the appraiser, inspector, and GC all together on the same day? It's looking like i'm going to need to renegotiate to really feel good about this deal. After I doubled my rough budget and time limit, it's its looking like my maximum allowable offer would be in the lower 200's. The sellers are currently fixing the mold and slab leak (hopefully). My plan is to turn it into a buy and hold rental and even live in it during the repairs to compensate for holding costs if it deemed necessary. Would you guys suggest refinancing a hard money loan or tackling it with a 203k? I don't currently have any private funding. Thank you!

Hello BP! I have my first home under contract. It's a 6/2 duplex that resides in Sugar House, Salt Lake City, Utah. I could really use some input on if this is a real deal, if it's workable, or if it's going to be a real headache. I was able to pick it up for about 260k, It seems there'd be a lot of potential seeing 3/2 across the street recently sold for 310k and i'm looking at an ARV of 400k. Here are some issues with the property:

1. there's a slab leak in the basement, they say it's due to river that runs underneath the homes on this street and is fixable with a sump pump. (they quoted me at 10k, is that normal?) ( Also could this mean there's a foundations issue?)

2. There was a good amount of mold in the basement that they're working on getting out before closing.

3. Lead based paint. ($5000?)

4. Also some switches don't work and they quoted us at about $12,000 for the electrical.

5. Everything else seems pretty cosmetic. ( kitchen updates, drywall and paint is some areas, and laminate flooring.)

The original homeowner says he doesn't have time to fix up the property but my guess is he ran out of money.

Originally I was planning on using an FHA for financing but with the newfound repairs i'm looking into getting a standard 203k if possible. What do you guys think? Would you like to see some pictures? Should I cancel the contract and keep looking? renegotiate? Some input would be great, thanks BP!

Maybe try a smaller local bank for a portfolio loan? The terms will most likely be shorter (6-36 months) and the interest will be higher (7-9% + 2 points), but it's quicker than traditional financing (2-3 weeks) and you should be able to refinance later down the road if you so choose. Other than that I'd consider going in with an equity partner and split the profits but that means the deal would have to be extra good. Hope this helps! @Becca Tew

Welcome @Bryan Gasparro! Ya what @Account Closed said; Ham the podcasts! I listen to about 4 a day. What's unique about them is it puts information into perspective. I highly recommend J. Scott's books on here as well. Also the blogs on here are amazing. 

Welcome Derek!