All Forum Posts by: Derek Gibbs

@Scott Peterson is it on meetup.com?

I will be in Salt Lake in March/April and would like to learn more about the market.

Hopefully I can make one of your events.

@Greg Scott How did the event go?

Are you planning to make this a regular thing?

I just saw the post and I'm sorry I missed it. If you do it again maybe post to meetup.com as well.

@Joel Florek I have a 16 unit property in a town of 3,000. It's about 20 minutes from a large metro and 40-45 min from the major airport. The town is experiencing some growth with new development in the area and people are getting priced out of the metro and having to commute. Currently, our tenant base is mostly retirees and service workers in the local area. We are rehabbing units as they become available and going after a younger crowd that can't afford the city. 

The day we closed, we had an offer from a local investor to buy our place. The plan is to get the rents up to market while providing more value to the residents so they stay for a long while. Similar to what you have experienced, there are no vacancies anywhere around us. 

@Jeff Shem my local REIA was the best source. I went to a bunch of them locally and finally found one with the right combination of people. The rest came from people I've known for years or cold calling.

@Lu Bien-Aimé Thanks! There were so many. The seller is very old school. He didn’t want to share any financial info. He preferred cash and a handshake. The hardest part was getting him to understand that there is a fairly specific process to multi family deals and unless you pay all cash, you can’t avoid it. 

@Jonathan Cox 20%

Thanks @Jonathan Cox! It was a commercial loan at 80% LTV

@Kelvin Vinston it’s a suburb of Detroit

Thanks @Don Konipol! We were going to make it happen one way or another. Not giving up when it gets hard or looks bleak is the difference between success and also ran. 

@Robert Shedden Congrats to you as well! Good luck in the coming year.