All Forum Posts by: Eric Gardiner

@Ray Loveless Where is your property at and where is the city planning office?

@Mike Xiao that is a good question. I would suggest that if your Tooele property is free and clear and you have a rock solid property management company in place then I might do a cash our refinance. Then you keep that property but still get some cash for a down payment on your next set of units. 

If anything about the Tooele property is shaky (causing a headache) then I might consider selling. 

I say dont kill a cow that still has good milk. 

@Ray Loveless I agree to talk to Planning but I also have never let this be a deal killer for me. I own at least one rental like this that is zoned one thing but can operate as a multi unit. One of the advantages I see is that some investors wont touch them because of this so it has been a good strategy for me. 

But then again, it could bite me. 

@Chase Harmon There are lots of agents. Listen to them and be realistic with what to expect. 

@Preston Seo  Welcome to BP. That seems like a great plan. The multi family market here is very competitive also. I just submitted an offer for a client that was over ask and we got beat. There are some good buys out there. You just need to look. 

@Becky Mendoza So have you done a CMA to be sure you can sell it for $400k or where did you get that ARV number? If that number is solid then back into what ever offer price you feel comfortable with and go for it.

@Allan Anderton I agree with what the other guys. I would go for a 4 plex if you can afford the down payment. 1-4 is basically same the but just gives you more doors with a similar loan and small down payment. 

I hope this helps. 

@Nick Jensen Hi Nick. Welcome to the community. The podcasts are a great starting point. I am a local realtor and work to find investments often. I agree that finding 1% rule type deals is very difficult in Utah. Depending on what kind of neighborhoods you want to invest in you can but they will be C to D level areas. 

I had an investment condo in downtown Salt Lake City and it was a 10 cap. I ended up selling it because I didnt want to deal with the area anymore. 

The important advice I can give you now is figure out some creative financing. That can be you save a down payment or partner with someone that has cash. Depending on if you own anything yet that can help guide you. 

Good luck and keep active on the board. 

@Collin Baumann I would suggest she just find a medium or smaller size PM company to work for. I suggest that size because then she wont be stuck just doing one part of the business but will have an opportunity to get experience in the entire process. I am sure you can get on a jobs site and find one that she can apply for and she will get paid while learning. 

I would focus on getting paid and the size of the company and not worry about a small commute. 

I hope this helps. 

@Stratton B Brown This happens a lot with appraisals too regarding square footage that is below grade. Basements are sometimes included and sometimes excluded. You can use the county assessor website in any county to get a pretty good idea of what the total square footage is. It will also tell you how much is finished usually. But if the home owner has finished more and not told the county then it will not show up. 

My recommendation is 

1. To rely on county assessor data first. 

2. Zillow is almost always wrong in some way. 

3. If you want more detail after using the county website ask the home owner to give you a tour or have a great real estate agent that can provide off market data to you. If the home is on market then use that great agent to take you in the home and then if the numbers are good make an offer. 

I hope this helps.