All Forum Posts by: Eric Gardiner

@Matt Hendrickson I am a real estate agent along the Wasatch Front. Getting a license takes 120 hours in Utah and about $500. Once you finish the exam you will then need to invest about $2,000 more for all of the fees to start. 

To get good at real estate and finding deals you need to learn and practice. Part time is tough IMO. It isnt impossible but you will be spending a lot of time. 

I love real estate and that is why I got into. I decide to go full time because I love it soo much! 

@Levi Sigworth For my first house hack I focused on just paying the mortgage. I think the 1% rule is very ambitious. I still look for MILs and duplexes that work for it. 

I wanted to live in sugarhouse and so the location and covering the mortgage were priority. 

For you to find 1% properties you will need to look in c level neighborhoods. If you want to discuss it more feel free to call me. . 

@Alexa Williamson @Brayden Stevens  The home I first house hacked wasnt a multi but a mother in law. It is a weird grey area here in Utah. Some are legal non conforming duplexes. With a MIL that is non conforming sometimes it has to be owner occupied in part for it to be legal. Others dont require it. MILs are the way to go for the first buy IMO. 

@Jonathan Roszkowski @Aaron K. As Aaron mentioned, the Silcon Slopes of Utah might be of interest to you. There are a lot of tech jobs here and more coming. 

The state is relocating the prison and that huge parcel will be more homes, townhouses, and tech jobs. I know people that have bought townhouses just to rent them to tech people that are here for jobs. 

Good luck.

@Brayden Stevens I have lived in SLC for years now and the market here is very strong. Full disclosure. I am a full time real estate agent. 

For me investing in any market comes down to buying for cashflow rather than for appreciation. If you can buy and the rents will cover the mortgage then to me that deal works. You might have the 1% criteria or something else but when I bought my first home in Sugarhouse I bought it and my biggest concern was will my rents cover my mortgage. 

Rents in SLC are not going down EVER. The state has lower unemployment than the rest of the country and more jobs are coming. So buy for rents. For your first house hack it works and it worked for me. 

Good luck!

@Alberto Stein Rios I would probably go with the LLC in the state that you are investing in. But definitely consult an attorney. If you want to discuss this more DM me. I own an airbnb here and help manage a few others in the area. I hope it goes well.

@Jenny Svelund I use a guy named Rolf Peterson. Message me and I will send you his number. I am not sure if he does projects that small but he may. 

@Brittany Chesley The few things I know would be to 1. Track all expenses and results so you can identify an ROI down the road. 2. Be consistent. Everything I have heard is that it takes 5-8 months to get a response a lot of the time. So make sure you have enough money to be able to last that long doing direct mailers. If you cant afford to last that long then it will be tough to see the results.

@Craig J Chelette Look good to me. One thing I have found in the Utah Market is the cap rate is better in worse neighborhoods. I owned a condo downtown SLC that was a 1% deal that made great money. I finally sold it because it was a pain to manage due to the tenant and neighbor types. 

@Gary Thompson If father in law just wants a loan and interest, rather than being involved in the risk and the reward then he should just do the hard money interest rate. If father in law is ok LOSING all of his money and he should invest and then reap the reward. 

In Utah there is documentation that should be signed either way just to define the relationship. 

One issue with doing business with family is defining the relationship.