All Forum Posts by: Greg Lemmon

In our market, there is a substantial difference in value from modular and stick built. I believe stigma is a major part of that. There are also several points of perceived value to our buyers here though. First, off the communities of modular versus the communities of stick built here are night and day. Second People feel more comfortable knowing the house was built specifically for the location using local contracting expertise, rather than being made in a house factory. Then finally I would say it comes down to pride, they want to be keeping up with the Joneses so to speak.

Though 2 of the 3 items shouldn't play a major role in buyer's decisions, I find they definitely have an adverse effect on their purchase. Is this a lease-only project? Or are you selling individual units?

I have had some success with Mojo, the leads were higher quality than Vulcan or Landvoice. At the end of the day though you just need the will and persistence to make the dialer work. Mojo was the last one I used and I was much more competent at that point in my career than at the time of the other two. Price-wise I believe Mojo was also the best.

I have been working for a while now on preparing a real estate podcast that is focused on providing local news and advice to people who are interested in real estate in my state. The primary focus of our podcast is to educate people in our area with factual data, proven advice, and to help them identify some of the most valuable people and resources in real estate. I am an agent and I do have a team, but attracting leads is not the goal with this.

I am looking for advice on how to create a truly beneficial podcast that people can enjoy and find a lot of value in. Currently, our structure of episodes is covering the real estate news for about 5-10 minutes and then interviewing a top authority in the area like politicians, city planners, investors, agents, lenders, or any other knowledgeable party in real estate.

What other things would you be looking for an informational podcast about real estate specific to your area?

@Brandon Allen Mower

With your FHA purchase, I believe you can use 75% of the rents to count as income for your purchase. If you have a property already though, then your new multi-unit purchase has to be 100 miles away or else they will count the mortgage of your current property against you. Even if you rent out that property they will still only count the debt and not the rent from it. If you already own a property then you could consider selling it to pull this off, but that may be kind of risky as well.

Check out Joe Fairless and his Best Ever brand. He really knows his stuff! Another great resource I have enjoyed is the Real Estate Syndication Show by Whitney Sewell. Also, AAA Adams will give you a ton of great info too with his conferences. I know Joe and AAA have been on the BiggerPockets Podcast so you may want to check that out as well.

@Brandon Allen Mower

That depends on where you are at currently with your property portfolio. If you don't own any properties I highly recommend looking at multi-units and using an FHA loan to secure the property with only a 3.5% down payment as an owner occupant. If you have properties currently and are willing to move around a lot then you can't go wrong with house hacking.

I guess a lot also depends on how much time you have available to put into your real estate investing. The options are pretty much endless here with our great real estate market in Utah.

@Desteni Barnes

I know have a bias as I am an agent, but I would recommend you reach out to an agent in those areas. One that is specialized or focused on working with investors. Most agents who do this for a career are happy to help out whenever they can and are not so short-sighted to only do things that get them their next check the quickest. The way they see it is you may need an agent to sell your investment properties at one point and hopefully they can earn your business for when the time comes.

Here in Utah there is really no other way to get accurate data without the MLS and even if you have it you may not know local trends that effect certain geographic areas. It may be different elsewhere, but it may just be the easiest and quickest route to get the most reliable data.

Which county are you in? If moving into your next purchase is an option, I would highly recommend going that route. If you are in Utah County I would recommend reviewing the new changes Provo has put in place for student rentals. The good news is there is now more of a need for rentals, the bad news is rentals may not produce as much cash flow now. I have had a couple of clients that have both student rentals and single family rentals and the consensus I seem to see is the single family rentals are easier to manage. I think buying a duplex and living in one side is great, however the competition for duplexes here is kind of crazy, because Utah seems to have a lot of motivated investors that don't mind paying top dollar for their properties. The condo option is a real safe way to go. I have done it my self and have added about 100k in equity between my condo purchases in less than 2 years.

That sounds awesome! Where do you guys meet at?

How distant are you thinking? There is cheaper properties out in Tooele and in the south part of Utah county that have significantly better prices. Salt Lake City is very high priced and in my opinion has less potential than all of the neighboring cities. Lehi, Spanish Fork, and Herriman seem to be some of the best investments right now as far as appreciation goes.