All Forum Posts by: Jace Shepherd

I recently purchased a new home and kept my previous home as a rental and it worked very well to add another rental to my portfolio. My lender required me to have a lease signed and a copy of the security deposit check from the tenant and they counted the rent against my DTI. It was a very easy process but definitely talk to your lender beforehand and make sure you understand their requirements before you move forward. I think it's a great way to start to scale your portfolio and get solid financing terms on those properties while you are an owner occupant. Good luck!

I've used a few different methods to buy my last few deals, but my favorite is definitely seller financing whenever possible. I bought a duplex last year (April 2021) on seller financing that was only 10% down at 1.8% interest (20 year amortization, 5 year balloon). The financing terms turned an ok deal into a killer deal just because of the way the financing was structured. Seller financing is much easier and quicker than most other methods and you don't get hit with the fees and points charged by traditional lenders. 

Great job finding it on the MLS! And people say it can't be done in this market.... ;)

@Jenna Zachary Rogers I haven't invested in Cedar specifically but I'm a RE agent and see things on the MLS occasionally. I focus in St. George now and used to invest in SLC before I moved down south.

The MLS is always a good place to start although a lot of the good deals aren't listed there either. Doesn't mean they can't be found however.

A lot of investors will try calling the owners of those units, especially if it’s for rent and ask if they’d be willing to sell. It’s sometimes a benefit to be the only person negotiating with the seller.

If there’s anyway I can help don’t be afraid to ask!

Jace

Hey @Jenna Zachary Rogers!

Welcome to BP, you definitely came to the right place to learn more and get advice. I'm an agent/investor in St. George, so not far from you guys. I think you're on the right track with the idea to house hack to get started. It's a great way to gain experience and decide if being a landlord is something you'll want to do on a larger scale. Cedar City has plenty of 2-4 units to look for or even a SFH where you can possibly rent out the basement or individual rooms, etc.

Use the BP calculators as tools to evaluate your deals and be patient but aggressive at the same time. Good luck!

@Brandon Allen Mower welcome to BP! You definitely came to the right place to learn about investing, there’s unlimited resources on BP that help tremendously. Utah is a great place to invest and the market is very strong. I live in St. George now but am from SL and have done some investing up there over the years. Good luck and let me know if I can help in any way!

I live in Utah and just passed my state exam yesterday, so I had some of the same questions you did a few months ago. I haven't picked a broker yet but have started researching and interviewing them. The pros for me were being able to have a good revenue stream while I worked to build my personal investing business (which is my real passion). Also the added networking opportunities it provides by being around industry professionals constantly was another huge bonus. Knowledge is always a good thing, so I also think it helps investors to understand the real estate industry and the topics you learn in school like ownership, property types, mortgage, etc. 

A lot of the cons have been covered already but it just depends on what you're trying to accomplish. For me it made a lot of sense and I'm super excited to get started.

Good luck on whatever path you choose!

Thanks @Quincy Adams, I appreciate the info. Managing 1000 doors is amazing experience, are you investing at all yourself in other markets? I appreciate the support and will absolutely let you know if I have any questions as I get further along.

Thanks @Jaiden Olsen! Same to you!

Thanks @Cody Steck! I've lived in SLC my entire life until I moved this year so I make it up there a lot. I imagine I'll look at doing some things up there eventually but would ideally like to start in SG initially.