All Forum Posts by: Jackson Pontsler

@Cisco Hood I bought a duplex that was suppose to stay under my wife and my name. We went to purchase a second one using the same lender. When we talked with that lender (outside of work) he said just quick claim the first one into your LLC. Sure they can then call the loan but more than likely they don't care unless you are paying consistently. I wish you the best and yes the loan papers are important. The terms there always favor the bank but unless they need to call those terms to bear the bank is often more lienient.

@Cisco Hood 9 times out of 10 if you live there for a bit and then move out and start renting it out the banks won't care if you keep paying the bill.  This isn't a hard rule but most banks know these is happening in the background and can't spend the time to go and investigate all of their mortgage loans (espically if they are sold to a big loan collector)

Not so much questions but what I try to establish when working with an agent.

 - Establish if you are looking for buy and holds or fix and flips (CHOOSE ONE!)

 - I'm looking for a long term relationship not just to purchase a single property.

- Any agent can put me on a hotsheet when something is put on the MLS how do you differ from that?

 - Will you personally reach out to me if you see something that has potential to meet my criteria?

 - I have a method for making offers, it maybe lower than asking price but are you comfortable putting in lower offers (if requested I will show how I came up with my offer price)

- (Since I'm a flipper) I work with a variety of agents but I have a policy that if an agent shows me or notifies me of a property, then that agent gets the commission (this is outside of a email from an MLS notification). I will only sign exclusive agreements for single properties not based on county, city, or state.

 - My word is valuable to me if I say I will close on a property I will make every effort to close and not lead you astray.  

 - My first offer will be a good one and not a price we will need to renegociate unless something major is found (i.e. all the electrical needs to be replaced, plumbing, mold, etc... not carpet needs to be updated or walls need to be painted)

There are other things that come to mind but these are the main points.

My goal when investing for a rental (personally and I know it will change base on the purchase price of the home)

150 per door after insurance, taxes, mortgage, and 10% repairs 10% property managers and %10 vacancy

Do you mean Thursday September 6th?

I do want to point out that some PM aren't incentivies to keep tenants espescially if they get to keep (50% - 100%) of the first rent  of a new tenant.

whole goal personally.

150 per door after insurance, taxes, mortgage, and 10% repairs 10% property managers and %10 vacancy

Good job @Dustin Gale for your first income property in cottonwood its a good area.  I wish you the best when it comes to the future deals.  My wife and I started off with a duplex and are now looking at converting a large property to a duplex in South Salt Lake.

@Justin Matesic ROI is too narrow to look at. You could be doing an FHA or homestyle loan put 5% or less down and that will make any minimal profit look great if you don't account for vacancy, mantainace, taxes, insurance, management, etc.... What you need to do is calculate those expenses subtract them from the mortage and you should still be cashflowing around 100-150 a door.

Example:

Rent 1200

Mortgage 750

Insurance+taxes: 90

Repairs: 120

Vacancy: 120

Management: 120

1200-(750+120+120+120+90) = 0

The deal is too thin.  If you have a tenant thrash the place, you get mortgage insurance, property taxes go up.  You are in the negative. Most people don't take into all the variables and still do the deal too thin.  This leaves them with a liability rather than an asset.

If you find this helpful please vote it up or ask me a question how I can better clarify it.

I'm a local flipper in SLC, UT who is looking to do deal in 3 different counties in Utah.  I've gotten a few deals for one of my favorite realtors but would like to continue to network and expand my relationship to many more agents.  

Currently we work with the following guidelines when it comes with agents no agent exclusive agreement for a time frame but if a property is shown to me I will use them as a listing agent (this is the exclusive agreement) and if the agent points something out to me that is one the MLS, the first agent to email me it (not hotsheet it) will represent me. If we put in an offer that is the price we are sticking with unless something huge is discovered in inspection. Last inspection on a property the furnances needed to be replaced (we didn't go to renegociate we kept with the current price)

Please correct me if I'm wrong and that policy turns off agents.  What is the best way to network with agents them.  Some ideas off the top of my head is: Meeting them at REIAs, emailing them if they've done work in an area I like, talking with them over coffee/lunch, and possible presenting at brokerages.  Which method do you like best the build a relationship with a rehabber?