All Forum Posts by: Jackson Pontsler

Biggest advice I ever got:  "Good is better than perfect" if you wait for the perfect strategy it will be too late.  Just get going and do something!

Hey Ki,

There are deals in SLC but they are few and far between on the MLS. Your realtors aren't being lazy but it will take over 30+ offers to probably get one. When it comes to that amount of work most realtors don't see the value in making that many offers for one to get under contract. (Not to mention there are many less ethical investors that have left sour taste to many agents). The whole Utah market in general is pretty hot as people leave Cal and other expensive areas which have spurred many into trying to flip houses.

Overall in any market you will find roadblocks you goal should be choose a market and start setting out roots. There are deals off the MLS via pocketlistings or (don't shoot me) wholesalers, your own marketing, and bank owned properties. If you want to thrive in Salt Lake City or any market it takes work but it is definetly worth it.

Hope this helps, let me know what other questions you have.

If the numbers work, then the numbers work no matter what type of property they are looking at. You would know what your friend is looking for and if a SFR with a Mother-in-law basement meets their criteria and is cheaper than a Duplex then go for it.

@Darin Dutson I caution you because this definetly has many red flags.  Sure you now have a house and sure that rent isn't there anymore but there is a mortgage that you have to pay that will eat away at the rest of your funds.  Until you have a stable way of paying off that mortgage I would caution you against this.  

On a second side note are you sure you want to stay in Nevada?  What if you get a job somewhere else when you get your degree?  This could erase all that you had accomplish till then if you made this work in the first place.

@Ki Lee the power of an LLC is to seperate assets and maintain privacy.

If you kept 3 houses (1 personal, 2 rentals) and someone for some reason could sue you they have (depending on the damages) avaliablity to get restitution that effect all 3 houses. However if you kept all your properties in a single LLC (2 rentals 1 buisness) when the person sued your company would face restitution that could effect the 2 rentals. If you have all of them in seperate rentals then ideally they will only be able to go after the individual companies assets.

Now i'm no attorney and know there are many fine lines that need to be toed carefully but this is the general idea as to why people have an LCC that is made up of many LLC's.

@Dane Kania I understand with the housing crisis right now in utah but I would hate to burst your bubble on that last $150 per month. Lets assume that $2050 included PMI and property taxes. I also want to know if you've included landlord insurance and utilities because in Utah the owner is incharge of water, sewer, garbage not tenant.

Furthermore the other side of the duplex that is already rented out.  Is it remodeled too?  What has your inspector said about repairs needed?  As a flipper I've seen how many just slap lipstick on a pig but don't fix structural issues, electrical and plumbing issues so you definetly want to skip this pitfall.

@Alan Davidson your morning routine for real estate should focus on doing that tasks that will:

• Set you up for the rest of the day
• Tackle the hard tasks first
• Are completable so you fill like you are getting things done and will keep the momentum going.

For me personally.

• Analyze all the deals realtors sent me.
• Manage my marketing campaigns
• Set appointments for the rest of the day.

@Ray Loveless everyone has offered sound suggestion.  @Jaiden Olsen and @James Wise have said you need to select a entity who have legal duties to protect your earnest money.  As long as the contract isn't breach there shouldn't be an issue of getting the earnest money.  I like title companies because it acts more like a bank and don't have as much emotion involved.  Either way the seller can seek confirmation by physically visiting the location or simply calling the entity.  You need to state who is holding the EM as it now becomes both yours and theirs and will ultimately be decided on based on the terms of the contract.

I hope this helps I'm glad we got some sound people on this forum. 

NOOOOO earnest money is held at the title company.  There can be disputes if you gave him the check (i.e. never recieved the check).  I have no idea about the agent's broker's office but my wife and I have never done that on any on market or off market purchases.  

Earnest money is how you make your contract executable and prove intent to buy.  This is why guru's that are saying put the house undercontract with 0 earnest are getting their clients in trouble.  If the seller decides I don't want to sell it to you and the person try to take them to court to force the execution of the contract, that 0 earnest money shows 0 intent on buying.  If you are looking for the minum that I've seen investors put down its $500 and if the contract fails to be executed you can get your money back as long as your not in breach.

Just get the contract sign get the earnest money and drop both off at your prefered title company.  

Hope this helps if it does let me know.

@Wade Gulden great!  Please send me the contact of any hard money lenders you recommend we are always looking for more money to fund our deals!