All Forum Posts by: Jacob Delano

@Nicholas L.

Conventional financing 3% down

@Jeremy Davis

My other concern would be bothering the other home owners living nearby!

@Jeremy Davis

Thanks for the response! What you said sounds right! I rented a room in a townhome at 33rd and 9nth. There was high turnover and people trying to dodge rent all the time. My roommates were guys who wanted cheaper rent & to be closer to there work in Millcreek. I think if I required 1 year long leases, thorough tenant screening, I would be more successful. The home also has wood or vinyl thoughout. I was thinking of allowing pets to increase income.

So the home is 815 E Rowley Drive, Millcreek It, 84107.

https://www.redfin.com/UT/Millcreek/815-Rowley-Dr-84107/home/91668698

I am under contract at 380 with 5 of closing costs paid by seller. The original home is the right half of a twin made in the 50's (1080 sq ft 3 bed 1 bath). The 2 story condo added onto the back is 25 years old (2 bed 1 master bath) with a massive kitchen for all 5 bedrooms to share. My plan is to rent rooms until I eventually resurrect the old kitchen and wall off the two units (which are on separate HVAC) and add a laundry room to the newer build so that both units have all the basics.

The red flag with this home is DOM of 80. I think as an investor which is my goal this makes a lot of sense once it is a mother-in-law. It had enough parking and even an extra land lot to do whatever I please with. Lots of my friends are telling me to buy a home I really want to live in instead. This isn't my first choice of area, but I think I could cash flow in SLC from the start renting rooms. A lot of management work I know, but it will pay off I believe.

I'm posting because I'd like another investors view of my situation. I can command at least $500 in rent per room with a mortgage under $2000. The high school and middle school are subpar, but I think the SLC demographic of working professionals would rent this property room by room and as a mother-in-law down the road when I convert it.

The home doesn't lend itself well to single family, but for a first time home buyer/investor I think it lends itself very well to a Multifamily rental.

Thanks in advance for comments and thoughts! Happy Halloween 🎃🎃!

So the home is 815 E Rowley Drive, Millcreek It, 84107.

https://www.redfin.com/UT/Millcreek/815-Rowley-Dr-84107/home/91668698

I am under contract at 380 with 5 of closing costs paid by seller. The original home is the right half of a twin made in the 50's (1080 sq ft 3 bed 1 bath). The 2 story condo added onto the back is 25 years old (2 bed 1 master bath) with a massive kitchen for all 5 bedrooms to share. My plan is to rent rooms until I eventually resurrect the old kitchen and wall off the two units (which are on separate HVAC) and add a laundry room to the newer build so that both units have all the basics.

The red flag with this home is DOM of 80. I think as an investor which is my goal this makes a lot of sense once it is a mother-in-law. It had enough parking and even an extra land lot to do whatever I please with. Lots of my friends are telling me to buy a home I really want to live in instead. This isn't my first choice of area, but I think I could cash flow in SLC from the start renting rooms. A lot of management work I know, but it will pay off I believe.

I'm posting because I'd like another investors view of my situation. I can command at least $500 in rent per room with a mortgage under $2000. The high school and middle school are subpar, but I think the SLC demographic of working professionals would rent this property room by room and as a mother-in-law down the road when I convert it.

The home doesn't lend itself well to single family, but for a first time home buyer/investor I think it lends itself very well to a Multifamily rental.

Thanks in advance for comments and thoughts! Happy Halloween 🎃🎃!

I met a neighbor who id an older gentleman and has been renting out his 3 vs for 20 years. He is on a 1/2 acre and is interested in building another 3-5 bedroom apartment next to the existing unit. 

This is my first post and would be my first deal. But I want to put skin in the game by getting a construction loan for the build. His property is worth about 300,000 now. He has 200,000 in equity but his house on a back mortgage. The property is in the SLC area. 

my question is how can I structure this deal fairly and ethically for both of us? What financial tools do I need to use? I hope I haven't left out any pertinent information, so please just ask any questions you might have.