All Forum Posts by: Jeff Rappaport

@Travis Gibson, @Amanda Prince

The BP Meetup is always on the 1st Thursday of the month!  Hope to see both of you there at some point!

@Kyle Pierce, @Mauricio Mejia, @Matthew Duff, @Amanda Prince, @Curtis Fergus, @Travis Gibson, @Pace J.

There are a ton of meetups you can consider in the SLC and surrounding areas.  I would love to  make a couple of recommendations for you:

First - Investor Meetup tomorrow, October 6th at The Huddle (2400 E. Ft Union Blvd) in Cottonwood Heights.  Starts at 6:30 pm and it is all about networking with other investors.  Has been going on for one year now and has been a great hit.  Bonus - tomorrow I am working with a friend of mine Spencer Ball (Attorney and owner of Mountainland Title) to do a Q&A prior to the meeting right around the corner from The Huddle at 5:30 pm.  Legal, title or any real estate questions all welcome!  All of this is always free!  PM me if you want the address of Mountainland Title.

Wholesale Meetup - 2nd Thursday of the month ( October 13th) at Thai Siam in Draper at 7:00 pm.  Full on discussions and presentations about what is working in Wholesaling.  The cost is free other than if you want to eat dinner.  This group has also been going on for about a year.  

Utah REIA - Presentations on different aspects of real estate. The presenters are phenomenal! We meet the 4th Tuesday of the month at 6:30 pm at the Apartment Association in Murray. The first visit is free and then there is a yearly fee (it is cheap!).

PM me, email or call  and I would be happy to discuss in more detail.  These groups are crucial to increasing your knowledge base and network circle.  To be successful in this business a lot has to do with the relationships you create!  Hope to see all of you at a future meeting!

@Debra NA,

Welcome!  This is a great resource for your real estate investment training!  Keep in mind that there is a BP Meetup this Thursday, October 6th at 6:30 pm.  It is a great place to network with other investors.  There are some great groups that meet every month here that are a wealth of knowledge.  If you would like more information please PM me.  Good luck with your investing!

Are you looking to get started in real estate?  Maybe you are trying to build your existing business.  What better way to get to where you want to be than developing relationships with the people that are already there!  Do you need mentoring?  Cash buyers?  More leads?  Legal advice?  Hard or private money?  Someone to bounce ideas off of?  Come join us this week for our Utah Investor Meetup where you may find just what you are looking for.  This is the premiere networking event!  Nothing presented and nothing sold.  You may just meet someone that can help you take your business to the next level!

Place - The Huddle (2400 E. Ft Union Blvd) Cottonwood Heights

Time:  6:30 pm

When:  Thursday, October 6th 

Cost:  Free

Real estate investor of all experience welcome!

BONUS:

I have worked out a bonus event prior to the meeting.  My friend, Spencer Ball, owner of Mountainland Title and attorney will join me for 45 minutes prior to the meeting to answer any of your questions.  Most attorneys charge over $200 a hour!  He will do it for free!  Title, legal, deal structuring or just general real estate questions answered for you!  

When:  Thursday, October 6th 

Time:  5:30 -6:15 pm.  Go right over to The Huddle after the meeting.  Right around the corner.  

Where:  Mountainland Title - 7084 S. 2300 E. Suite 250 Cottonwood Heights

No Cost

Looking for a cash cow opportunity? Would you rather fix and flip for a nice profit? This property offers both opportunities. Check these numbers out!

We are in possession of a Assignable Contract and will be assigning it to our end buyer. 

7 Unit Mobile Home Park in Mountain Home, ID

714 Ash St.

Brand new water and sewer connections. Individual meters.

One mobile home on the lot - rents for $575 per month

We can provide you a distributor that will deliever and set up 2 bedroom/1 bath units for $10K each. Each unit is rent ready and includes everything to immediately rent the property out. No other expenses! These units will all rent for $500 (absolute low end) to $575 per month.

Each unit pays $62 for water and their own heat and gas.

Taxes - $1,800 (estimated)

Insurance - $1,800 (estimated)

No other expenses other than management!

Pro-forma

Gross rents $3,725 per month

Total Gross Rents: $44,700

Less

Vacancy (10%) $4,290

Management (10%) $4,290

Repairs $2,145

Cap Expense $2,145

Taxes $1,800

Insurance $1,800

Total Expenses: $16,470

Net Operating Income: $28,230

Cap Rate: 13% (this is reality not some made up # by not adding in all the expenses)

Purchase Price: $155,000

Owner financing possible!  There is a $75K hard money loan on the property that can be left in place for 3-6 months.  

Add trailers 6 x $10,000 = $60,000

Total investment - $215,000

For more information contact Jeff Rappaport at [email protected] or at 801-209-2945.

Are you new to wholesaling?  Want to take your business to the next level?  Need to get past a hurdle in your business?  If so, you don't want to miss out on this opportunity!  This month we will be discussing the "closing" process.  No one ever talks about it but if you screw it up it may be the difference in getting paid and not getting paid.  We will discuss assignments and double closes.  How to pick a title company and make sure they understand what you need from them.  

Investors of all experience welcome and the meeting is free as always.  This group is growing every month and we have received rave reviews from attendees.  There is no better way to get your business to the next level than to network and find out what others are doing.  

Hope to see you there!

When:  Thursday, September, 8th

Time:  7:00 pm

Where:  Thai Siam -12147 S. Factory Outlet Dr. Draper

@Marc C., You may be over thinking this!  I can tell you what I do and take from it what you like.  My suggestions are:

1.  Do a better job of prescreening the seller when you talk to them on the phone.  Ask if there are separate meters.  What utilities does the tenant pay?  Owner pay?  What are the current rents? What kind of condition is the property in?  What type of work does it need?  When was the roof, plumbing, electrical, ac last updated?  Are there washer/dryer hookups or access to one on the property?  What about off street parking?  I think you get the point.  

2. Put together a LOI for the seller to contemplate. I like to create multiple offers to the seller. I may have 2-3 seller finance offers and a cash offer. When I am talking to the seller on the phone prior to writing this up I am listening for ideas of what might work for them.

3. Present the LOI. See if there is any interest at this point. If I don't have a clear idea of what the expenses are I will estimate them. I never get the expenses until after we have a signed contract. Keep in mind there will be considerably more expenses involved in 24 unit building than a duplex. If you don't know what to estimate take 40-50% of the gross rents based on the building being entirely full and renting at market rate.

4.  If the seller is interested in one of your offers either negotiate the details or go directly to a signed agreement.   Make sure you ask for the appropriate due diligence time to get the things done you need to so you feel comfortable buying this property.  Ask for 2 years worth of expenses, rent rolls and even tax returns if you need them.  Make sure to include the deposits will be credited to you during closing and the rents will all be prorated.  

5.  Once everything is signed dive into your due diligence.  Request everything you need.  Do your inspection and title check.  If things come up that are different than what was discussed or were not disclosed go back to the seller and renegotiate the agreement.   Either the seller will accept your terms, counter or reject.  

6.  If everything checks out or gets renegotiated proceed to closing.  

Don't worry so much about the details going in.  Gather as much info as possible and make your offer(s) on what you know or believe.  Just make sure you give yourself some time and contingencies so you can verify everything.  

Hope that helps!

Thank you all for coming tonight!  I truly hope it was a great experience!  Please leave me some feedback of what you thought.  I will try to use it for upcoming meetings.  

@Account Closed, Congrats on finding the best online resource for real estate!  Speaking of Meetups, we have a BP meetup tomorrow September 1st!  A real one!  If you want more info on it or any of the other ones around town just PM me.  Look forward to meeting you!

@Alex Chau, what type of properties are you looking for?  I assume buy and hold but are you focusing on single family or multi-family?  The market here is still quite strong although leveling off a bit.  Income property is still over priced and hard to come by but there are always jewels to be found. 

I work in both Utah and Idaho and have found income properties to be much better in Idaho.  If you would like to chat about either market please PM me and would be happy to do so.