All Forum Posts by: Jeff Rappaport

Very desirable area!  Property is 90% renovated only needing a remodeled kitchen.  Probably could keep the cabinets and just put in granite countertops and new appliances.  The easiest fix and flip of all time!  Could put right back on the market and sell as-is for $400K.  After repaired value of $435-$450K!    Need a quick cash close!  Contact Jeff at 801-209-2945.

Thanks to everyone who braved the weather last night and showed up for the 2nd Investor Meetup in Utah! We had over 40 investors networking and sharing their knowledge and experience with one another. Hope everyone really enjoyed themselves and was able to get something useful out of it! Please give me your feedback and let everyone on BP know that they need to get to the next event! By the way, the events will be the first Thursday of every month! See you at the next one!

@Account Closed, @William Hochstedler, @Adam Willis, @Mike Gallagher Hope to see all of you at the Investor Meetup on Thursday!  Will be a great place to network!

Don't miss the 2nd Utah Investor Meetup this Thursday, January 7th at 6:30 pm!  It will be held at the Huddle in Cottonwood Heights (Ft Union Blvd and about 2400 E.).  There is no charge and all investors are welcome.  There will be no pitching or sales of any kind.  This is all about networking with fellow investors.  Last month's event was a big hit!  Hope to see you there!  

@Sarah Sams, you are absolutely invited to the meetup next Thursday at 6:30 pm at the Huddle in Cottonwood Heights.  I will post an invite to everyone on BP next Monday.  As far as Idaho properties go, Sarah you should contact me as I work in Idaho as well.  I have 9 multi units in the Pocatello and Burley areas right now and am about to put 9 duplexes under contract in Boise next week.  Email me and I would be happy to get you some info.  

@James Lindsey, @David Healey

Hey guys, let me tell you a little about another strategy that works very well. It is called owner financing! Stop looking on the MLS for deals. You can find deals on the MLS but you are competing with many other investors. Find off market deals for the properties you are looking for. Pull a list of absentee owners on Listsource that own duplexes-4 plexes in the zip codes you would like to live in.

Once you have the list send them a postcard, letter, or find their phone number and call them directly.  Tell them you are looking for a property in their area and was wondering if they would consider selling.  If they are open to the idea prescreen them.  Find out about the property, their situation, what the property is worth, what they owe, what their payment is etc.  

Based on this information you could make them several offers:  all cash, owner financing, lease to own etc.  Structure deals that will make sense to the seller and in this case, also to you as the buyer.  You may be able to show the landlord how they can net pretty close to what they get now without having to deal with tenants and maintenance.  Being the bank is good!  Maybe offer them more for their property but make the terms better for you - lower monthly payment, lower interest rate, lower down payment.  

In my opinion, being a successful real estate investor means you are a great marketer, listener and problem solver.  If you become good at those three things you will make money in this business.  Any time you can identify motivation or a hot button for a seller and you can create a plan that will alleviate that issue you have an excellent chance of buying a property.  

Whatever you do, keep learning and don't give up!  If this was going to be simple everyone would be doing it!  Good luck and have a happy new year!

@David Healey

I wholesale all kind of multi family units.  I have done about 3 in Utah and 17 in Idaho over the last year.  Let me know what you are looking for.

@John Hill

You absolutely are invited to the meetup next Thursday.  It is at 6:30 pm at the Huddle (Ft union Blvd and about 2600 E. ) in Cottonwood Heights.  You won't have a problem finding us.  Ask the front door guy or look for the big crowd!

@David Healey

The numbers on the South SL duplex were like this - purchase price to investor $205K.  The rents were low and $1,375 per month.  They should be $1,900 per month with the owner paying only water, sewer and garbage.  There was a 3 bed/2 bath unit and a 2 bed/1 bath unit.  The property was built in 1915 so it needed some updating.  Mostly cosmetics like paint, flooring, some bathroom work and then some exterior work like soffit and fascia.  The new investor will be into about $230K that brings in $1,900 per month.  He has some built in equity of about $50K+.  Not a screaming deal but certainly better than most you will find right now.  The investor also has the opportunity to do the work, raise the rents and flip the property to another buy/hold investor and make some money that way.  

@David Healey

I am a local wholesaler here in Utah. The market is very competitive and is certainly over saturated with investors. However, there are certainly deals to be found. I just wholesaled a duplex in South Salt Lake for $205K with an ARV of $285K. Keep in mind that most sellers for multi family are asking way too much for their properties. Especially when you analyze it in relation to the rents. The key to wholesaling is to make offers.

If you want to play on the MLS you can find deals. It is not my first or second choice but you can find them. I think you would have more luck finding deals on single family residences or houses that have mother in law apartments. Find the right realtor(s) that will be ok with making your offers and be consistent. Make lots of offers right away and follow up when these properties sit on the market for awhile.

I would also consider the art of owner financing.   I am working on a deal that I am paying more than what the seller was asking for on his duplex.  I am structuring it with a smaller down payment and interest of 2% over the next 5 years.  The cash flow will be about $300 net every month and the paydown will be tremendous over the 5 year term.  In this case, I can pay market value or even more and the numbers work just fine!