All Forum Posts by: Jim Henderson

Hi Jake.  I'm glad you decided to join the conversation.  I like Ogden.  For several years I helped organize a film festival that showed movies at Peery's Egyptian, the Union Station, the Megaplex, the Treehouse Museum, and on Weber State campus.  I don't make it up there as often anymore but I think it could be a good place for investing.  I like the steps they are taking to invest in revitalizing the town.

I look forward to hearing more about your investments in the future.

Hi Shane.  I am a little more cautious when it comes to finding people to mentor me.  The real estate world has lots of wonderful people but it also has more than its fair share of unethical people.

I like to get to know the people making things happen and identify a person who is really good at the specific skill I want to learn.  Then I approach that person and find out what I can offer them while I learn from them.

What are you looking to learn?

Hi Aaron.  Welcome to BP.  Always great to meet more Utah investors.

The good time to buy is any time you find a deal where the numbers work.  There are plenty of deals like that in Utah.

$480k for 5800 sq ft in Olympus Cove really is a good deal.  If your repair estimates are solid you should have some instant equity.  If your plan is to minimize how much it costs you until you move into it yourself, then the rental numbers could fit your needs.  If your plan is to generate cash flow it's not a great investment.  Making a couple of assumptions from what you said above I only came up with a 1.5% cap rate.  But the difference is always in the details.

I agree with @Jeffrey S. Breglio about the investors associations.  If you want to meet other people to work with as you invest, they are a great resource.

Hi @Jordan Burke I'm a new investor who has been noticing the same thing about the 50% rule around here. On Wednesday night I went to the SLREIA meeting where someone making a presentation talked about a deal where he was going to collect $1,250 in rent and the mortgage payment was "only" $750. Then he asked how many people in the room would like to find a deal with those numbers and I was amazed how many hands shot into the air. 

All I could think was if I follow the 50% rule that property is losing money every month. Investors here think that's a great deal? Does that mean on every property I find I am going to be competing with people who want to overpay? Or does that mean this market has something unique that reduces expenses and makes a property profitable with 60% of the rent going to debt service?

This is a great post. Thanks for sharing the details, the numbers, the pictures and the effect on your personal life. 

Welcome to bigger pockets @Jenny Gundersen Great to meet other Utah investors. My first rental property was my main home as well. I got to learn a lot about picking renters, managing property, and managing cash flow. Best of luck to you. 

@L'aura Bradford I would love to be added to your list. I'm looking for Buy and hold residential properties in Salt Lake and Davis counties. I will PM you with more details. 

Hi Callen.  Sounds like you have some exciting things going on.  I will definitely check out your website.

Hi @L'aura Bradford  welcome to BP.  Great to meet more SLC investors.  Are you mailing to local lists?  I would love to take a look at some of the deals you come up with.

Getting together with local people is a great idea. We don't have to organize it ourselves, though. Just come to one of the get togethers already organized by UVREIA or SLREIA.