All Forum Posts by: Johnny Hunt

My wife and I own a home that we could easily rent out and we have our eye on a bigger home with more acreage. In order to get pre-approved for a second mortgage, what information will the lender be looking for?  Would rental comps (for our current home) in the area help?  Where would be the first place you'd go to get pre-approved?  Mortgage broker?  Small Community Bank?  Large Bank?

Thanks in advance for your help!

Thanks @Caleb Rigby!! That sounds great, I look forward to hearing from you!

Thank you all very much for your input!!! I was having a little panic and you've all helped me to settle down a bit. Rough learning experience for the first investment property but I've got a few exit strategies in place and now have some great info on some of my other options. I hope I can return the favor and help you all some day. Have a great week everyone!

@Skyler Smith This is a fantastic tip Skyler! Thank you for opening my eyes to this!!

@Skyler Smith Hi Skyler, Logan might be a little too far as I live in Kamas but if you're in a pinch I can make it happen. What's the project you're working on? I haven't spent much time up there but it seems like a nice place to invest. Thanks for reaching out, shoot me another message if you need a hand!

Hello BP!

I'm a newby investor in Utah and I run a painting company. Fully licensed and insured and potentially getting my General Contractor's license and real estate license soon. I would love to help out any Utah investors with their projects or partner up a few deals. I can potentially be used and an interim property manager as well, I just don't have time to do it full-time. I'm just finishing up my first deal in Ogden and I can't wait for the next one!! If there's anything you need help with in your deal, please don't hesitate to ask!

Thanks,

Johnny Hunt

Hi BP! I'm a newby investor and after the 90 challenge, we purchased our first rental!! It's a single family home in Ogden but it has an HOA. I was approached by a neighbor who claims to be on the HOA committee and told me they only allow 8% of the units to be rentals and the previous owners owner-occupied the home. I looked over our CCRS and the section on leases states that there are only restrictions on short-term leases. Has anyone ever dealt with a situation like this and is there anything I can do to fight it if they can cap the number of rentals? Any feedback is greatly appreciated! Thanks

Thank you for taking the time to read this post!  To give a little background, I studied Finance at CU Boulder and have worked in construction my whole life.  So RE investing is right up my alley and I am so pumped to get some projects going.  I joined Brandon's 90 day challenge and not a week later, my investor and I put an offer on a home!  We close this month and I can't wait to begin my first RE investing project.  I even bought a cheap old travel trailer that I fixed up and we are hoping to rent it out for a little house hack!

Now, the reason I'm posting is because my wife and I bought the perfect little house just outside of Park City, Utah about 3 years ago. It is an old farm house built in 1904 that needed some serious TLC. I have done a number of renovations, it looks great and is probably one of the nicer homes on the block now. We got a screaming deal on the house and this whole area is an extremely hot market. We could stay here for many years and be very comfortable and happy. With rising prices it is tempting to just sell it, take the money and pay off my wife's school loans and buy into another house. However, I'm wondering if there is a better way for us to keep the house and use leverage to make the next move. There aren't a ton of comps in the area because no one wants to leave, but there's a few smaller, run-down places that are asking for almost $100k more than what we paid. Is it possible to use the BRRRR principles to refinance and use the equity that we've built into the house to roll into a RE investment? And would we be borrowing against the house or against the equity we've built into the house. My family always said never to borrow against your own home and we are all Dave Ramsey followers but I'm starting to wonder if that's why they never made it to the next step in financial freedom! Any advice is greatly appreciated!

One other quick question I have is for BRRRR investors that are only involved in the financing of RE deals. I want to be a turnkey contractor for investors and I am a paint contractor but qualify for my General Contractors license. Is it worth my time and money to get the full GC licensing or is that overkill? Seems like most of these projects are more cosmetic rather than structural.

Thanks everyone, 

Johnny Hunt