All Forum Posts by: Skyler Smith

the Fed who cried "rate change"

Hey Jim! Welcome to Bigger Pockets. 

I've got a few buy and holds as well, you have me beat on flips though ;)

It'll be good to see you around at the NUREIA meetings. Cheers!

@TIffany Morton

Hey Tiffany! Nice to see a familiar face on here. You know I got started the same way as you, and it is a great foot in the door. Here they call that "house hacking." 

Are you looking to stick to the SLC market? I've seen some cool seller finance deals and condo deals come up down there lately.

Just saw "power access across the street." That might make things a little more interesting.

I'd put you closer to the $46k mark. Land out there is not going to move quickly, might want to make your close date with the seller a year or two out. Check to see if you have mineral rights, if not then you're going to be getting even less for it. PM me the tax ID number and I can get you more info, might even be able to find an investor for it if you can get it at a discount.

There aren't really any sold comps for something like this unless you go back to 2010. From the sound of things so far you've got a good candidate for the next burning man festival (ha ha) - beyond that, development options are going got be sparse.

I would worry about setting up LLC's once you have found the deal. If you're buying with cash, then buying as an LLC is a bit easier, but if you're getting a loan it will probably be in your name. Not many banks willing to give business credit to a business that hasn't been filing tax returns. You can vest the property into your LLC after closing for your tax and liability protections.

Make sure that there's an accountant you trust who will be doing your taxes moving forward. Ideally someone who has a lot of experience with real estate and has rental properties of their own. Even if you don't own any real estate, I'd start interviewing accountants right away. You pay them to do your taxes, the accountants that I've worked with will gladly answer a phone call or email about a question I have for free.

It is very cheap to set up an LLC in Utah, but I wouldn't do your first one on your own. Get a pro to set up your articles of organization and other docs, and once you're familiar with the process you can start drafting the paperwork on your own. If your accountant sets up the business for you, they'll also be able to tell you how to run your checking account, how to save and organize your expenses/receipts, etc.

This is my new favorite thread. So many young kids just say "bring me deals!" And that is so not how it works. I think you're going to do great, @David Grimm

Hey Alicia,

Here's a link on my web site to the state approved purchase contract and a couple of other forms, though section 9 makes it not ideal for wholesalers unless you attach an addendum with a clause about "and or/assigns."

The law favors business and sales people in Utah, but there are a few things to watch out for. If you don't have your real estate license, you'll want to avoid looking like you're trying to buy or sell real estate on behalf of another party without a license. Plenty of wholesalers are doing just fine in Utah, but there's a possibility that the division could eventually look at the wholesaling situation with more scrutiny than they are now and start cracking down.

Good analysis. Unless the seller is in some unseen distress, I think they would be silly to let this go for $60k, but your numbers look well thought out. I am not seeing an HOA fee, you'll want to factor that in. I assume you'll be managing on your own?

I'm guessing you're moving on from this. If not, there are a couple more things to watch out for. As far as the property itself, I'd check why it's not approved for FHA. Even if you show up at your conventional lender's office with a 20% down payment for this, they might still have a tough time financing it or any other older condo. Conventional guidelines basically require an HOA checklist with requirements that this may not pass, hence the nice price at $114,900.

Get your agent to get the listing agent on the phone and have them get you the scoop, there may be a little more than meets the eye here. Message me with any questions you may have.

Welcome, Eldon!

What type of investing are you going to be doing? I know some that are very good, and I know some that are the cheapest. Depends on what your strategy is! The pro's that I would suggest for new construction I might not suggest you use as your handy man, etc.