All Forum Posts by: Douglas Larson

@Jeff Rappaport - Wish I could have gone! I bet it was packed. Andy is great! 

The holidays are kind of crazy for evening events. Did you guys make a DVD or something? 

@Andy Finsand

Welcome to BP! Sounds like you already know the basics. There are always deals, especially in the fall/winter to pick up decent 1% rentals. (monthly rent = 1% of purchase price).  It helps that you know construction and have some skills. 

I recommend networking here on BP and also at the local clubs like UVREIA. I have picked up most of my rentals in the last few years through wholesalers i met at the SLREIA lunch meet-ups.

Have fun and we'll probably see you around!

Welcome to BP!

This is a great place to network, grow your business and find deals. Look for threads in the forums to add some helpful advice and connect.

I also recommend the local clubs like SLREIA.com.

Have fun!

Great goals but tell us what you want to do with this house you get under contract...

Wholesale it? Flip? House hack? renovate and rent it?

My advice is: Listen to Josh and Brandon in . Then, listen to the whole thing again while taking notes!

It's a great starting place to get clear about what strategies fit your goals, resources, time and skills. Then, start networking with local people here on BP and maybe do a few lunches and evening meetings with UVREIA. You will meet wholesalers, lenders, agents and buyers that will make all the difference.

Above all, have fun! It's a great ride!

What kind of loan? Secured personally? HELOC? 2nd mortgage?

@Robbie Weidner

I can't give you legal advice, but I can tell you that most wholesalers use a one or two-page form for simplicity. The Utah State REPC is great and much shorter than states like California or Hawaii, where I have also invested, but it still has a lot of "legalese" that can be intimidating to off-market sellers.  on BP has a couple wholesale contract PDF documents that can be a good place to start. I can also recommend a local attorney if you Private Message me. 

Have fun out there and put me on your buyer's list!

Hi @Alex Jaime

I think you got some great info from @Steve Theobald and some great questions to consider from @Becca Summers.

Another factor, especially if you intend to be an out-of-state landlord is your team here on the ground in Utah. I think it would be very smart to come out in person and find an agent, contractors and a property management company that you really like. Then, ask contractors where they like to work and Prop managers where they like to manage properties. Here in Utah, I personally like West Valley, Kearns and Taylorsville for rentals but I self-manage most of my properties. If you find a great management company but they don't like managing in Magna, they won't do your Magna property justice.  

A good comparison would be some of the older and interesting neighborhoods on the Waianae side of Oahu. You can find better prices there for housing but finding great tenants or getting contractors or property managers from Mililani or even Pearl City to take good care of you would be more difficult.

If you do make it out this way, Private Message me or Steve or Becca and say hi!

Aloha!

I've gotten pretty good at estimating rehabs for flips and rentals but only because I really try to stick with certain types of homes (like ramblers from 1200 sq, ft. to 1500 sq. ft. built from the 1960's -1980's). Whenever I step outside my usual niche I tend to blow my budget! I have still made money but I have been WAY OFF when I have taken on older homes that needed EVERYTHING or very large homes that had great potential but had more bathrooms and larger kitchens that really rack up the costs. Here is one example:

1942  - Wouldn't Do It Again!

The big budget busters are often the things you don't see, especially in older homes (electrical, plumbing, ducting, termites, wood rot, Asbestos, mold and even meth remediation). Then, if you are using hard money and your completion date gets pushed back, you will go even further under water. I am an optimist, but I always add 25% to my best estimates, just for cushion.

Have fun out there!

Hi Justin. Welcome to BP. Its a great place to learn!

I also recommend getting involved in the local real estate investment clubs like UVREIA and SLREIA  to network with some other great investors. I get a lot of deals from agents and wholesalers that I have met through the clubs. At least 3-4 deals cross my email each week that have decent rental numbers and one or two of those might even include seller-financing. Your 20K might be all that's needed, with no bank qualifying. 

Happy hunting out there and I'm sure we'll see you around!

Welcome Carlos.

Welcome to Utah! It's really a great state and it's been good to me! Once you get settled in, private message me and perhaps we can get together for lunch. I've been an investor in Utah for 12 years (rentals, flips and land). I'd love to hear your take on Miami and Puerto Rico real estate and I can tell you what I've learned in Utah. 

I hope you are taking advantage of all the great resources here on BP.  If you have an hour to kill, listen to my interview with Josh and Brandon in .

Take care!