All Forum Posts by: Douglas Larson

 Hey Brandon, I always appreciate kudos from one of the studs at the top, but why were you up so early!?! That's just crazy!

In late May of 2014 I bought a short sale and renovated the home and yard. It soon became summer and with my kids out of school (a 4 and a 7-year old), we spent a lot of time as a family at the home. I did quite a bit of work on the yard and some on the interior. Mostly, I was babysitting subcontractors and laborers who remodeled the kitchen, re-stained wood floors, painted walls, installed carpet, etc.

As with a most large renovations, there were some unusual challenges. One was a large, overgrown trampoline pit in the back yard. My first thought was to fill it in with dirt and lay sod. After using a 10-pound sledge hammer for way too long trying to remove the cinderblocks, re-bar and anchor cement, I thought "There must be a better option!" I have seen some awesome firepits in This Old House magazine and Houzz.com and I decided to make one with the giant, rectangular hole. I used treated and regular lumber to frame-out the benches and then skinned the framework with Hardiplank cement board. I stained the Hardiplanks and dumped some gravel in the bottom of the pit. The metal fire ring was $69 at Home Depot. The firepit was one of the first projects I completed on the home so the kids begged to roast marshmallows every evening we were there! We made some really fun memories!

I submitted the "before and after" photos to This Old house Magazine several months ago and just last month they told me to watch for it in this month's issue! They said they loved the re-purposing aspect and that it was a small-budget project. The materials were only about $400. I also think it was a great selling feature when I sold the house last fall.

Below are the progress photos:

Wish I could help! I'm always looking for good, affordable, reliable contractors too. I am testing out a finish carpenter right now in the SLC area. I found him on 

Have fun my friend!

Hi @Philip Tun

I live in the Salt Lake City area of Utah. I like land but not usually out in the boonies! Still, it's worth something to someone. You're right that prices are all over the place. The main factors influencing value are:

What is the current zoning? Can that be changed?

What is the current use? Can that be changed?

Are there any structures on the land? What condition?

Are there any water rights? Water shares? A well? Or running water on the property?

Are there any other improvements on the property like fencing, grading, roads, etc.?

If it is truly bare ground, with no water or improvements, it's not worth much, except perhaps to a neighboring landowner who might want to expand his property.

I hope that helps. Could you point it out to me on a google map?

 - Douglas

@Amy Van Ollefen, @Patrick Walthall

Welcome to BP and to Utah. I have been living in (and investing in) Utah for almost 11 years now. I moved here from Maui and I grew up in San Diego. EVERYTHING seemed cheaper in Utah when I first got here! - Houses, food, gas, building materials. It was great, but I had to learn a lot before really understanding the different markets. I almost bought a 5-plex in Rose Park (a not-so-nice area of SLC) for under 200K but several investor friends talked some sense into me. They said I would be dead before I collected first month's rent!

I gravitated toward the Park City market because it reminded me of San Diego and Hawaii. It was resort-centered and seasonal, and also a little more pricey. Most buyers up there really appreciate turn-key, and as a rehabber, you can make some nice money finding and fixing those diamonds in the rough. I flipped about 10 properties up there and made some decent money on most of them. 

I have since found some great niches down in the valley along the Wasatch front. I sold my last PC property about 14 months ago and now I go to Park City to cool off in the summer and snowboard in winter. Now I buy and sell land, wholesale a bit and manage a few rentals. I still do some flips  but I try not to work too hard these days!

The real estate clubs here are really great. Google "SLREIA" and "Utah REIA." There are lots of great people to network with, trade deals with and share ideas with. The lunch meetings are the most productive for me.

Have fun and maybe we'll see you around!

Welcome @Steve Nowa, the former lurker!

Vinyl plank can be great in a kitchen. You said "unit" and "c+" so i'm guessing this is a lower-priced rental and not a flip project. If it's a long-term hold, do what works for you and what will still attract good tenants. 

If this is a fix and flip it's a different story. I doubt most buyers want vinyl plank meeting up to real hardwood. Do whatever most buyers expect to see in your current price range and location. Look at your competition and ask around. 

Have fun! 

@Michael Rogers

Hey, I loved the podcast! Really woke up a few more brain cells for me!

To your question, I have used Fiverr.com, Elance (now Upwork) and guru.com. I have had very mixed results, but enough tasks have worked out that I keep going back. I have never subbed out video editing but quite a bit of graphic design, ghost-writing and text editing. I have had the best luck when I send a small test job to 2 or 3 different well-recommended providers and see what happens. It's a lot like working with construction subs. Once in a while you find a good one but you have to ask around and test a few. 

Have fun and keep us posted!

@David 

@David Grimm, @Clay Winder

I am an investor, mostly in Salt Lake, Summit and Utah Counties. I have also flipped, wholesaled and rented properties in Cache, Davis and Duchesne counties. I have purchased several properties through wholesalers. In August I was contacted by a young guy who has done some construction and landscaping for me. He has been picking my brain for months about investing and he's been listening to EVERY BP Podcast! He has been sending out letters to absentee owners and telling everyone he knows that he is looking for houses to buy. He got a call back from a motivated seller in West Valley City and he needed some help on what to do next. We called the seller back after a little research on the home and made a verbal offer. I closed on that house 2 weeks ago and I wrote that young man a check for $5,000. I (and many other investors) would be happy to pay a bird-dogger 2-10K if the deal is good enough. 

Happy Hunting and let me know if you find anything!

 - 

This property is an REO with many needs but with some good components. I am under contract with the bank and will close before the end of the September. I will sell to a cash buyer who can close before October 6th. A non-refundable earnest money check for $2500 is required so please do your inspections and homework before signing contracts. First deposit gets the property. Attached are photos. I can send you sold comps in the area if you message me. Ugliest comp sold at 98.5K last Feb. Nicest comp in area sold for 189K. Home has Supra Box but I can get you in if you don't have Supra access.

Please message me with any questions.

Here are some details:

Great Flip or rental

Wholesale price 97,500

ARV Retail price 160K+

So. Salt Lake

2 Bed, 1 Bath, 779 sq.ft.

2 storage sheds

Built 1909

.17 AC lot

Features:

- Vinyl windows

- Newer vinyl siding

- 2-year old roof

- Nice neighbors

- Convenient to everything

- Fenced yard

*Not to mention...a very cool, vintage kitchen sink!*

Needs:

- Soffit/facia Repairs

- New flooring

- Electrical/plumbing

- Sheetrock repairs/paint

- Furnace

Est Repairs: 25K

Est gross Return: 37K

Thanks for watching . . . . 

@Alicia Hensley

Hi Alicia. Are you in Utah finding deals? There are some great clubs here with investors who would like to be on your buyer list. Finding deals is the big value proposition right now! I'm always looking for the right rehab properties and when I find something good, but outside my usual wheelhouse I put in out to other investors as a wholesale. It's worked out quite well. If you are not in the state, finding and vetting deals is much more difficult. Some wanna-be wholesalers simply push out other peoples deals after adding 5K to the price. That is not cool! - and I've had some of my own deals sent back to me within an hour of posting, with a much higher price. Those guys get a bad reputation really fast because they are sending out deals to the same list of buyers that see the original post!  A good wholesaler finds deals and connects buyers. If you can be creative and work hard, wholesaling can bring some great success! 

Bigger Pockets has some great resources both written and human! Lots of great stuff here! 

You asked about a contract and I found this one in the Resources/Files tab:

Have fun and make your own luck!