All Forum Posts by: Douglas Larson

@Teri Feeney Styers

Nice job on the "tiny" apartment! When I lived on Maui I had a few homes that functioned as multi-family because I created some small "ohana" units to bring in some rent. Whatever helps cover the mortgage!!!

@Leigh Ann Smith

Very clever idea and it looks like you are very thorough in your analysis and projections! I wish I had more advice on how this might work out! I have let friends and extended family stay at my mini-cabin but haven't fleshed-out the rental business model yet. I'm just too busy with other things at the moment! Will your municipality allow for nightly rentals? Will you manage the bookings, check-ins and cleaning or source that out?

I also really like the Christmas Tree farm component! You must start another thread in the  forum and tell BP Nation about that venture! There are a lot of us that would love to know about making better use of vacant land. 

Please keep us posted on your adventures!

@Dannielle Hoffman

I think the real question is not about IKEA prices, quality or style, but what do buyers in your area expect in the price range you expect to sell. IKEA cabinets, hinges, drawers and racks have a very distinct style. The sleek, Scandinavian look of IKEA might not sell well to rural buyers that want the appearance and feel of rustic, knotty maple in their quaint, country kitchen. 

With a high-end flip in some areas, IKEA would simply look like you cheaped-out. 

In a low-end flip, IKEA kitchens would not make sense because of the price, assembly time and hassle factor of getting lost in the giant, blue maze of a store! In that case, stock cabinets at Lowe's or HD with a "Pro-Desk Discount" might be best choice. 

There are areas and price-ranges and demographics though where an IKEA kitchen would be just perfect, even expected - eg. closer to the city, younger buyers, etc.  

So, here is the advice: It's never about what you like! I think I have taste and decent design skills but it just doesn't matter! Identify your most likely buyers for your specific property and find out what they want. Visit model homes in the area or go into a few kitchen design showrooms and ask the sales people what styles are the most popular in homes of your size. Give the buyers what they want at a price they will pay and you will have a successful flip!

Have Fun!

@Account Closed

I'm not a mortgage guy, so I can't speak to "if" it would be allowed. I will say that co-signing with a friend or family member on a personal loan is always a sketchy idea. Too many things in life can change and go sideways. 

A true business partnership, if spelled out correctly, can be a good way to acquire investment properties but FHA isn't likely to get on board with that.

Creativity is a good thing but this might be a little too risky, especially if your wife is a RE Agent. There is extra scrutiny and liability when you have a license. 

@Jake Davies

I saw your thread about multi-family, specifically in Ogden and thought I would chime in. I have wholesaled a couple homes in North Ogden and looked at many in the downtown area. I have a cousin that recently moved from California to Ogden and he likes it… That's because he was living in a real ghetto near LA.

If you spend a lot of time driving the streets of Ogden, you know the good the bad and the ugly. The biggest problems with land lording in Ogden are that tenant turnover is very high, rents are low and affordable homes are old and need a lot of maintenance. Also, if you look at historical values… properties never really appreciate, unless you get way up on the east bench. 

I am not from Utah but I have researched a bit of history in the Ogden area. In the mid-1800s, Ogden was the meeting point for the east/west railroad. (Look up "Golden Spike" on Wikipedia.) The railroads brought in goods, labor and riffraff. Nothing has changed much in Ogden in 150 years! Bars, brothels and gambling sprung up around the railroad and we still see a more "colorful" environment in Ogden. There are certainly some nice family neighborhoods in Ogden and the city is revitalizing the downtown slowly but the "affordable" neighborhoods can be a landlord's worst nightmare! Lots of drugs and welfare folks. 

You should really attend the SLREIA lunch meetings in Layton each month. You will meet some people with much more experience landlording in and around Ogden. (www.SLREIA.com)

I don't mean to pick on Ogden as if it were Detroit, (Josh Dorkin's favorite place on earth). And, there are some neighborhoods I stay away from in Salt Lake city as well, for the same reasons - Rose Park, Magna, parts of West Valley, etc. Just make sure you go in with your eyes wide open. Have fun, and maybe we will see you in Layton at the next lunch.

A local glass company might be able to replace just the small, broken section between the leaded lines. It may not be a perfect match with the etched look but it's worth checking out. 

I had a burglar break-in 3 weeks ago at a flip house!  A 26"x18" double-pane, tempered replacement was about $150, with install. I thought that was pretty good. Of course my window was simple, clear, tempered glass (per code). Yours is a fancy one! The glass company said I could have saved about $40 if I brought the door to them. Great idea, except that the custom glass took 5 business days to order. Too long to go without a door!

1. Let the wife buy some shoes and furniture.

2. Plan a nice trip somewhere... Like a tax-deductible "business trip" to Maui!

3. Re-fill the living-expense account.

4. Re-invest the rest.

Happy investing!!!

@David Grimm

Ditto on Jarod's comment above. UVREIA and SLREIA are great clubs that get investors of all levels together. I have done many deals and learned lots with club members. I especially like the SLREIA lunch get-togethers. You don't have to be a club member and there is no cost, other than your lunch!

Happy investing!

 I hadn't thought of AirBNB for a good reference guide on marketing and pricing structure. Thanks for that tip!