All Forum Posts by: Douglas Larson

Hi Gary,

I will PM you as well but I wanted to give you kudos for an attempt to mobilize Utah investors. We are stronger if we work together.

@Tim G.

So glad you shared the update and the numbers so far! It's looking great and I'm sure you'll be happy with the end result!

... and remember, you're building character and experience too!
@Tim G.

Great comments from BP nation!

@Jenna Stonecipher @Michaela G. @Susan Gillespie @Liam Goble @Account Closed @Joel Owens

I am still leaning toward the purchase but some of you have given me pause.

I may be fantasizing a bit on what I think Glass might do for me. So many techno gadgets have made my life and business more convenient and productive but Google Glass might not do that… At least not yet. I think the concept has great promise once the apps are in place. I'm always looking for an edge and a new, efficiency tool but I don't really need another distraction right now. So that's the question . . . is it just an expensive techie toy or a useful real estate and business tool?

I got my invite today to join the Google Glass 2.0 "explorers club." I want to do it even though it seems to be an overpriced beta testing relationship that probably benefits Google more than users. I just love all things that beep, glow and hum!

I usually weigh out the costs/benefits carefully of any piece of equipment I purchase. I usually act very rationally regarding $1,500 expenses that may not return a whole lot to my bottom line. Still . . . I want them!

The most useful Real Estate application for glass appears to be maps and navigation, right in front of your eye. I would use this daily. The hands-free possibilities for call/text phone features would also be convenient as I spend a lot of time in my mobile real estate command center (a.k.a. my car). The hands-free camera and video would be cool but it's not a part of my current business model of investing. A very useful app in the works will be facial recognition but it's not available yet. Can you imagine being able to instantly be reminded of all your REIA club member's names or real estate agents, etc, just at first glance? That would be huge . . . when it's actually available.

So, I'm on the fence but leaning over . . .

Any thoughts from other investors who love their tech?

@Peter Fuentes

The bottom line is that only you can and should decide where you want to live and invest. There are niches in every market that may work great for you. Your skills, creativity, business plan, networks and financial resources can serve you well in any market. Sure, it's hard to get cashflow rentals in SoCal but if you have the finances to hold for several years, the appreciation cycles in SoCal can make you lots of money.

Flipping may be competitive but I renovated 3 homes in San Diego in 2011-2012 and made some good money on the flips because buyers there are willing to pay top dollar for turn-key, beautiful homes. This is not true in many US markets.

I bought and sold 5 properties on Maui (another expensive market) during the early 2000s and everybody told me I couldn't do that. I had to be creative but I got loans, lived in the properties while I renovated and made 30K to 100K on each one.

It's very wise to ask advice but don't let anyone tell you what you "have to do."

Have fun and Make Your Own Luck!

@David Doyle

You're offer and tips so far are great!

I have tenants that left the heat off while out of town and the copper froze and split in 5 different places. Luckily it did not cause a flood but the repairs were $750. Is there any way for a landlord to winter-proof interior plumbing with a drain or pressure-relief valve similar to anti-siphon exterior hose bibs?

...

Thanks for the Interest BP Nation! I have responded to you individually as you have contacted me through but you have asked for more details so I will post some specifics:

I will look at ANYTHING that is half of market value but my preferences are improved building lots and 3 bed/2 bath SFR's newer than 1978

Lot specifics: Vacant, improved (with utilities installed), residential building lots in approved subdivisions at 40-50% discount from market value. I have purchased about 30 lots in the last 2 years, mostly from banks. I usually buy REO lots in groups of 3-4 with cash and then sell them to local builders one at a time as they need. I have been holding most of my lots for 12 months or so for tax reasons and to let the values rise. My preferred areas of interest are Salt Lake County, Utah County and Davis County. I will also look at Summit County lots. The REO groups of lots are getting more scarce so that's why I am enlisting the help of wholesalers/birddoggers. There are many motivated sellers with land who inherited property or who are behind on taxes or who have been fined by an HOA for not cutting the weeds etc. Finding and making contact with those motivated sellers is where the research comes in. I have paid up to 85K for a vacant lot but most of my purchases have been between 25K and 40K. I am happy to pay $3K to $5K to a wholesaler for a good lot deal and about half that to a birddogger if I have to negotiate and do all the contracts.

SFR Specifics: Again, I will look at anything (condos, townhomes, multi, small commercial) that's a bargain but I prefer 3/2 homes with a garage, newer than 1978. However, Just last week I bought a 3bed/1bath home with only a carport, built in 1949. The ARV was about 97K and I purchased for under 41K. Most of the homes I'm interested in have an ARV of 130K - 200K and I need a discount of about 30%, minus repairs. I am happy to pay $5k to $10K for a great value wholesale deal and I can close in less than 2 weeks (3 days if it is really necessary). If you find MOTIVATED sellers that cannot or will not discount their price 30%, I have several investor friends in Salt Lake and Utah County that will pay $2-$3K for a good SUB2 deal.

Please let me know through if you have more questions.

Thanks again.

Wanted:
I am hoping to find a good BirdDogger and/or wholesaler in my area of Utah. I have cash and can close quickly on anything up to 150K. Many new and hopeful real estate investors start by finding deals, and I am happy to pay 2K-10K (about 5%-10% of purchase price) for any deal I close on.

Qualifications:
It really helps to be local and have access to the WFR MLS but virtual research and negotiation is possible. Diligent hunting is the real key. I am interested in improved lots and SFRs in Salt Lake, Davis, Weber, Summit and Utah counties. You are most likely to find the good deals off-MLS, with some boots on the ground effort and a little work at the city and county records offices. If you like research and talking with people then this can be a great way to earn cash and start a foundation for building your own empire. Please message me through BP if you are interested.

If you want to know more about me please see Podcast #41 and my profile page.

Thanks BP Nation!

@Thomas Mitchell

Great Stuff! Let that be a lesson to all of us!... "Climb the tree and holler!"

. . . . and it sure helps to holler from the right tree!