All Forum Posts by: Masyn Grant Barney

Shoot me a DM with your email and I can get you added to the one in Provo. It is held virtually and we have people from Ogden to Nephi joining. 

Logan,

I've seen your posts on here quite often. I'd love to connect and grab lunch sometime. I'm located in Spanish Fork but as an agent I spend time all throughout the county. 

DM me if you need a good sewer guy. He can do a scope for $50 if its a realtor referral and he also replaces sewer lines much cheaper than I have seen elsewhere. He quoted me $9k for mine. It obviously depends on the situation and property, so maybe $20k for yours is actually reasonable.  

@Cameron Bennett, 

Nice to meet you! I am an agent and an investor located in Spanish Fork. I don't know of any meetups happening south of Provo but the Provo one is virtual and a great way to connect with investors from Nephi-Ogden and all in-between. Shoot me your email and I can get you added to the email list. 

I recommend Arti Academics. It is a free course, on your own time, and can be done one your phone. Definitely reach out if you have any questions. 

@Madeline Malinovsky Makes sense. Thanks for the clarification. 

Is this specific to FHA? I am currently buying a property with a 5% down conventional owner occupied loan and my partners will live in it, but I will not. Maybe there is away around all parties living in the property on the FHA as well. @Andrew Jensen, let me know if you want me to send you my lenders info. 

@Tyler Randolph & @Steven Quiroga, DM me your emails and I can get you added to a BP specific meetup email list that happens in Provo. We have about 10-20 people show up each time and it’s some great networking. It has been fantastic for me. 

I’m also happy to help out in the search if you’d like as I’m a licensed agent and an investor myself. Currently closing on a house hack for myself and a duplex for a client. There is definitely some opportunity coming around the corner. 

Hey Andy,

I'm an agent and investor here in Utah. I think house hacking is a great strategy and investing for appreciation isn't necessarily a bad thing. David has talked a lot recently about how he is doing just that. I think more than anything you just need to make sure you can afford the property. If there is a downturn and you can hold onto it, what's the worry? If the market keeps going up, you have equity to leverage for your next property. 

My wife and I purchased a SFH mainly for appreciation. We have forced a decent amount and the market has definitely helped. We now have over $100k in equity that we are using to buy a few more properties via a HELOC. The key is that you can afford it.

PS - I sent a connection request your way. I'd love to hear how your search is coming. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $480,000

This deal has been a ton of fun! It is an off market deal that I sourced through a connection on LinkedIn. He had a price of $450k in mind and I was able to net him that while also coming out of pocket very little. As an agent, I was able to charge a commission (5% in this case) and credit that toward the down payment. I added seller paid closings costs ($6k) into the price to finance it into the cost of the loan along with the commission. We pay $480k, he nets $450k, he credits $30k (5% commission plus $6k closing costs) to us, and we don't come out of pocket any money.

The only cash out of pocket will be a few fixes we will do on the property before renting it out. The property is right behind a college and will rent to students VERY easily. We plan to cashflow upwards of $600 before reserves (repairs, capEx, vacancy) and $250 after. Reach out if you want to hear more!

What made you interested in investing in this type of deal?

Low money down combined with instant equity, and amazing location.

How did you find this deal and how did you negotiate it?

I posted on LinkedIn explaining what I was looking for and a colleague reached out and wanted to sell.

How did you finance this deal?

5% owner occupied conventional loan (single family with MIL apartment). 5% commission for the down payment. $6k seller paid closing costs.

How did you add value to the deal?

More than anything with bring rents up to market. We also have done some light repair work and major cleaning to make the space more rentable.

What was the outcome?

TBD. It cashflows nicely and we plan to hold it long term!