All Forum Posts by: Trevor Thompson

Porter,

Great topic! When you do come back to UT I would recommend checking out the local REIA clubs.

You will be able to familiarize your self with the local style, and benefit the clubs offer. Both are non-profit and serve as a venue to meet and learn from locals that invest in real estate. Sorry, but there are some agents that also attend....

SLREIA - www.slreia.com

UVREIA - www.uvreia.com

My organization offers education based on our experience in the local market, but even more important than that is the quality of investors that you can find at our events.

www.mjare.com

If you are interested in seeing a bit more I would be happy to hear from you.

Trevor Thompson

801-341-7444

How do I tag a user in my posts or replies?

Thank you in advance.

Lync, thanks for the Mention. There is a group that meets for lunch in Layton as part of the Salt Lake REIA.

Tim Fenton is usually in charge of setting it up, but I don't see one listed on www.slreia.com right now.

Darren, if you would like to get connected you can check that website later, or send me a PM for Tim's number.

They used to hold it on the 1st Wednesday of each month.

Trevor

March events for

Salt Lake Real Estate Investors Association

Utah Valley Real Estate Investors Association

and MJA Real Estate

1.Mar 7th - SLREIA Networking Lunch

Joe Morley’s BBQ in Midvale UT Noon- 1:30 PM Free event, buy your own lunch.

Meet and exchange information with local investors.

2.Mar 8th – Seller Financing Seminar with Andy McFarland

9 am – 12:30 pm, members - $100/non-members - $120

Hampton Inn, Orem UT

3.Mar 12th – Salt Lake Real Estate Investors Association Meeting.

www.slreia.com Free for first time attendees, Networking and Education.

4.Mar 13th - UVREIA Networking Lunch

Wild Mustang Grill – Orem UT. Details on www.uvreia.com

5.Mar 27th - Utah Valley Real Estate Investors Association Meeting.

www.uvreia.com Free for first time attendees Networking and Education.

Darren,

Welcome to BP. I would agree that there are lots of ways you can learn with out getting sucked into a training program for lots of cash. The local REIA clubs are excellent and can help you meet people who are actually doing it.

The Salt Lake REIA is tonight. www.slreia.com

I will be there so if you can attend look for me. I have on a white polo shirt today. Also, there is guy out of Davis county that wholesaled 70 properties in 2013. He happens to have a class he is teaching for the UVREIA in March. He is a friend, and he is amazing at what he does. That one has a nominal registration fee, but you can look it up on www.uvreia.com

I wholesaled 3 houses in the last 6 months, and got paid on a birddog. I would be happy to chat with you about my experiences if you are interested.

Send me a PM and we can chat more.

Trevor

This is a quick list I have put together of some events in Salt Lake and Utah Counties that I will be attending.

The 2 local REIA clubs are non-profit and provide excellent education. I participate with almost everything that they do.

MJA Real Estate is our local education and networking arm. We enjoy meeting with Investors, Lenders, Agents, Contractors etc. If you are looking to improve your strategies, or buy or sell a property, we promote bringing it to the group and offering it openly.

Feel free to call me with any questions.

Trevor

1. Feb 3rd – Free Event from MJA Real Estate
“Buy and Hold” vs. “Fix and Flip” – What we are buying right now Q&A.
5:00 -6:15 PM - 3130 w. Maple Loop Dr. Lehi UT 84043 – Downstairs Conference Rm.

2. Feb 7th – SLREIA Networking Lunch
Joe Morley’s BBQ in Midvale UT Noon- 1:30 PM Free event, buy your own lunch.
Meet and exchange information with local investors.

3. Feb 8th – MJA Real Estate “How to make money in Real Estate with little or no cash!”
$150 – alternative strategies to earn you cash without the risk or time of a remodel.
See reverse side of this page for information or call Trevor 801-341-7444

4. Feb 12th – Salt Lake Real Estate Investors Association Meeting.
www.slreia.com Free for first time attendees, Networking and Education.

5. Feb 13th – UVREIA Networking Lunch
Wild Mustang Grill – Orem UT. Details on http://www.uvreia.com

6. Feb 17th – Free Event from MJA Real Estate
Purchasing rentals with less cash down and closing traditional mortgages with out 20% down.
5:00 -6:15 PM - 3130 w. Maple Loop Dr. Lehi UT 84043 – Downstairs Conference Rm.

7. Feb 27th - Utah Valley Real Estate Investors Association Meeting.
www.uvreia.com Free for first time attendees Networking and Education.

Nate,

I just stumbled across your post looking for utah threads.

Investors in Utah? There are dozens of us. Dozens!

In Utah County you can check out the Utah Valley Real Estate Investors Association. www.uvreia.com

The monthly meeting happens to be tonight, the fourth Thursday of each month in Orem. Hampton Inn just south of UVU, next to the freeway.

This group has grown larger in the past year as it is under new management.

Say hi if you decide to drop in.

Trevor

Yes Lync,

Welcome to the forum. There are many opportunities to learn and connect with good investors. My office is also in Lehi.

What would you like to do first with Real Estate?

Paul,

I am not a lender, and I don't know all the specifics about your deal. Just wanted to let you know one strategy that I know of that may be useful on this deal or another in the future.

When you make a purchase with Hard Money, you should end up with a Note and Deed of Trust recorded against the property. You can start an application the day after closing for a "rate and term refinance" but few lenders understand the process to get it done correctly. There is no seasoning period. Your new refi will be Fannie Mae, or Freddie Mac, a traditional mortgage, non owner occupied.

In May of 2013 the group I work with purchased a home with HM for $98,000.

We spent about 17k in rehab on it, and 60 days later it appraised for $162,500. We keep every receipt, and bid, and take before and after pictures to show the process. On the day after I filled the property with a lease for $1200 per month, the appraiser came in and did his inspection.

In this case the appraisal came in high enough that we refinanced the hard money, plus the HM fees, and the closing costs for the new loan (totaling about $107,500). This amount needs to be 75% LTV. That way you are only refinancing the existing loan, not taking "cash out".

Does that give you an alternative to waiting 6-12 months to do a cash out refi?

Happy to talk to you more about it.

Trevor

Doug, I think I saw you at the Bill Bronchick event this weekend, right?

Monday night is only an hour, because our free classes are designed to be question and answer and to help you see what we do.

Monday is called "How to turn 15k into 200k" This is how we purchase rental properties with what is ultimately a traditional mortgage, but we don't have to put down 20%.

Here is how it works in a nutshell.

We purchase distressed properties that we can pick up cheap. The purchase has to be with Hard Money because we need a note and deed of trust recorded against the property. Also we get the whole purchase price with Hard Money because we will hold it for less than 90 days.

Next we rehab the property for as close to $15,000 as possible. Our last one took about 17, but you get the point.

The day we purchase the property we begin the application for a "rate and term refinance". Right about the time we are done with the repairs 6-8 weeks, is when the new appraiser will come out. Then we do our best to close the permanent loan at 75% LTV or less, because the property will appraise high enough for that 75% to be really close to our original purchase price, plus HM fees, plus closing costs on the new loan.

Here are the actual numbers of the one we added to our portfolio in May 2013

Purchase price $98,000

Rehab $17,000

Total of Purchase, HM fees, Closing costs $107,500

The home then appraised for 162,500

I manage this rental, the mortgage payment is about $650 and I rent it out for $1200.

4 bed 1.5 bath in the Hoffman Heights area of Kearns UT.

If we could keep getting mortgages we would do this all the time.

I know that is quick and dirty, but we have pictures and go into more detail on Monday. Short and sweet. One hour is all it takes.

We teach this class the 3rd Monday of every month for anybody else that is interested. Open forum, just show up.

Trevor