All Forum Posts by: Trevor Thompson

Hi Gary and Doug,

There is a group in Orem that meets on each 4th Thursday of the Month. www.uvreia.com

This month that will be the 23rd. It has been steadily getting larger for the past year as the management changed and it is better organized. We have been seeing 50-60 people each month.

Meeting is Free for first time attendees. I really enjoy this one, as well as the Salt Lake Group. (www.slreia.com)

I am not on the board of either group, but find it a wonderful way to network with locals, and find wholesalers, contractors, and hard money.

My company, MJA Real Estate offers local education and networking opportunities as well. We did 21 flips this year, and added 8 doors to our rental portfolio. Most of those through "subject to" and owner finance.

On Jan 20th we are holding a FREE one hour seminar on purchasing rental properties with out a 20% down payment using a traditional mortgage. My partner is a mortgage lender, and has been buying rentals since 2003.

We use this strategy and others to build our rental holdings.

Call me if you would like to attend 801-341-7444

Jan 20th, 5:00 - 6:15 PM

3130 w. Maple Loop Dr Lehi UT 84043 - downstairs conference room.

Trevor Thompson

Tenant emergencies are always a surprise, but here is a good piece of advice I learned this year. Every tenant needs to have rental insurance!

We had a tenants dryer(laundry) burn down our property in West Valley last February. Our building was insured, and the damage was covered for us, but the tenants lost all their possessions and had no place to go. Rental insurance covers their stuff and also has a provision for if the place is inhabitable, they can receive assistance with cost of moving or temporary housing, ie: hotel for a few nights.

We also had a tenant clog an upstairs toilet this past year and did lots of sheet rock and contamination damage. It took several weeks for the repairs to be made and that was mostly due to drying out the basement and working at the schedule of the insurance company. My tenants were without housing, and stayed with family. It was a bigger ordeal for them. Rental insurance usually costs about $15-$25 monthly, sometimes less if bundled with their auto policy.

We have dwelling and repairs covered, but because of forward thinking and a great insurance agent, we also have coverage for the missed rents due to the damage. We were able to do the repairs on our own schedule and did not lose the normal income for the property in the meantime. With over 50 doors in our portfolio, it can be a risky job.