All Forum Posts by: Nate Julian

Currently I own 16 units in Utah. 12 of those 16 we just inherited and these new units have came with their fair share of "honey do's". We knew that going in, and they are going to be awesome once we are through the stabilzation period.

We are at the point where we need to raise rent on the tenants living there. All of these tenants have leases that were inherited from the previous owners, or property manager depending on when they signed a lease.

Some of these leases are month-to-month, some of these leases are extending out further through mid to end of 2017.

My question is do I sign new leases and lock the tenants in for another year, and raise rents shortly thereafter, or do I just sign new leases with all of the tenants at the new raised rate?

Not sure what the best approach, or if anybody has any advice???

Hey man!

I don't actually use PM yet, but if I were you, I'd start interviewing property managers. Go out to lunch with them, go their offices and get a feel for their style of doing business, and their philosophy towards managing rentals. Talk to other people who use those PM companies and find out what they like, and dislike. When choosing a PM company, you are interviewing a "new" employee to add to your team. Take your time, and don't rush. It will end up costing you in the long run.

Last tip, try and find a property manager who is an investor first, and a has a PM company second. You want someone who comes from both camps.

Best of luck!

When I bought my first property I was excited, and had my mind on doing just that for around 3 yrs. prior. I focused primarily on saving, and focused about 2% of my efforts on finding a deal. I left that up to my High School friend who happened to be a realtor. He was able to get us a pretty good deal, I'm happy with it still to this day, and learned stuff I wouldn't have otherwise without just jumping in and taking that step. I was fortunate enough to have a friend who wanted the best for me.

Going forward into my 2nd property my mindset is quite different. I want to understand it the analysis thoroughly, and make comparisons etc. I've been reading Frank Galinelli's book "What every Real Estate Investor needs to know about Cash Flow...And 36 other Key Financial Measures"

that was referred to me by @Drew Clements (thanks man!, I don't work for him, but here's the link: Frank Galinelli's Book on Amazon ) and it's helping tons!

In addition, I have added an investment property worksheet to my arsenal, but struggle with filling some of it out.

Here are a few questions I have:

1. Initial Investment
   1. Cost of Acquisition-I'm assuming that this refers to closing costs?
2. When finding current mortgage rates, what do you find easiest? Calling the bank, or lender and simply ask what they are offering up? 
   1. People talk often about shopping around for a deal with lender. If that's the case, who do you focus on calling? What types of lenders should I be looking for, and building relationships with?
3. Operating Expenses
   1. Is there an easy way to estimate expenses such as:
   1. Repairs
   2. Insurance
   3. Utilities (If necessary for owner to pay, how do you find out how much?)

Those are all of the immediate questions I have as of right now. I'm planning on meeting with a local Property Manager/Investor this week to talk more, and I'm hoping I can build the relationship with him to start understanding more about financial analysis.

Thanks for all the help! Bigger Pockets truly can be an amazing resource.

@Douglas Larson Have you done anything else in Ogden besides the WHSL deals???

@Tyler Widdison I'm living in Northern Utah in an owner occupied 4-plex currently. If you have any questions about my experience thus far, I wouldn't mind answering your questions, and helping point you in the direction of help people.

Welcome man!!! I'm with @William Hochstedler we don't see new people in Logan often at all! If you have any questions for me, I'll be glad to help where I can!

@Jeffrey S. Bregliothanks for the heads up! I've been to those meetings a few times. Had to miss last month. I might need to branc out to slc a few times!

Cheers!

I'm looking for some good help in Ogden, Utah. IF you do RE there, or would refer someone who does, I'd love to be directed to them.

IN addition, do you know of any good property management companies in the Ogden area?

I'm not sure where to invest next, but I like the idea of Northern Utah in particular as that is where I am located. If you have any thoughts on Ogden, and/or Cache Valley, I'd love to talk.

Thanks!!!

Hey man! Welcome to BP!!!