All Forum Posts by: Quintin Mortensen

They all look good and I bought them all! Just kidding. It doesn't matter, how professional does "google" sound? I'd say make it short as possible.

I read somewhere that even with all the housing being created in salt lake, they still won't have enough. Sure, there will be a lot of apartments, but there is so many other housing styles that will attract people. I have a couple of town homes and my current tenants say that they were sick of having people living above and below them and wanted more space.

I'm not very concerned but we will see what the future holds.

depending on what you need I have a couple guys that are pretty good. send me a message.

I know this isn't that innovative because it's talked about on the podcast but it certainly isn't conventional. I went and talked to a local credit union about getting a line of credit and was pleasantly surprised at what they told me.

Here are the rules and outlines of getting a home line of credit.
-They base the value of your home on either your taxes assessed value or an appraisal.
-They will pay for the appraisal if you get a line of credit only up to 80% of the home's value.

- You can get a credit for 80% of the value of your home for under 4%, It is a variable rate but they keep it low to encourage people to use it. This may sound scary but the guy quickly looked up the history of the rate and it didn't exceed 4.25% in the last 5 yrs. 

- You can lock in the rate for 5 yrs for a slightly higher APR%.

- You can get a credit for 100% of the value of your home for around 9% but you must pay for the appraisal.

-You can get actual cash or they can give you a debit card.

-The monthly payment is 1.25% of the total balance. 

This was only for a primary residence. They didn't have anything other than just a straight up loan for investment properties. I wonder if they will do a line of credit on the assets of an LLC? I also wonder if you can get out cash to pay the line of credit. If anyone has experience with this let me know.

Has anyone used this strategy and have recommendations or things to look out for? I like the simplicity of this strategy and hope I can use it in the future.

Hey Carter,

I'm currently looking into the same strategy that you are talking about. I have two condos in the same community (live in one, rent out other.) I went to a local credit union and talked to them about getting a line of credit and they told me this:

- You can get a loan up to 80% of the value of your home at under 4% APR. It's a variable rate but they keep it low so people use it. You can also get 100% value of your home for around 9% APR. You have to pay back about 1.25% a month which is comparable to about a 8 yr loan. They also where weary about loaning on the investment property. This was for my personal residence.

-As a realtor, when I see a cash offer the value is in having a flexible and quick closing time. No so much that they can get the money or not. Just a personal opinion.

You are way ahead of the game and know what you are doing. Go talk to credit unions and get doing it!

Welcome to the BP!

One thing you can consider is getting a line of credit on your condo. I've talked to a couple credit unions and you can get a rate usually less than 4% for up to 80% of the equity of your place. I'm currently in the process of doing this to fund my next project. If you decide you want to look into downtown Salt Lake City, Utah to invest, hit me up!

Hey Jahmar,

Owner financed is when the person selling the place (current owner) acts as the bank and finances the deal for you. On the plus side you are working with one owner instead of a bank so the financing is a little different but you pay for it with higher down payments and interest rates. 

Here is a listing for a cabin that is offered for owner financing: http://www.ksl.com/index.php?nid=218&ad=33545308&c...

This probably isn't a good investment deal but you can get an idea of how it works.

If you have any other questions, feel free to reach out to me!

Hi Amy, 

I have 2 condos. I rent one out and I fixed another one up with the plans to rent it out when we move to our next place. I do well enough to make it worth it and I plan on buying more condos in the complex.

Im a real estate agent and I have another agent I work with that owns 25 places all in the salt lake area. It's definitely pozsslibe here.

Hi Amy,

I think this sounds like a great idea. I have to agree with Kristin that it does seem like a lot of work if you want make it worth it. Websites like VRBO.com and Airbnb make this type of thing very easy to do. I really want to get into the vacation rental side of the business and have looked extensively in Park City for something relatively inexpensive to work. My family owns quite a few properties in Brian Head which is a very small ski resort, but is only a couple hours drive from Salt Lake. They do very well down there and a lot of money is being spent there to develop it. Its not fancy like Vail or Mammoth but it may be something you want to look into. Let me know if I can help!

 Hi Mike, 

I dont remember the name of the flooring but it was from lumber liquidator. I was able to negotiate with them down from $2.29 per sq ft (already on sale from $2.99) down to $1.99 and I installed this myself. This kind came with the padding already attached and I just put down a moisture barrier under that. 

The granite was from half priced granite . com. From the Salt Lake Store not layton! They only have like 5-6 options for really cheap but their selection is a good enough unless you are super picky. There were only two seams total in the granite and the total price was $1,800. This induced the guy coming and measuring, Installation, 4 in back splash and 70/30 sink.