All Forum Posts by: Quintin Mortensen

Welcome! Listen to many Bigger Pockets podcast. Find something that sounds interesting since there is so much to do in real estate, AND DO IT! Just get started instead of trying to learn everything (my first mistake.) We are here for when you have questions! 

 Hi Cody,

I dont think I made myself clear. The part I wouldn't do again was bid on a house before I was pre-approved for a loan. Even though it worked out, it was really dumb.

 Hi Travis,

It took about 8 weeks but it should have only taken about 5 weeks. I made a lot of little rookie mistakes.

Mistakes:
-Biggest was that we wanted to stain the cupboards a really dark color and it just didn't work out. We sanded, stripped the varnish off, more sanding, stinging, re-staining, then finally painting. The cabinets in one of the bathrooms were the same and I just painted them. I cringe thinking about that mistake. 

-A lot of the things like putting the flooring in, and painting I found more efficient ways to do them half way through the process. 

-Another big time waist was bad planning. I spent too long deciding things like what to buy and how to do things.

-Finally the dumbest mistake I made was the BATHROOM MIRRORS! The first time I put up a mirror I cut a couple blocks to put under the mirror, got the "mirror glue" from Home Depot and waited about 3 hrs for it to dry. I took the blocks out after a few hours and went downstairs to get the garbage can. SMASH! Mirror fell over, pieces everywhere. Mirror two I do the same thing but I wait over night for it to dry. I get my fingers on the mirror and try as hard as I can to pry it off the wall to make sure its on there and it doesn't budge. I take out the blocks and the tape, go down stairs and few min. later SMASH! "oh no, it happened again!" **PRO TIP** read the mirror glue bottle. If it says 72 hrs. it means a week just to be safe!

I moved into a condo in Salt Lake City, Utah in 2012. I didn't know anything about investing, all I knew is that I wanted to buy the cheapest place I would be happy living in so I could rent it out when I eventually move. 

I got my real estate license in early 2014 and kept an eye on other condo's in my community. One popped up on the MLS for $111k (3 bed 3 bath 1300 sq ft.) Others were going for $130k-$145k at the time so I thought this deal was too good to be true. I visited it and it definitely needed some work but all cosmetic and stuff (so I thought,) and I could do everything on my own. It was a HUD listing that basically means you bid on it and they take the bids every day and give you a yes, no, or counter over 24 hrs. So I thought to my self "I'll just throw a ridiculously low offer and just increase my bid a little everyday." So I throw out something like $92k to get started. The next day I get a counter for $93k and I'm shocked. I immediately take it and rush to the lender to get approved.

Everything goes relatively smoothly with the purchase and it's time to get started on the repairs. Our budget was $10k for everything. Fortunately we got out with only spending about $8k but we got very lucky and got deals on almost everything. (Thanks Amazon) 

The plan was to move out of our old place, rent it out, and move into this place. I know most people shy away from investing in condos but I'm on great terms with the HOA board and they run it very well. After this wonderful experience I plan on buying a few more units in this community.

For my first investment here are the numbers: (the old unit we moved out of)
Mortgage, tax & insurance $550 - PMI $80 (will fall off in 20 months) - HOA $145
Total is just under $800 and I'm renting it out for $1195 per month. 

Here are some before and after pictures. Keep in mind this is my first project, I am handy but Youtube answered most my questions.

Outside, end unit.

Old Kitchen, broken dishwasher.

Day 1 patching holes, taking off cabinet doors for painting.

Lovely surprise, rotted out floor under the leaky dishwasher.

Starting to come together. Paint looks kind of baby blue in the picture but its a light gray.

Loft painted, it was nice not to have to cover up the ground since we replaced the carpet.

Catsby picking out the carpet he likes.

Kitchen nearly finished. New lights, counter tops, painted cupboards, new floor.

The flooring makes everything look great!

Finished Loft, New carpet and lighting.

Bathroom, Ikea sink and faucet, new tile, lighting.

The plan is to live here for another year or two while my wife finishes up her pharmacy residency then off to wherever her job takes us (hopefully stay in Utah.) Thanks for looking. If you have any questions let me know. I'd be happy to answer them.

** Shameless request - My next project I need a contractor to finish a basement in a 1919 house. If you have any recommendations or leads let me know. I would like to do most of the stuff myself but I want the planning and framing done by a professional. 

** I would also love to team up for another project. I can manage any project you have and want to just get out there and get deals done!

Thanks, Quintin Mortensen

Hey @Riley Luettgerodt

Welcome to BP, it's so cool that you get to play basketball for a living. I watched some of your videos online and I'm impressed. I wish I would have stuck with sports in high school. I have so many questions (I know this is a real estate forum...)

Anywho, I'm in salt lake, I'm a real estate agent and just started into investing this summer. I'd love to chat ball and Real Estate whenever you're in town. Take care.

Hey Ruben,

Im an agent in the Salt Lake City area. If by north utah you mean Ogden, I would stay away. There are lots of good deals in Salt lake / West Valley area and anything multi family will more than likely do very well. If you are interested in investing in Ogden I would recommend getting as close to Weber State University as possible. 

Good Luck!

Hi Barrett,

Im a real estate agent and I just started into investing. I bought a condo about 3 yrs ago with the intention of renting it out when I move. I bought it for only 97k in 2012 (in Salt Lake) from the bank. It's a 3 bed 3 bath, row style condo and very comfortable for my wife and I. Any who I got a great deal and many of the condos are now selling for 130k-150k. In about July of last year I see a condo that is listed as a HUD in my complex for only 111k I went and checked it out and it needed only 5k-10k of work depending on how nice i wanted it to be. I thought this deal was pretty good but since its a HUD ill shoot them a low offer with the expectation of them declining it and ill just keep raising my bid until they accept something around 105k. I submit something around 93k and they turn around with a counter offer for 94k and I'm shocked and excited. I spent the next month fixing it up, painting everything. New flooring, granite countertops. tile bathroom, ikea bathroom, light fixtures the works. I then moved into that one and rent out the original place. With the Mortgage, HOA and taxes my expenses are about $800 and I'm renting it for $1200.

I hope to buy about 4 more in the same complex. Normally people recommend not investing in an HOA but our HOA is great, and well managed. I dont think I will invest in another HOA in the future though.

Feel free to send me a message if you have any questions or want to chat about investing.

Hi Daniel,

-For Title I use Kyle Williams at Capstone for 90% of my deals.

-Havent needed an attorney yet but I have a few for specific things for if I need them.

-I use myself as a realtor :)

-I use my MLS (Utahrealestate.com) For everything.

If you need any help with anything, let me know!

Thanks for the responses, the HOA is responsible for everything exterior (roof, landscape, trash, water. ect.) In the past 5 yrs there has only been one assessment of $400 to repave the parking lot.

This is a property that I already own. I am just curious of what others think and if they would have done the same deal.