All Forum Posts by: Justin Hammond

Jodi Kaili you aren’t too far from me so we should sit down and talk! I’d love to hear about your goals and see how I might be able to point you in the right direction. PM me and we will set something up!

Paden Anderson pull the trigger man. If you’d rather make a commission, let me know and I’ll take it :) How did you find the deal? What kind of upgrades does it need? And will you be inheriting tenants?

Ching Yao add me as a contact and let’s chat. I’d be happy to point you in the right direction if you’re willing to put in the work.

Colette B. They prefer all cash because financing falling through is a very common reason for a deal to not happen. It’s very frustrating when you are under contract for 30 days and then you have a lender pull the financing from the buyer for whatever reason. Pre-qualification letters are very easy to get - an actual loan isn’t so easy. It’s not uncommon for sellers to go through this process 2 or 3 times on the same property, waiting 90 days to finally close. You can see the frustration, and thus the benefit of having an all cash offer, with financing not being a contingency.

Colette B. If you are trying to get good deals on properties, I recommend creating a couple solid relationships with hard money lenders, or talking with your friends/family about raising a few hundred thousand dollars. This will give you the ability to make “all cash” offers on properties. Most of the good deals will be scooped up with all cash offers. Sometimes it’s better to close the deal with private/hard money and pay a few thousand dollars in fees and THEN refinance with a conventional loan. This allows you to capture good deals, even with paying the fees. Best of luck to you!

How many properties are you planning on buying? Fannie/Freddie will only allow you to have 10 property loans per person. If you and your wife were on the loans separately, you’d be able to end up with 20 as a couple. I recommend having just your wife be on all the property loans until your credit is cleaned up (you can always add your name to the deed later). Good luck!

@Lance Card I have also started looking in tooele/stansbury park area. The commute from stansbury park to salt lake city takes the same amount of time as commuting from west jordan to the city (with all the traffic and everything). And homes are much cheaper in tooele area, so a lot of families are viewing it as a "no brainer". Just some thoughts I've picked up as I've talked with agents in the area(s). Good luck to you!

@Rebecca Belnap what are you seeing in vernal? From what I understand there is hardly any demand for rentals there. What are your thoughts?

@Coco Zuniga Welcome to BP! 

That's an AWESOME goal to have. With your attitude and vision, I'm more than confident you'll get there - especially if you hang around the site!

Are you planning on leaving your current job after you buy your first property? 

I'd love to help in any way I can.

@Nik Krohn Hey man! It's good to see you on the site again. 

My vote: Buy!

(As long as the ROI pencils out for you, that is)

If you are confident that Saratoga will continue to appreciate significantly over time, then I think it's a great time to buy. I'm not trying to predict the market by any means, but I think it will be difficult for you to find better financing terms in the future.

Lock in a solid interest rate while you still can and ride the Saratoga wave for the next decade or two.