All Forum Posts by: Richard Holbeck

Hello BP nation-

These folks have been emailing information touting turnkey real estate all over the south and Midwest with a 200 to 400% ROI. I can't actually find anyone that has worked with them. They are based in Lehi, Utah (my home state). I've 2 friends that are considering becoming "members" despite my warnings of those unrealistic claims. Perhaps someone can prove me wrong? Thanks ahead of time.

Rich

Thank you for all of the interest. This property has SOLD.

Rich

$95,000 ($88,000 existing loan with $7,000 up front payment).

Rich

@Gary Parker Of course. Let me know when you want to take a look.

Shaun,

Building is in fair shape. Roof was replaced 3 years ago along with the furnace and water heaters. I have had it painted inside and just approved a tenant on the East side to move in. The current note rate is 7.25 fixed conventional. Thank you for your questions.

Feel free to PM me as well if you have further questions.

Rich

Kitchen

dining

There are at least 2 hedge fund companies that have been buying up rentals in salt lake and davis county for the past 2 years (restore utah, llc and american homes 4 rent) which has driven the price up a bit. However, there are plenty of sellers willing to take cash or terms still. The key is to market directly to the sellers. Having a conversation with them is where it all starts. I just watched another local investor buy a duplex for $51k cash with $1200 gross rents (Ogden). The biggest reason? His family was living in it and not paying rent. This investor was able to take that pain away from the owner by painting himself as the bad guy. The lead came from a post card that he mailed to absentee owners. I mailed the same guy and was 6 hours too late on it.

Rich

3 bedroom 1 bath single family home in Ogden, Utah. Owner is a novice hard money lender that ended up with the property. I tried for terms but he wants a cash offer. Offer accepted at $47,500 and I will make $2500. House is rented to section 8 tenant (HUD housing) for $720 per month. Just passed annual inspection and renewed the lease for another year. Tenant pays all utilities. Tax value is $42,003 (taxes are $417 per year).

Rich

[email protected]

Hi Claude,

There is quite a bit yes. Ogden is an old railroad/cattle town. There are 3 ski resorts about 20 minutes up the mountain as well. 

Rich

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