All Forum Posts by: Robert Hansen

@Gary Davis, parts of Florida were on my radar as well, be prepared for higher insurance costs in some of these more hurricane prone areas. Best of luck to you

@Gary Davis I invested for the first time in MGM in Fall 2020. I bought 3 properties and All3Realty is the PM on 2 of them. For full transparency I think A3R is good and are quick to fix any clerical or other mistakes. They aren't perfect, but something that does set them apart is their good communication and determination to correct any mistakes if one comes up. If you have any doubts about MGM or A3R let me know and I might be able to help out. I did a ton of research before deciding to enter this market and hope to have 10 SFR doors in MGM within a few years.

On a side note, Greg has been helpful on most BP threads that include Montgomery, he is a good source of information. But if you are going to work with him closely make sure you use him as either your agent, PM, or contractor so it's a mutual relationship.

@Carlin Barney I bought 3 houses in Montgomery.  I paid cash for them but I'll probably try to do a cash out refinance for all 3 in 2021.  The problem with doing that is the refinance would be so small that it might be difficult finding a lender willing to do it.

Property 1 - Cost $77k - Rehab $4k - Taxes $412 - Insurance $612 - PM cost 8% - Rent $900
Property 2 - Cost $64k - Rehab $7k - Taxes $642 - Insurance $675 - PM 8% - Rent $850
Property 3 - Cost $42k - Rehab $8250 - Taxes $132 - Insurance $575 - Self Managed - $800

Property 3 is a Section 8, Montgomery Housing Authority pays $780, owner pays $20

CoC sucks cause I paid cash for all the properties but there you go

@Carlin Barney, Once I decided to invest in Alabama I used BP as a way to connect with a handful of active realtors that were interested in working with me. They gave me some ideas about what areas they recommend and what prices I should be looking for. I leveraged the realtor and other local investors on BP to find a few names for contractors, home inspectors, and property managers. I bought my first SFR and had a tenant in place and was within a week of closing on my second place before I decided to fly out there and check out the different neighborhoods and meet the people I'd been working with.

If I did it all again I'm not sure if I would have done anything much different

This probably isn't the answer you're looking for, but this year I couldn't find a place relatively close to where I live (Layton area) to buy investment properties that cash flowed.  I ended up going out of state to Alabama.  If you are comfortable with investing out of state you'll be able to find a bigger pool of opportunities

Hey @Jasmine Gilbert, she may not be the best for wholesaling but I like Kristi C. Fuller Law, LLC. She works well with investors in general. Not sure if she is on BP but I'd just google her number or something

I'll throw in my 2 cents as well, I have a townhome appraised for 275k (up from 220k April 14, 2018). The rental market puts the place at $1450 a month, tenant covers HOA and all utilities. The long and short of it is that utah isn't building houses fast enough for the demand but rent prices haven't appreciated proportionally with market value of a house purchase. I just went under contract for a new construction SFH and during my due diligence 2 huge builders have frozen new purchase agreements because they can't keep up with demand. Most smaller builders have waiting lists from 7 to 15 people waiting for new phases to open. As previously mentioned by another post, invest in the Wasatch front for appreciation, not for the cashflow

@Jenni Utz, thanks for the recommendations, I think the builder already planned on keeping a lot of the utilitys in one spot but I'll double-check and see what it'll take to get everything into a corner to hide easy

@Matt Lewis Great call out on the free version of that software, I'll try it out.  I never considered the sub-panel idea, is that basically just a dedicated panel for the basement that on it's own circuit off a the main panel?

I'm about to start building a new house and leaving the basement unfinished right now so I can do a house hack in the future (maybe summer 2021). Are there any things anyone would recommend I do now during the initial construction to make the future basement rental better? As an example I'm doing a walk out basement door, an extra parking pad, a door at the bottom of the steps that lead from the main floor to the basement

Nice, I will be at some point, hopefully soon.  @Corby Goade, do you cover twin falls area as well?