All Forum Posts by: Scott Bowles

I have passed all the exams and I am looking for a brokerage that would be a good fit for me. I intend to buy a house this summer and portably about 1-2 per year for myself and family after that but am open to growing into more deals as a side hustle. I am primarily looking for low fees as this will not be my primary job. Can anyone recommend a brokerage that would be a good fit?

I have found this a challenge as well and wasted nearly a year with really poor property management. I have a new company now and although there has been headaches there is much more transparency and they are much more professional and responsive. I would still hold off on recommending the current company until I have a longer track record with them. I will echo the sentiment of choosing carefully.

@Bryce Nurding This made me laugh I was in Pensacola for about a year doing some military training and I HATED the area. I mean I have lived in like 7 states and a few different places in several of those states and Pensacola was my least favorite. Good food though so there is that. I will echo your sentiment in that a LOT of the city is not great though I am sure there are nice parts.

@Jocilyn Oler Market dictates both price and rent. Notice that everyone telling you to hard pass is not from Utah. I have property out of state that beat the 1% rule where my cashflow is not as good as property I bought in Utah at .75% owning close and self managing both save significant amounts of money. Also the properties I own in Utah have seen significant appreciation which to some extent is luck but nonetheless make any perceived benefit of cashflow seem pretty insignificant. I am not advocating to buy it but market sets the price and Utah has become more expensive so if you want to own in Utah to get the 1% rule you will need to be looking for heavy lift value add type properties. These come with their own set of risks and might not be the best fit for a newer investor anyways. 

@Alex Olson Thanks! I may take you up on that in the next year or so! I will probably have to plan out the next exchange on both ends so I will definitely reach out before we start the sales process!

Scott

Prices have become prohibitive nearly everywhere in my opinion. We closed a 1031 exchange into your market  (KC) in December. I had another property I was planning on doing the same with sometime this year but I may just go into a wait and see mode for a while until the future seems clearer. Are you still buying actively?

Thought I would add that a few years back we sold an out of state property and bought a fourplex here in Utah. The returns both in terms of cash flow and appreciation on that property have been outstanding. 

Everyone is pretty adamant about out of state investing but one thing to keep in mind is that its much more expensive. Repairs will be more expensive, vacancies take longer to fill. No company is going to manage it with the same sense of urgency you do, even the best ones. We recently sold here in Utah and bought multi family out of state and 6 months in I am still unsure how it will work out. In my head the bare minimum amount to justify a 1031 exchange is around $200K after all fees associated with selling. I think the HELOC as everyone mentioned is a good idea to have available just in case and it is something I may look into as well!

Who do people recommend for a small cash out refinance in Utah and what terms did you get most recently for small multi family (2-4)?

@uwe g sorry i got wrapped up with work and family. i will take a look tommorow and reach out! Thanks so much!

Scott