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All Forum Posts by: Steffany Jensen

Steffany Jensen has started 1 posts and replied 14 times.

Post: Young couple looking to house hack

Steffany JensenPosted
  • Rental Property Investor
  • Salt Lake City, UT
  • Posts 14
  • Votes 1
UPDATE: We put an offer on a house that was accepted on Saturday! We were able to get in at $20k below asking price because they were motivated to move as soon as possible. It’s a single family home with a MIL. The main house and mil have two bedroom, full bath, kitchen, washer and dryer. We’re super excited! We close on November 9th!

Post: Young couple looking to house hack

Steffany JensenPosted
  • Rental Property Investor
  • Salt Lake City, UT
  • Posts 14
  • Votes 1
Originally posted by @Joseph Clark:
@Steffany Jensen this is really exciting to hear. My wife and I are in a very similar financial situation and have just signed a contract for a three unit in Maine. It is a for sale by owner and we are using an FHA 203k to finance our deal. You guys can do it just keep looking and learning.

I'm interested in hearing what the qualification process for the FHA 203K is like? Did you have to find a contractor beforehand, or are you planning on doing the renovations yourself? Thanks for your response, would love to hear more!

Post: Young couple looking to house hack

Steffany JensenPosted
  • Rental Property Investor
  • Salt Lake City, UT
  • Posts 14
  • Votes 1
Originally posted by @Preston Lam:

@Steffany Jensen FHA can be a very good option given the low money down. You can factor MI and high closing cost into your model too and see where the numbers make sense.

I had exact same thoughts after watching podcast about Harris couple. We’ve been in a market for a while and tbh, the cash flow BP said here were a little unrealistic unless we get into an off market deals where a lot of rehabs are being done. Given our level of experiences we can only go with the ones with minor repairs and such only. Our W2 jobs as well as a recent baby don’t allow us to do lots of networking as well as looking for direct deals outselves. But really, the potential of this market is huge. We went to a class where this man Alan Blood had a great analysis of current Utah market and it doesnt seem like its a bubble thats going to burst ( except some area where the price rises substantially comparing with the real demand), so we have big hope :).Best of luck and keep us updated. 

Yeah, we are definitely leaning towards doing an FHA loan just to give us some cushion if any repairs, or other unforeseen expenses pop up.

That's great to hear about the bubble not necessarily being a bubble haha. Can you name some of the specific areas where the prices are extra high right now? My guess is homes in the Avenues, Sugar House, and Sandy areas. Thanks for the response, and good luck to you all as well!

Post: Young couple looking to house hack

Steffany JensenPosted
  • Rental Property Investor
  • Salt Lake City, UT
  • Posts 14
  • Votes 1
Originally posted by @Joe Arida:
@Steffany Jensen contact a realtor and have then send you alerts for new multi-unit listings.

You can also look to get a preapproval letter from a lender. This could be FHA or a portfolio loan. My gf and I house hack a duplex and it's the best thing I could've done.

I got a portfolio loan from a local credit union, 7/1 ARM (adjustable rate mortgage) at 3.375% for 7 years, adjusts after that (max possible interest rate is 8.375%). I put 10% down on purchase price and don't have to pay PMI/MIP.

 Thanks for the tip on getting a pre-approval letter from a lender!

That's awesome you guys didn't have to pay the PMI/MIP either. Is it because you went with the ARM loan rather than doing an FHA?

Post: Utah Wholesale Meetup! Best 2 hours of your life!

Steffany JensenPosted
  • Rental Property Investor
  • Salt Lake City, UT
  • Posts 14
  • Votes 1

Hey @Jeff Rappaport! My husband and I live in the Salt Lake Valley and would love to get involved with the meet ups. I've already reached out to Rebecca at the information you provided above, but I just wanted to give you a heads up as well. Thanks for putting the group together! We look forward to attending future events. 

Post: Young couple looking to house hack

Steffany JensenPosted
  • Rental Property Investor
  • Salt Lake City, UT
  • Posts 14
  • Votes 1
@Ricardo Carey thanks! Good luck to you too! Let us know how the meet up goes. We’d love to hear if it’s worth it. Keeping our fingers crossed for you!

Post: Young couple looking to house hack

Steffany JensenPosted
  • Rental Property Investor
  • Salt Lake City, UT
  • Posts 14
  • Votes 1
@Ryan E. Thank you so much for the information. It’s super helpful. Yeah, compared to most deals on BP investing in the Salt Lake Valley doesn’t seem like a great idea, but like you said, the population growth, great economy, and business growth makes it a great long term investment opportunity. Honestly, with some of the numbers we’ve been seeing it seems like a great opportunity even if we aren’t making positive cash flows. If we could just cut what we’re paying in rent right now in half, we’d be saving $800 every month, which would be a huge win. Have you looked on KSL? I’ve seen quite a few off market deals recently that you might want to jump on. We’re looking to close sometime after the new year, around January or February, so we’re passively looking. If you come across one that you’re not particularly interested in, feel free to pass it our way :). We will definitely read that book though! Thanks again for all the info! Oh, one more question for you, do you have a lender you trust? Would love to use someone who’s familiar with house hacking and is trusted by another BP member.

Post: Young couple looking to house hack

Steffany JensenPosted
  • Rental Property Investor
  • Salt Lake City, UT
  • Posts 14
  • Votes 1
@Blaine Alger haha funny you say that! Listening to that episode is actually what got us hooked on the idea!

Post: Young couple looking to house hack

Steffany JensenPosted
  • Rental Property Investor
  • Salt Lake City, UT
  • Posts 14
  • Votes 1

@Heath Ryans thanks for the tips! We really appreciate it!

Keeping my fingers-crossed for you that your able to close on the 4 unit. That will be an awesome opportunity! 

Post: Young couple looking to house hack

Steffany JensenPosted
  • Rental Property Investor
  • Salt Lake City, UT
  • Posts 14
  • Votes 1

@Brock Mogensen that's awesome. We both graduated from the Y, but don't hold it against us! I'm a Utah fan and my husband is a Ducks fan haha. Are you still living/house hacking in the Salt Lake area?