All Forum Posts by: Account Closed

Congrats on you guys looking to buy your first place. There is the 97/3 program through Fannie Mae which is detailed through this link. There is almost the 0% down USDA program but there are income and land area restrictions. One of my initial concerns is, will underwriting give you guys an issue as it is a new job with no significant job history yet in that position. Perhaps they look at the medical field differently but something to keep in mind. Otherwise, they should mainly be concerned with your DTI ratio and being able to afford it. You guys are in a prime position to purchase a two-four plex(if you can find one of course!) and house hack. As you guys already know, the medical field is a highly taxed and insured profession. Getting right into real estate helps offset that and sets you guys up to build generational wealth! Keep us updated!

@Joseph Stern I'm not sure I'll best answer your questions but I'll try and add a couple of my own. What datasets are you looking for in particular? Appreciation, price, diversity, education, house type, etc? Also, did you want a particular market or the entire country? The numbers would vary greatly depending on the market and would not likely not be representative of the entire country. Check out the Research and Statistics section of the National Association of Realtors here.

While not software specifically, they have a tremendous amount of data regarding trends in various topics that you might find useful. Hopefully, this helps or at least gets things moving in the right direction.

@Aryan Strauss Welcome to BP! I did a little research and came across this information. I am not a lawyer so this is not legal advice but from the "Law School of Google." The link is directly from the Utah Courts website which more thoroughly details the information. I grabbed snippets pertaining to your particular case and listed them below.

Utah Courts Three Day Nuisance Notice

"A three-day nuisance notice does not give you a chance to remedy a problem. It simply requires that you move out within three days after being served the notice. A nuisance is something which interferes with someone else's comfortable enjoyment of their life or property. Anything which injures health, is indecent, offensive to the senses, or interferes with someone's free use of property can be a nuisance. There are two types of nuisance, criminal nuisance and non-criminal nuisance:"

"Non-Criminal Nuisance Example; Smoking and the tenant's tobacco smoke drifts into another rental unit, but only if the landlord prohibits smoking in all units."

Based on the language, it would appear 'smoking' only pertains to inside or within the distance set of the rental unit. I don't think anyone could be evicted simply because they are a smoker but only if they violate the rules that are set. 

Not to dig too deep into it, are there other problems you are facing with the landlord? Or perhaps the only tenant who is smoking in the entire unit and neighbors are saying something about it? Unfortunately, if it goes to a legal proceeding, you will most likely need legal representation. Good luck and let us know how it goes.

@Gary Borden Welcome to BP! This community is a fantastic resource to learn about real estate investing. If you ever need anything, please feel free to reach out.

@Chue Thao Welcome to BP and starting the path to investing. When you say "read all of the steps," what have you read so far? In my experience, there isn't a straightforward "step process" that secures a property. You will take many little steps every day, even when you don't want to, in order to move forward. If you haven't read the following books, I believe they will give you everything you need to get started on your preferred path.

Buy, Rehab, Rent, Refinance, Repeat by David Greene
Finding and Funding Great Deals by Anson Young
Building Wealth One House at a Time by John Schaub
(Check out other books in the BP Bookstore)

You can buy those books to get started or borrow them from your local library for free as I did. I recommend listening to the BP Podcast daily on your commute, working out, free time, etc. The content will begin to soak in and make more sense over time. Message me if you need anything in the future.

@Drew Berman Congrats on being under contract, that's very exciting. Do a search for "free form builder" online. There are numerous options out there in terms of constructing an online form that would gather the required data you need. You could link that built form into your website and the results would be sent directly to you. There is a slight learning curve but overall, it is not a heavy lift.

What website framework are you using now? Is there a tool within it that allows you to build a form? I know Wordpress, Wix, etc offer plugins/tools to generate a custom form that allows you to do what you need. Please reach out if you need help and I'll see what I can do.

@Sam Moomey Welcome to BP! This could work but there are a few notes of consideration. First, I don't believe you will get a new construction loan with only 3.5% down, that rate is typically reserved for existing construction. New construction will run you in the 20-30% range. Also, new construction is a very difficult move right now IMO. Materials are very difficult to get, inflation and supply is making them very expensive and workers are hard to come by. Could you move into an existing four-plex and do some sweat equity to force appreciation? This would allow you to maintain a low down payment, add some value to the property and move much faster than a new construction project which has a whole slew of problems in itself. Please let me know how it goes!

@Corbett Brasington I typically use DealCheck combined with Niche if I don't personally know the neighborhoods. Niche provides necessary data including income, jobs, schools, etc. This will allow you to see how comparable the neighborhoods are, at least from a data standpoint. I can then use Dealcheck, or whatever system you prefer, to analyze the properties to provide comps. The big thing is making sure the buyer's agent or bank agrees the comp is legit and usable.

@Dolina Maharjan Have you gotten a professional contractor estimate on the rehab? If you are unfamiliar with the costs, you don't want to take a rough guess and find out you're 25K short a few months in and start in the negative. Get three quotes if possible from three reputable contractors. While I am unfamiliar with the area you are purchasing in, did you run calculations to see if the offer of 350K was a good one? I'm sure you've used this already but if you haven't, check out the fix and flip calculator through BP; https://www.biggerpockets.com/flip-analysis.

As you've undoubtedly heard, you purchase your equity at the start. While you can force appreciation through rehab, sweat equity, etc, buying at the right price factoring in all of the property's needs will set you on the right path. It sounds like you are doubting your offer right now so is the doubt from; 1) unexpected repairs after the offer or 2) general deal anxiety?

Providing the numbers line up, go with your gut.

@Ronald Roetsel As Hoa mentioned, an LLC is a great way to protect potential liability on your personal assets. While the paperwork can be a pain, it is something you could do on your own with a little research into the matter but an attorney wouldn't be that expensive to set you up with it for peace of mind. Although unlikely, if someone was to get hurt on those properties, even if they weren't supposed to be there, the LLC would help to shield your personal assets.