All Forum Posts by: Travis Bryant

@Greg Troester I must be dragging my feet. Getting an idea on funding and analyzing deal’s is the step I suppose.

@Andy Jenkins not sure if we’ll occupy it. I’m aware that’ll effect my loan options. What you explained is what I’m picturing. Nothing fancy but fairly easy if I’m patient.

I'm hoping to buy a second property in Salt Lake City, Ut. I'd like to step away from my hourly job and be around my family more. 2 years ago I got my real estate license and purchased the home I'm living in now. I have the ability to represent myself but I'm open to having someone represent me. I haven't been in the market this year and was curious if anyone can help me understand it and give thoughts on my ideas. I currently want a dulpex on the east side of SLC. Tenants would be families with pets, hopefully friends or family. I'm expecting for it to take some time to find and hopefully cash flow after a few years.

I’m an agent in SLC Utah and I’m at the start of my career. I’m helping family and friends and I’d like to be the go to source of info for everyone around me. One of my clients has asked me to look into foreclosures or other investment strategies. I’m excited to learn and want to do a good job for them. What professionals will I need to seek out to help me in understanding the process?

@Ryan Naylor @Tom S.

Ryan is correct in what I'm trying to do. I want to buy and hold, goal is to BRRRR a multi unit or SFR. I have friends that want to rent and I have a wife that's tired of living with friends, but we're flexible on the hacking idea but we love the idea of a rehab. A $10-$21k private loan would be from family, not having collateral shouldn't be an issue. The loan will pay off debt, save $500/monthly on interest, let me qualify for a loan w/out mortgage insurance. I will carry the loan and mortgage until I can refi cash out. If I fail to calculate my ARV I can still have my private loan paid back in 12 months. Please let me know if something I'm saying sounds off or if I'm lacking key info. Thank you all for your attention.

Pay off debt and pursue and easier path.*

Thank you both for your input. Everything you’ve addressed is great advice but I see no reason in continuieing paying my debt and pursueing or structuring a easier path. 

Hello BP. I'm hoping to get an idea of the best way to approach of my goals where better to turn to than my friends at Bigger Pockets. I'm a new realtor in SLC utah and I'm looking at buying my first home in the next 3 months. My wife was let go in December but has since been hired by a bigger company and we went from making $40 to $75. Doing great now but the end of last year set us back. I can get a loan but I have no down payment and $21k in CC debt pulling my score below 700. I'm about to approach a few friends and family I feel have high levels of cash or equity and hope to structure a deal. My goals are to consolidate my debt with the equity in a house I'm going to BRRRR. My inexperienced thoughts; get a $21k private loan from cash or heloc to clear cc, offering interest opened up from the 15% rates on the cards. That raises my credit high enough to apply for a no mortgage insurance loan. Then start to BRRRR. I'm open to suggestions and I'm aware of the liability getting the loan with exit no deal in sight. I'm open to fun ideas and any investors wanting to help or join.

@Ty Burns thank you for the info. We’ll be getting my wife’s first check in the follow week.

Hello BP, I hope everyone's day is going well. I'm expect to buy my first home/rental in the next 4 months. My father in-law is currently in the army and is offering to help us with a VA loan to purchase the home and sign it over to my wife and I. My wife's income has increased by 20k allowing us to handle the loan but we still have a unsecured debt slowing our progress. Best case scenario is getting a home and absorbing the unsecured debt into it, thus freeing up a large amount of monthly expenses for additional payments. Is there a common strategy for achieving this? I'm a realtor in Salt lake City and feel like I have all the resources to do this, just no experience on how to do it well.