All Forum Posts by: Steven Bond

@Jasmine Wilkes I would recommend going to the local Real Estate Investors clubs/associations and networking direct with people and their experiences. We have picked up several great contacts that do great work and understand the need to hit budgets, good timing, etc from the local REIA.

Best of luck!

@Okeoma M. Congratulations.  If you're willing to live like no-one else and sacrifice with an end goal in life (not just money, but people-time-service-things of value beyond money) you'll create a life for your family that will be a force for good and happiness.  All the best!  Enjoy those beautiful kids.  I have 5 children 10 and under and they are a wonderful motivation to provide a great lifestyle for!

Good luck John.  We play in the same sandbox so let me know if we could work together.

@Tanisha W. Welcome to Bigger Pockets.  What markets interest you most?  I work with about 10-15% of my business in Utah from people in CA with connections here, but the true successes in those relationships is those that are either really professional with their approach and/or connected in some way here because to be complelely passive on real estate investing is possible, but not advised.  

If I can ever be of help to you or you need some quick analyzing spreadsheets for your homework drop me a line anytime and all the best in your investment journey!

@Eric Trostle why don't you send me the numbers you are running and assumptions. I'm in Utah and would be glad to help with a quick crash course on buy and hold analysis in the Utah market. I also have created an excel sheet I call my 'quick and dirty analyzer' that within 60 seconds I can get a gut check on nearly any property with an NOI, IRR, and cap rate output

@Alicia Hensley all the best.  I moved down here from Gig Harbor, WA and love it in Utah County.  Looks like you have a solid resource for properties in Salt Lake County with @Brandon M.

@Eric Waterford one thing to consider in your financing is your overall income (type and amount). The lender will verify, but I'm assuming that you've held onto a W-2 type of position which is good because for most loans once you convert to a commission world (full time investor or REALTOR) you'll need to show two years tax returns with that type of income. If you keep your day time job you should be golden and count a portion of the rents towards your DTI ratios. It also gets easier with your experience.

Ask lenders about the conventional owner-occuppied options because the up-front costs and lifetime Mortgage Insurance of FHA can be very costly and ensure you've ran both numbers side by side...it's an investment so don't just do what's easiest...do what's best.

On the brokerage front-surround yourself with experts. Even if it costs a little more to be with a reputable and professional brokerage you should always calculate VALUE into your cost equation.  The experience of professionals should save you liability, help you to truly find a solid income with your license to help you with your investment goals, and help you grow professionally into a great lifestyle where you can also give back to others and profit along the way.  All the best in your two new ventures!

Yes I know about them.  You're welcome to call me personally if you'd like.  I'm based in that area and pass their signs regularly.  They have a model like buyPD and others that buy in bulk distressed assets in distressed markets and sell their inventory.  To my knowledge they really don't have any inventory of value in Utah because you cannot buy that type of product in our market...the market is simply too healthy and stable for that.  

@Patrick Ketchum I would recommend connecting with @William Hochstedler who specializes with multi-unit properties in that area.  He is a knowledgeable broker and we've done several transactions involving "creative" solutions to problems for owner-occupants.  I believe you would be in great hands with him and Tracy who works with him.

All the best!

@Henrietta M. I would recommend speaking with a few people at UVREIA or a real estate broker in the area who can connect some of the dots and see if there is a way for your friend to navigate through this with some profit if that's a concern to her.  The estate will be in probate, but the bank does NOT want to foreclose.  They would much rather settle typically unless there is a good amount of equity.  In either case it would be wise to have a local professional that can look into it.  Most professionals will do an initial lookover for free in an effort to build good-faith in a client relationship.  I am happy to have someone on my team assist you, but you can also get recommendations from the local assocation of REALTORS or by calling local title companies with good reputations who may have a referral for you as well. 

All the best in your efforts to help a friend!