All Forum Posts by: Zachary Bellinghausen

@James Wise

Multifamily is better. You could have 10 units and one loan. With SFR you would have 10 loans, 10 locations, and much more logistics and management pain than if it was all in one deal, as a Multifamily. Go big!

@Will Kirkendoll

I would not accept it, unless extenuating circumstances require. It’s best to accept just a month at a time in my opinion. With multiple properties, it would be confusing and more chance for error on my part. Some may think of it has a finically responsible person but it could also mean the opposite. When screening tenants, some may try and bribe you with three , four, five months rent in advance for immediate move in but it is usually because of something they do not want you to find out in the background check. If you do not have a company policy, it would be good to have one, even if just a few properties. You can then tell them it’s against company policy. You aren’t seen as the problem then.

To prevent accusations of discrimination in todays world, it is best to give an application to all interested prospective tenants, when you have verified the applicant doesn't qualify, you can send them a denial letter (Rental Application Response/ Adverse Action Notice). This states that they failed to meet minimum standards for qualification. No lawsuit then. 

Invest out of state and vote those idiots out of office. 

Mahauijue, 

I would be hesitant on allowing a German Shepherd in your units. They are not the best indoor dogs and I can testify that they can be very destructive. My brothers German Shepherd chewed a hole through the bathroom door and tore up a couch. If you do decide to allow the animal I would not specify the extra amount as a "pet deposit". Say  you do a $200 pet "deposit" and the dog does $500 worth of damage you would be out the $300. I would instead charge more (unspecified) for the deposit  and have a non-refundable fee of a set amount for the privilege of having a pet on the premises. I would still not allow a dog, especially a German Shepherd. 

Good Luck!

I would agree that if they said 20-30 it was probably more like 40+ kids. Doesn't look like rotting would be the issue looking at the photos provided. 

Reading the Book  "Investing in Real Estate Investing with No and Low Money Down". There is some good stuff in chapter four. I am diving deeper into the subject now.  I wouldn't need to draw the max equity out of the property, so I would still be alright on the cash flow. I am in Pittsburgh area now, haven't been here long but very different from SLC. Happy Investing!

Investment Info:

Single-family residence buy & hold investment in Salt Lake City.

First Property Story

What made you interested in investing in this type of deal?

First property I ever bought. I work for various Pipeline contractors and work had been good for several years. I had a hefty amount in my savings and knew I wanted get into Real Estate. I really was extremely green and flew out to Salt Lake over a weekend and bought this Condo. I really had no analysis and was shooting from the hip. I knew markets were down that was about it. I liked the condo idea, as I could manage them somewhat easily from anywhere in the country and continue my work in the

How did you find this deal and how did you negotiate it?

First property I ever bought. I work for various Pipeline contractors and work had been good for several years. I had a hefty amount in my savings and knew I wanted get into Real Estate. I really was extremely green and flew out to Salt Lake over a weekend and bought this Condo. I really had no analysis and was shooting from the hip. I knew markets were down that was about it. I liked the condo idea, as I could manage them somewhat easily from anywhere in the country and continue my work in the

How did you finance this deal?

cash

Lessons learned? Challenges?

I would not pay cash for another property but instead buy more, and borrow more. I lost out on lots of opportunity but it was a good learning experience and property until I really knew what path I needed to take.

Investment Info:

Single-family residence buy & hold investment in Salt Lake City.

First property I ever bought. I work for various Pipeline contractors and work had been good for several years. I had a hefty amount in my savings and knew I wanted get into Real Estate. I really was extremely green and flew out to Salt Lake over a weekend and bought this Condo. I really had no analysis and was shooting from the hip. I knew markets were down that was about it. I liked the condo idea, as I could manage them somewhat easily from anywhere in the country and continue my work in the gas and oil. Looking back I definitely would have been better off not paying cash and buying as many as I could, as this condo has since appreciated like crazy every year! Learning experience. It hasn't been empty for more than a week since I bought it, and I have never had a payment be late. Potential to to a 1031, or draw equity out for a deal this year.

How did you finance this deal?

cash

Lessons learned? Challenges?

I would not pay cash for another property but instead buy more, and borrow more. I lost out on lots of opportunity but it was a good learning experience and property until I really knew what path I needed to take.

I am also looking in the Gainesville/Ocala area for investment opportunities. I currently have 2 properties out of state but would like to move up to a multifamily 4plex, or bigger. Are you looking to flip homes in the area, or buy and hold?