Getting my feet wet

[Todd Smith]

I'm new to the business and looking to get my feet wet.  I'm working with my realtor and have a found a house that would be a great start.  I'm looking for a private lender and a couple gc's to work with in Utah.  Does anyone have any recommendations? 

[Michael Lee]

Hello and welcome to BP! I afraid I cannot help you with anything in Utah because I live in Texas. I am 59 years old and have plenty to say. It sounds good that you have been working with a real estate Realtor. There seems to be more Lenders available or are offer their services to you. There are a couple of other things you should do before you go too far. Form some type of corporation or an LLC with whatever an Attorney and/or a CPA to help you decide will do the best for your goals.

Something else you should do is to get a pre-qualification letter that says how long you might need to do a loan and the maximum amount of loan.  Just do what is average for that neighberhood.  Always do a math analysis and try to look at the prospective properties before you make an offer or at least have a clause in the sales contract that allows you the time (usually about 15 days) to make a detailed inspection and possibly back out of the deal without a penalty that will hurt you too much.

I went to college too (and it is not mandatory) and I got a business degree that emphasized real estate.  Do not try to do everything yourself.  Focus on things that are income productive.  Do something(s) that you love in investing.  Be in a deversified economy and a growth in population.  Stay as close to downtown as you can afford.  Right after you close get an insurance policy that protects you if there is a loss. 

Since I was in Texas and planned on staying there, I found out that I was qualified to take a test and get a real estate broker license, so I took the test and got my license.  I kept that license for about 30 years.  I did close a few deals for other people but I never did that full time.  I only did one personal investment deal.  As soon as you close do it comfortably on an improved property get the exterior door locks changed.  If those locks that you have taken off are still in good shape just install them at a new address

My father has been buying and selling real estate for about 45 years and he has taught me a little bit.  If you think that I could help you with anything please contact me through BP at any time.  Good luck to you!