East Bench, Ogden, Utah

[Kip Adkins]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $275,000
Cash invested: $275,000

Single Family, 4 bedroom 2 bathroom home on the east bench of Ogden, Utah. Corner lot behind the beautiful landmark that is Ogden High School. The east bench of Ogden is a premiere area with views of the city lights and known for quiet streets.

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

The cash on cash return is 7+ and I later leveraged the home with a low rate Portfolio DSCR loan further increasing my cash on cash to 9%+. Ogden has great fundamentals for investing, strong employment, low cost of living and increased population of both natives and transplants to the area. With only 14 miles between the mountains and the Great Salt Lake the land is limited and values have no where to go but up!

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

Scouring the MLS and I paid cash with a quick close, 3 days for inspection + 1 day to review, once title is ready I close!

How did you finance this deal?

I paid cash initially then leveraged with a cash out portfolio loan utilizing the DSCR loan product, I love this product because it does not require a personal income DTI, no tax returns, no w2s, if the rent covers the mortgage then the loan is approved!

How did you add value to the deal?

The home was rehabbed by the owner and resold, I have done minimal improvements only maintenance and a concrete repair for the approach on the driveway

What was the outcome?

This is still held, its a great rental and with the strong rental market I have long term tenants in place

Lessons learned? Challenges?

I only wish I had 40 more... oh, wait. I'm almost there now

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked with my sister who is a local licensed Real Estate Agent, she has become a force in real estate investment vetting