All Forum Posts by: Aaron Smith

Hey Thomas! 

I'm right down the road from you in B-town! :D 

Since you're looking at these options, I'm going to assume commercial is out for you (5+ units)? 

The answer to your question is, it depends. If you go with a big house, how okay are you having people living right there with you? And then you have to consider what happens if things go south and you have to evict someone? Personally, I can't stand having another stranger in the same house as me. That's just me. Too many things to go wrong. 

A house with a MIL apartment, at $320k... Maybe in Ogden, or here in our area. Maybe. B-town is nuts right now and prices are a bit on the high side as people from SLC, with higher prices, are finding out you can get a lot more for the same money here. 

Duplex's are a dime a dozen, and a good way to start. Once you have a good amount of equity built up, you can pull that out, rent out the one you're in, and move onto another one, and so on. 

It all boils down to you. And don't be afraid to look in some of the outlying areas. WVC and Ogden both have decent areas. You're just going to have to dig a bit. 

Good luck!!!

Aaron

@Melyssa Green what forum did you look under to find them? I need a good RE accountant here in Utah :) 

Thanks! 

Hi Kinely, 

Funny thing; I live in Bountiful!! 

Welcome to BP! SFR is not necessarily the best way to start. It depends on your taste. Me, I want MFH, that's just my preference. So investing in MFH in Utah is not my first choice as the market is sky high, as you've seen, so I'm looking out of state (AZ, MI, FL).

If you strictly want to settle on SFR, looking out of state is a good option. You'll just have to find a good Property Manager. Don't be afraid to look out of state. There are much better deals to be had. Not to say there aren't good ones in here UT, but they are few and far between, and often, have many people looking at them.

Make sure you read the free guide to REI here on BP. Hit the forums and resources as well.

Good luck!
Aaron

@Carlos Miranda Keep in mind, you'll end up opening a business bank account for your LLC. To do this, you'll also need to register your LLC with the State of NY as well. So you'll need to check out what that fee is.

I'd get with a real estate attorney and have them help you form/register your LLC with the correct states. It'll make it easier for you come tax time :D Good luck!

Welcome Trevor! Good luck and welcome to the best site on the web for Real Estate Investors! 

@Rachel Poulson I've been looking out of state. Florida, Arizona, Michigan. But I'm looking for commercial MFH and have found much better prices than here in Utah. Utah is expensive right now and I can't find the cash flow numbers here for the prices. 

It may help to better understand what you're looking for so we can guide you better? 

All the best, 

Aaron

@Nancy Solano I found it. In a not so obvious spot too :D It's under Landlord & Tenant Forums. Here's the link:

https://www.biggerpockets.com/forums/30-mobile-homes-mobile-home-park-investing

@Jeffrey 

@Jeffrey H. Thanks! I'll see if I can find the section. I appreciate it!

Hi gang, 

I'm looking at a mobile home park in Arizona. It's been on the market for a while and the owner is motivated because he's older and failing health. Is there anyone on here that specializes in parks that can help me look at this? It's a steal of a deal with huge upside, I just want to know what to look for. Thanks in advance! 

Aaron

@Thomas S. Thanks for the input. I'm okay with 75%, especially for Detroit. It's the risk of raising rents and losing tenants that's the worry

@Michele Fischer I like that idea. Thanks for the input. Greatly appreciated!