All Forum Posts by: Aaron Smith

Welcome @Josh Kredit-Phelps! Good luck to you in your endeavors and when in doubt, ask questions. There's always someone on here who, if they don't know the answer, will know someone who will! 

All the best! 

Aaron

@Isaac Oakeson Welcome!! I'm nowhere near saying Go Jazz, as I am in no way, a basketball fan. BUT, this town loves em, which is awesome. 

Just wanted to say Welcome to BP and good luck in your endeavors. There are a TON of us from SLC and the surrounding areas on here so finding good help won't be far off! 

All the best, 

Aaron

@Kyle Titus Welcome! And as a former Navy guy, thank you for your service!!!

Replacing yours and your wife's income by 40 shouldn't be too hard given your military pay :D : D :D  j/k j/k But that is a great goal, and I hope you encourage all of your fellow service members to achieve that same goal! I wish someone would have started me in this business when I was still in. I'd be retired by now!!!! 

Good luck you and your family. And stay safe!!! 

All the best, 

Aaron

@Bill R. This. So much. This. 

It would be one thing if we knew his policies going in, other than "we great plans, HUUUUUUGE plans..." Okay. That says you have NO IDEA what you're doing. Fine. That's why you have a staff to help you. 

So, at this point, it's a wait and see. Unless you're part of the 1%, it's unlikely you'll see any benefit to his, and Congress's tax plans. That's the unfortunate side. Then again, he could 180, based on what his adviser's tell him, and support the middle class. Again, who knows. 

So, at this point, it's a crap shoot. Just hope I'm not on the other end of the crap landing...

@Matthew S.In most states, there are laws against deception of vulnerable adults. Call your states Department of Aging Services and start there and see what they tell you. 

And if she entered the relationship with the intent of getting married, I believe ICE has some pretty stiff rules against that as well. So go there as well and see what they say. 

Good luck, and keep us posted. 

Hey all, 

In examining the output from the Rental Property Calculator, I notice my Annualized Total Return drops significantly year over year. Can someone please explain to my why? 

Thanks!

A

Welcome @Jaron Sherwood! 

Where are you looking? Just curious. I'm working the MFH out-of-state because it's cheaper and much better CAP rates. Hit up the SL REI club meetings. Plenty of peeps there doing flips. And I'm sure you'll meet someone on here as well, as there are a lot of UT peeps in the house.

Good luck to you and look forward to hearing about your first deal! 

All the best!

Aaron

@Joe Au I would ABSOLUTELY talk to a RE attorney and CPA. You want to make sure there aren't any issues with borrowing money from foreign investors. It's always better to be safe than sorry and end up having an audit next year. 

All the best, 

Aaron

@Matthew Ormsby Oh I get wanting to jump in. I just made my first offer and the waiting is killer. I also use this site AZ Listings for AZ listings. Frank, the guy who runs it, is johnny on the spot when you need info on a listing. He's not the only game in town but, he's been a good guy to me. 

Welcome @Scott Turner!!! I and @Kinley Puzey are also B-town residents. 

You are VERY correct in your Utah analysis. The prices are high and the returns... well, you've run the numbers. Now, don't get me wrong, there are deals to be had. But for us beginners, those deals are usually gone before we can get to them. I've been looking in AZ, MI, and FL. I've found some good deals with good cash flow. Tennessee is another area I've heard being mentioned a lot as well. 

I can't speak to using a HELOC to fund a property, but, I know it's done. And I believe I've heard the one and only, @Brandon Turner, say he's used a HELOC, but I can't be 100% positive on that. Others have taken vested 401k's, rolled them over to self-directed IRA's, and used that money as well. My wife and I have quite a nice chuck of change in an old state retirement we're looking into rolling to do just that. @Jerry Padilla also raises another good option. 

Leverage is a good thing. Either via HELOC, cash-out refi, or self-directed IRA. Using available funds that are just sitting around to reach your financial goals is never a bad idea.

All the best, 
Aaron