All Forum Posts by: Aaron Paxson

I’ve been looking high and low for deals that will cash flow. I generally like to follow the 1% rule as a minimum. Where is everybody finding deals that generate good cash flow from day 1? Off market only? I’m willing to look out of state even but have just had no luck finding anything in the last year.

@Nathan P. Thank you I will look them up!

I’m in the salt lake area in Utah and I’m wondering if anyone may have the name of a good real estate lawyer locally? I wasn’t sure what category to put this under but any help is greatly appreciated!

@Rick Pozos thanks I just may take your advice!

@Jon Holdman I could convert it to a single family but would lose nearly half of the rental income on the property. As far as the zoning issue I have spoken with the county assessor, the city planner, and the mayors office because all I have heard is it’s a lost cause trying to re zone. It’s a system that doesnt favor the public. The building requirements are ridiculous for new construction as well as re zones which is why I was referred to the mayors office. I realize I should have done more due diligence but I am new to investing and relied on my realtor and the seller to represent things honestly. My mistake and I’m learning a hard lesson.

So I think this is a unique scenario but hoping I can get some insight. I purchased a “duplex” last year using cash from a private lender with intentions of doing a cash out refinance shortly after. So the property was represented as legal duplex by the seller. The county had it listed as legal non confirming as far back as 1993. The city however has it listed as single family. I had everything done on the refinance and had the appraisal done which came back showing it single family. Now my lender won’t lend because it’s not being used properly as it’s zoned. So I can’t pull the cash back out and I can’t sell it as a duplex either. I’ve gone as far as talking to the mayors office and no one wants to be of any help. They say it’s basically impossible to get a re zone letter. So I’m stuck with a property that I can’t do anything with! Please help!!

Thank you for your response Max and Mark. How do they wear in the long term? Are you having to refinish them often?

thank you for your response. The hardwoods are already there, just needing to be refinished. And yes it is a rental. I've never had hardwoods in my home before so I'm curious about durability and how often I will need to refinish them. Or is not a high end property I would grade it C- in a smaller town. Just want to do what's best long term. 

rural=durable

So I just purchased my first 6 plex and I'm renovating one of the units. I've pulled up the carpets and there are the original hardwoods in great shape just needing to be refinished. my question is, is it worth it to refinish them or should I just put carpet back over them? I want to do what will be most economical and rural in the long run. any advice or opinions are greatly appreciated.