All Forum Posts by: Aaron Bress

You could also look at refi since your house has appreciated so much and use that money to buy another property. That way you have two cash flowing properties. 

We ran a lot of deals using the BP calculators and starting putting in offers for ones that made sense. Definitely pick a strategy and focus on that. Don't bounce all over. Find a strategy you like and run the numbers for those types of deals then make offers. We live in Salt Lake City, Utah so our strategy is to find deals that would work as short term rentals. 

The market here is so hot that we got our RE agent license and represent ourselves. Totally worth it. Helps with cash to close (use commission to lower) and can finally have meaningful interaction with the seller agents.

Since we are now agents we have a network with lendors, contractors, title companies, property management etc in our local market. 

We are building our business and new just like you but you really just have to start. Run the numbers, don't become emotionally attached and make the jump. It's a marathon, not a race.

Sure feel free to send deals. FYI we are RE agents too. So would be happy to help each other out.

As a physician and RE agent, my real estate investment journey allows me to become financially educated. I now see a path forward which provides me the freedom of choice, and the ability to live life with purpose, passion, and service.

Investment Info:

Townhouse buy & hold investment in Park City.

Purchase price: $960,000
Cash invested: $75,000

Short term rental located in close proximity to Salt Lake City and Park City downtown areas, all ski resorts, and a multitude of outdoor activities.

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

The ability to have a short term rental in a hot appreciating market which provides generous cash flow and benefits.

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

MLS and using CMA software

How did you finance this deal?

10% down payment and 2nd home mortgage

How did you add value to the deal?

Built in 2019 with no value add needed

What was the outcome?

Cash on cash return ranging from 10-15% in a rapidly appreciating market gaining 2-3% per month.

Lessons learned? Challenges?

Finding deals on the MLS are actually available.
Many quirks when transferring short term rental accounts, bookings, and the property.

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

We are RE agents and represented ourselves as buyers.
Used commission for cash to close, less downpayment.
For anyone shopping for investment properties in the SLC or Park City area, please find an agent since we are in an aggressive sellers market, sellers agents will NOT take unrepresented buyers seriously.