All Forum Posts by: Allen Sproul

Creativity, Cash, and Consistency

Creativity is a must. Cash helps quite a bit as well. =) Being consistent to your plan is also a must. I have had to remain consistent when looking at all these properties to make sure I do not jump on one that is 'close' to what I want in terms of CoCR or per unit profit. 

If a property does not fit into your strategy, it is always an opportunity to evaluate your plan and make sure it is really the direction you want to take your business. But don't try to squeeze a property you wouldn't normally look twice at just because it is a crazy market. Be dedicated to you and your plan and keep looking.  

Personally, I make templates for several scenarios, such as an ideal duplex, tri, and four plex, as well as two or three templates for SF in different types of neighborhoods.  That makes sifting through the properties and running the numbers that much easier for me.  

Welcome, @Anthony Wright!  Great to have you!!  This is a great community to be involved in.  Take a look at the forums, marketplace, and tools sections.  Great things there!

Welcome @Charlie Greenwood!  Great place to be!  So much information and help from the community!

We have also been concerned about this.  We have also created an online application and general questionnaire that has to be completed.  We conduct background checks and credit checks.  These seem to weed out a lot of tenants.  So far, this has yielded much higher-quality tenants and gives us the opportunity to choose the best fit.

Great share, Steven!!  

There is a website Orem City publishes which provides a list of all the 'accessory apts' that are legal.  

http://orem.org/index.php/planning-zoning/accessor...

Check to see if the address is on the list. From personal experience, it is quite literally near impossible to change zoning. In order to change from SFR or even Accessory Apt, you would need to be sitting on 1 1/2 acres of land and surrounding on all 4 sides by legally zoned, existing duplexes. Thes eare just 2 of the several requirements to change zoning.

Having read through the city council meeting minutes when these rules were put in place, their goal was to control population density and increase owner-occupy properties, helping neighborhoods not get so run down and whatnot.

Sorry for the long post.  Just thought I would share what I have read and learned.

House-hacking is definitely a great way to get started.  Our first was a duplex as well.  Just refi-ed and it was appraised at $149,000 more than what we purchased it for!  Fun to see the fruits of hard labor!  =)

Let's do it!  I would love to talk to others who are already investing and learn from them.

Welcome @John Hong!

Welcome!!  Great place to get involved.