All Forum Posts by: Amy Kendall

@Karen Johnson, Agreed.  I have had zero issues with this.  One of my team members also uses only electronic signatures and has used it for years without issue as well.  I hope you experience the same thing!  It has sure made my process more efficient!

I used to always sign in person, but I now use docusign, as you stated I always meet people on walk through and to give keys etc. I also now require all tenants to use electronic payment, great way to keep money trail.  Also it emails them a reminder a week before rent is due and automatically assigns a late charge if they are late.  I think it is completely acceptable to esign, you can also directly send them a copy without you having to copy and bring it back to them, which you should be doing as well. If you feel more comfortable having them sign in person, I don't see why that's an issue either, could just be personal preference.  :) 

The interest rate is not as good on the 10% down.  It is closer to 5%, which I definitely am not thrilled with.  I am only okay with it because I will still cash flow $450/month on this property and it will allow me to turn around and purchase another property right away.  I am mostly concerned with building the largest amount of cash flow in the quickest amount of time.

If you are interested in moving outside of davis county, we offer great opportunities with the fourplex investment group with @Steven Bond or @Sam Newell.  The cap rates are 2% above market average returns on triplexes and fourplexes in Salt Lake and Utah county. 

What kind of real estate investing are you looking into? What area would you be interested in? There are still good deals in Utah county, I focus on buy and hold and bought two this year with cash flows around $450 each with only 15% down on conventional loans. With your experience, you could start investing using several different approaches. You could probably use the BRRR strategy with a lot of success.

I was faced with the same choice this summer. I went with the 15% option to save our money for our next down payment, which is also my limiting factor. It worked out great because we actually did not have PMI on that loan, and it allowed me to just get my next property under contract. For this property we found a lender that is offering a 10% down payment with no PMI. I am thinking I will take this option as well because it will accelerate my purchase of my next purchase and ultimately increase my cash flow faster. Your cash flow would only increase by $26/month with that extra 5% down. That $3,000 will be almost a year's worth of your cash flow from the property, so I would look at keeping that money and purchase another property sooner.

@Michael Douglas Christensen

I have owned rental properties in the Utah Market for 10 years, bought high, but never sold (so through the one of the worst downturns of our time). I only owned one investment at that time, AND I had that particular property on a 15 year amortization, I still cash flowed on that property about $90/ month through the whole economic crisis. I think if you are smart in the area and property you invest in, even in an economic downturn you will be just fine on cash flow.  Take into account what @William Hochstedler and @Jeremiah Maughan have said though.  Those are very realistic numbers, very close to what I have been seeing in our current market.  I use 35% on older homes and closer to 22-25% on new and freshly rehabbed, depending on in major things in the property have been replaced or dealt with ( roof, HVAC, Electrical, plumbing etc.)  I know those prob seem a little high, but I am also quite conservative, so I want to be sure my numbers will always work, no matter the market!  Best of luck, I would love to hear updates to your story!

I know @William Hochstedler is a good agent in the Logan Area! I would talk with him.  Very responsive and has lots of experience in those areas!

I am not sure I can make it, but I would be interested in going!  

Welcome Kenan!  

You have come to the right place to network.  Sounds like you already have some of your goals defined.  There are so many ways to use real estate to your advantage!  I think you will find a lot who are willing to teach here.  I am always happy to help with any question you might have.  :)