All Forum Posts by: Account Closed

 Thanks for the reply Taylor!

Nice Job Aaron! Congratulations! 

Are you in the market for other STR's or LTR's? I'd love to bring you a great deal if I see one!

Hello everyone! 

I'm a Realtor here in the greater Salt Lake area, I currently am working mostly with first time home buyers and just regular residential clients, I want to transition my business into more small and mid sized multifamily investors like yourselves. 

I'm hoping to network with you if you're in that class of real estate, or if you know of a good way to break into that market!

If you have any suggestions or want to connect, comment below! Thank you! 

@Luis Gutierrez That's a great question Luis! I'm commenting so I can follow along if you get any good replies! 💪

Hello everyone this on market deal just came across my screen and I wanted to get your opinion on whether or not this a deal that you would consider investing in. 

The listing is turnkey, 12 total units, 4 units per building and 3 parcels sold as a bundle, as such its also eligible for residential financing. 

The rents are fairly in line with current market values and the GOI is $192,828 and after taxes, insurance, maintenance, and utilities the NOI is $156,299. Finally, the appraisal based on the income approach came back at $2,958,000

Is this a deal that you would consider investing in? If not, at what price would you consider investing in it? 

@Hannah Alley Hello Hannah!

Mobile homes are very tough in my opinion, if you're interested in renting them the margin would be very small because often times the lease at mobile homes is $600-$800 per month, and charging a tenant anymore than that for a mobile home is hard and you'd only be making a couple hundred dollars max. Or else they'd just rent a home or apartment.

Mobile homes also don't appreciate the same way that real estate does.

If you don't mind my asking, how much did you get pre-approval for? Was it enough to purchase a SFR?

Realtor.com is predicting SLC to be the top market in the country in 2022 and have 8.5% appreciation. That coupled with the interest rate increases over this next year could make buying a property now the best move if you're able and interested.

This is just my opinion, does that help at all?

@Timothy W. I would say that if you don't trust that your agent is able to find you a property that fits your needs and that wouldn't voluntarily release you from the agreement should you no longer want to work with them or that would try to collect from you after your agreement is up, I would say, don't work with them.

Like Andy said, I typically sign my buyers for 3 months, that's ample time to find a property and get it UC. I also put a 2-3 month protection period because generally the property is off market after only a couple weeks.

The agreements are 100% negotiable, so if you're really wanting to work with this agent you could definitely negotiate more favorable terms, otherwise, I'd recommend not working with them if you're concerned about it! 💪😎

@Jayden B. I'm so sorry, I didn't see this reply! His name is Kyle Koller with UMortgage, his cell phone is 801-687-2018

@Timothy Wingert Hello Timothy, that's a great question!

This is a standard Buyer-Broker Agreement in the state of Utah, and yes if you signed the brokering agent could try to collect the 3% purchase price from you regardless of who discovered the property or how it's listed.

My team and I never hold our clients to the 3% if the BAC is say 2% or 2.5% and I doubt many would, but it's always best to get something in writing if you're concerned, and your agent can write an addendum for you. Additionally, when negotiating with sellers, fsbo or otherwise, usually they'll agree to pay the BAC for your agent!

With my clients I usually don't sign them until we're ready to go see properties or submit an offer (that's when you're legally required to sign them). I usually just try to provide enough value to them that when we do go to offer they want to choose me, and that works sometimes and sometimes I've gotten burned.

Does that help clarify at all?

@Andrew Scheuffele There are many rules regarding these sort of strategies obviously and you should consult a licensed lender. I'm happy to recommend the lender our team uses if you'd like!