All Forum Posts by: Andrew Dean

@Brett Snodgrass,

Thank you!  Just spent the last 2 hours reading on the forums!  Great stuff!  Posted my first success story as well.  

Last November I closed on an owner-occupied duplex in Provo, Utah for $280,000.  We put 10% down with a Portfolio Loan from US Bank but since my wife is an agent, we got 3% right back.  Seller paid closing costs which were around $5,000.  So the adjusted down payment is $19,600.  We put $21,000 into fixing it up.

On July 17, 2016 we got our appraisal back for $350,000! We took out a HELOC for up to 90% with a 4.25%, so about $65,000 to spend on more properties. We moved out of renovated side and rented the bedrooms out to singles. Our new rents are now $1200 (renting out to a family on the non-renovated side) and $1800 (rented out to singles on the renovated side).

Purchase Price on November 18, 2015: $280,000

Down Payment: $19,600

Previous Rents: $960 and $1040

Renovation Costs: $21,000

New Appraisal on July 17, 2016: $350,000

HELOC: $65,000 at 4.25%

New Rents: $1200 and $1800.

Cash Flow: $1400/month

My wife and I are pretty pumped now and are closing on a 4plex in Salt Lake City, UT next week!

Hello!  I am completely obsessed with real estate investing and my wife finally convinced me to join BiggerPockets.  I live in the Salt Lake City, Utah area.  I come from a family of generations of bad financial decision makers.  Luckily I married a woman who comes from a family of real estate investors.  

I have experience in almost every aspect of real estate, but what interests me most are buy-and-holds. I love the passive income and depreciation benefits of buy-and-holds. Where else can you depreciate an appreciating asset?!? I consider appreciation in my models but not as heavily. I consider myself pretty knowledgeable with real estate and have an eye for what is/isn't a good deal. My wife and I own a duplex, fourplex, SFR and a condo that we rent out in the Salt Lake area. I think we'll stick with the multi-family properties for now, but are also looking into buying investment portfolios in other markets. Would love to learn from all of you and make mutually beneficial relationships in the BiggerPocket community.