All Forum Posts by: Andrew L.

Yeah, it's about 60k over what we can get for a single family.

Hello all, I have a question I would appreciate your insight and advice on. We have found a house in Orem that has a legal accessory apartment (2 bed 1 bath) attached to it. Our plan is to live in the attached apartment and rent out the main house which is 4 beds 2 baths. This way we'd be living just about rent free allowing us to save more of our income to use for future deals. We just heard back from our lender that because it's not classified as a duplex that they can't count future rents and so they won't lend on it. I'm wondering if anyone has worked with any lenders who could work with this? We're just starting out and based on the numbers it looks like a good deal for us. But I'm worried we won't find a lender who would lend on this property. Thanks for your help.

Thanks everyone for your advice and insight. I appreciate you being so willing to help the newbies.

Hello all, I have a question I would appreciate your insight and advice on. Me and my wife are looking to house hack a multi family unit in either Salt Lake County or Utah County. We are looking to use an FHA loan and only pay 3.5% for the down payment. However, after analyzing a lot of different properties here, it seems like while we would be living there it won't cashflow unless we put down a bigger down payment, like 20%. Is cash flow all to consider when house hacking, or are there other benefits that are outside of that that I'm missing? And after a year we would plan to move into another house hack, but even after moving out it seems that it would barely cashflow. Is this just because the market is so hot right now here in Utah? Has anyone done a successful house hack recently? What do you look for in a house hack? Should we hold off and just continue saving for a bigger down payment? We are really excited and anxious to start out but know that it's better to wait and get a good deal then jump in and get burned financially. Thanks for your help.

Long-time reader, first-time poster. Me and wife have been looking to get into REI. Our plan is to start with flipping to save enough for down payment(s) to purchase multifamily units and grow from there.

I am wondering if there are any flippers or real estate investors in the Salt Lake County or Utah County who we could shadow and learn from (how one finds good deals, analyzing, doing the repairs, estimating repair costs etc.) and in turn, we would love to work on anything needed most nights and/or weekends. 

 We also have ties/connections to the McAllen, TX (Hidalgo County) area and also the Johnson City, TN (Tricities/Unicoi County) area that we would be interested in investing there down the line after we get more experience here in Utah. 

We appreciate any help and guidance that can be offered to us.