All Forum Posts by: Austin Burr

Austin Welcome to Bigger Pockets ! Congrats on your first fix n flip!! Did you do the work yourself or have good General contractors? Was it a high end or a light cosmetic rehab?

John that you for the welcome and congratulations! It was a great first project, I had some old friends reach out that were losing their house and I helped them get out from under the PML, bought the house and helped them repair their credit, got a contractor I knew that lived around the corner help me do a full gut rehab and put in about 1,500 hrs of my own labor into it. It’s been a ton of fun and I have learned a lot.

We went high end as we were hoping if we did it might help woo some neighbors into letting us buy their worn down rentals on the block. Obviously with this summer’s market it wasn’t the best decision for making a lot of money but I’ll still make some, learn a ton, help out a neighbor, and got my feet wet!

https://www.utahrealestate.com/2005303?actor=94985&share...

Here is the listing for anyone that may want to see pictures of it finished and I can show before pictures as well.

1 Vote

Hello everyone, I have been an agent in Utah for nearly 7 years now and have a few properties of my own. I am finishing up my first fix-n-flip deal and am looking to connect with others and see what value we can bring to each other while learning about other markets in the US.

1 Vote

Quote from @John Delano:

Quote from @Josh Mac:

Quote from @John Delano:

I have several rental houses in Gary, Indiana. What are you looking to do? How familiar are you with the area?

Do you currently own rentals in Gary still?

Yes. I've bought more and sold some. Prices have gone up a lot in some neighborhoods. They were close to nothing for a while. $30-40k houses a few years ago are now $130-160.

You need to be on the ground and get a feel for the block and neighborhood. Some areas like Midtown will probably be very blighted for years to in come. Almost anything in 46403 will be in demand. There is some blighted in that ZIP code. But the city is giving orders to repair or demolish them. So there won't be much super cheap for long.

Glen Park 46408 and 46409 and spotty. Some areas are getting fixed up. Some will probably stay blighted for a while.

46404 is mostly good. There are a few blighted areas.

There are plenty of houses you can get for under $40k now that can be sold for $140-$160 with $20-40k rehab. You have to be in the area and know what you're doing and have the contractor who will get things done right.

I am looking into the area as a potential investment location. I’ve got several investment properties right now in another location but am looking to expand my reach. I’d be interested in talking with you about the area and see if we could even do a few deals together.

0 Votes

Investment Info:

Single-family residence other investment in Pottersville.

Purchase price: $380,000
Cash invested: $60,000

This is a single family, brick home in SLC Utah, split entry with a big back yard. It worked really well for my family at the time and we were able to buy it before housing prices skyrocketed in Utah.

What made you interested in investing in this type of deal?

I wanted to get started in real estate investing and knew I could qualify for this home and convert the basement into a rental unit so it was the right house to start with.

How did you find this deal and how did you negotiate it?

I am a licensed agent in Utah and so I found it on the MLS.

How did you finance this deal?

I used a conventional loan to secure the property.

How did you add value to the deal?

I added a basement apartment to the house, redid the landscaping, and have taken care of some deferred maintenance on the house.

What was the outcome?

It has been a great first experience, it nearly paid our mortgage by itself while my wife and I went through masters programs and had our first child. Now it is paying me nearly $1,500/month and I did a HELOC on the property before moving out to access equity so now I have someone paying for my money to invest.

Lessons learned? Challenges?

I just switched to my second tenant after moving out of the house and I am learning how much harder it is to be a property manager now that I no longer live in the house. I had to evict one tenant already and am being much more strict in my screening process. This new tenant is much better and even pays a little early every month.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a licensed real estate agent and I think I bring a lot to the table that I can offer others. I have a great network here in Utah for almost every aspect of the transaction and I am always happy to represent anyone as an agent, with hands on experience with investing, I currently own three properties and am finishing my first flip.

2 Votes

All Forum Posts by: Austin Burr

Austin Burr has started 2 posts and replied 4 times.

Post: Licensed Utah Agent Expanding Reach

Post: Licensed Utah Agent Expanding Reach

Post: Investing in gary,Indiana

Post: House Hacking my First Investment Property