All Forum Posts by: Becca Summers

Chase, welcome to Utah soon! Yes where you personally want to live is very popular. Most of my buyers want east of state street there too so inbetween I15 and state street home prices are lower than just a few blocks east. Great little area with a lot of homes needing renovation. You can get good deals there you just have to move fast.

My advice on turning your home into a rental down the line is find an area you want to invest in and purchase there. Unless you plan on doing C or D rentals then maybe don't move your family in. 

I'd be happy to help you find great areas to rent in verses invest in.

For me I choose what made me most comfortable. My risk tolerance has grown since I started. I remind myself that buy and hold is in it for the long run and the equity built up looks nice on my net worth spreedsheet but I have no intentions to sell. However if the market shifts I'm willing to be flexible and change to hit my goals.

like Jay said mastering one subject at a time. 

@Gene P. An old Chinese proverb is the best time to plan a tree was 20 years ago. The second best time is today. Did you miss the window? Yes the best time to buy in the last ten years was 2010 great little buyers market we had there but that window is over. If you where an all cash buyer then right now might not be the best time to buy where you don't want to do flips. The reason it's still worth buying and why there are so many buyers and house prices are being pushed up is interest rates are amazing!!  Once interest rates go up that should cap the housing market and cause it to shift back to lower house prices but affordability stays the same. Based off what we are seeing in the market I've heard many agents say in the next two years.

If your investing for the long run I don't really think it matters when you get in just as long as you do. Even if you bought at the height of the market back in 2007 your home is worth more today than it was then (unless you bought in very rural area) most areas in Utah have come back. Plus your mortgage pay down for the past 9 years would give you more equity. 

Unless your willing to buy a home than needs work that you can get below market value you won't be able to get a 10-12% cap rate at retail. 

What area are you looking to invest? What type of renter do you want? Answering those will tell you what areas and types of properties you want to invest in.  You'll find you get better cash flow per month of lower end properties but the management on them is more time consuming. It all depends on your personality of what you can handle.

For me, I grew up with parents who had lower income rentals and they did a lot of maintenance and dealt with a lot of late rent and evictions but they had renters that stayed forever and had very little turn over. I didn't want that type of rental so I have "A" rentals where they may move more because they are buying a house or getting a better job but the houses look great I can show them while I still have tenants and I haven't had a vacancy in the last 4 years.

@Rob Schocker you should meet up with @Steven Bond he has a great four plex projects that have a cap rate of 7% and great cash on cash return for new built projects. You get to buy in before they build and get a great discount. 

It's true Utah's cap rates aren't as great as other areas but the stability we have is pretty great. I think our cap rates are lower because everyone around here wants to invest but doesn't do their homework so they push the price up to where it doesn't really make since. You might be better off investing in commercial properties as the competition is different and they sell based off cap rate and not comparable properties like smaller multiple family projects do. 

Welcome! BP really is a great resource to get started. I've sent tons of clients to this site to help them learn more about investing. 

Where do you think you'll start investing?

Most wholesale deals usually need to be a cash or hard money buyer. The biggest problem you'll find with a live in flip to meet your numbers is VA loans are pretty strict with the condition of the home so there aren't as many great deals to be had with the loan limitations.

For your moral dilemma, do you have a contact with your agent? As an agent myself I try not to let my personal life get in the way of my business and I hope none of my clients would ever consider dropping me because of a personal loss. (Which really how long can it take)  I can't answer what you should do. 

What is your goal? Do you want to flip houses to get capital to buy buy and holds? Flipping is a great way to get capital but what about ling term?

@Barrett Anderson I work with Keller Williams Westfield in Orem and I love it I credit them for most of my retail real estate related success. I wouldn't call them investor friendly and they don't give any discount for investor only agent they have a capping structure that you paid 18,000 a year in commission and then anything after that you keep a hundred percent which if you sell multiple homes a yeaf it's totally worth it. If not I know R&R has a pretty low split but no training they are a good park your license and do 2 transactions a year company. Realty path has a pretty low cap and low splits I'm not sure what their training is. If I were you I would go interview those three brokerages to give you an idea of what they can do for you. So you have to see which one has the right fit for you and what your plans are. I think choosing the right brokerage to start out with will make or break you in real estate. If you want help setting up an appointment at Keller Williams I'm happy to help make the connection.

@Landon Murieof course we are happy to have property managers at our meet up. Last time there where two that I met funny enough they spent much time talking to each other in the corner. 

Also on a side note, I enjoy your Instagram page. That is my goal this year to understand Instagram marketing better.

@John ThedfordI'm with you, I haven't noticed anything different being a woman. My age always gets me funny looks and questions like ," are you renting this house or the landlord?" I'm fine with it and everyone I've rented to has been older than me.

I'm still interested in joining the group and being able to network with others.