All Forum Posts by: Rebecca Belnap

I know exactly which company you are talking about, I have bought their essentials course for $2000 and I do feel it was worth it.  The instructors are amazing and the free updates for life are very important especially in tax and legal.  I'm planning on upgrading for an additional $18,000 when I can afford it.  I spent more at a 4 year college and learned less about the things that will actually help me grow my business.  The education part is great.

The community is completely separate.  You are buying the education, not the community.  20% of the community will do deals and be great contacts and they will insist you have the full Xtreme combo ($20,000) because they want to know you have the same access to info that they do before they will partner with you on deals.  80% of the community knows the same or less than you do and are basically beginners and hopefully they will do deals eventually.  50% of the community events are set up to teach real estate investing, and half are set up to teach you how to sell other people the real estate education.  If you go into it knowing which events are which, you can choose to only attend the type that you want to go to.  The Real estate geared classes will usually have a 10 min plug for the marketing business, but as long as you are fine with that going in, you know what to expect.

I go to both types of events because I need to know marketing basics and they transfer over to sales of all kinds.  I love talking to Real Estate investors of all levels and have formed some very good friendships.  I did a partnership with some of them but with only the essentials course, we had problems where they wanted me to do things the way they were reading and I have a different mindset.  So again, if you are going to the community to look for partners, buy the full Xtreme Combo.

@Sean Larson  I'm in Lehi, not bluffdale, but we have a 1 bedroom unit in our home that we rent out for $850.  Not in the basement, it's on the main floor.  Checkout KSL (rentler) for a better idea of local rents.  

@Sarah Givens Fortunately, we have local people who are much more willing to share info for free.  Brian Pitcher and @Jeff Rappaport do a free wholesaling class once a month in Draper at the Thai Siam cafe.  I haven't seen the date for the next one, but Jeff will post it at least a week before they do it.  Last month they talked about what to say to sellers.  Very good info.  Both Brian and Jeff prefer to send mailers over prospecting. 

The biggest thing they stress each time is to not pay too much for the home. If you are going to wholesale, you need to be able to sell it to your flipper for no more than 80% of ARV - Repair costs - holding costs. You still need to make a profit, so the lower you can get it for the better.

Good luck and please add me to your buyer's list.

That is basically correct. The city doesn't enforce it unless someone complains.  It is a risk, but at this point you are fine to rent it.  Hard to know if you will have that one nasty neighbor.

@Craig J Chelette @Sam Mueller Our Utah county units are only cashflowing because we bought a few years back.  The Orem duplex would sell for between $260,000 to $280,000 and rents for $900 per side.  That would put it between .65% to .7%.

Our Vernal duplex, we just bought for $165,000 when you include some needed repairs.  Rents for $700 per side so that's about .85% which is why we have been looking further away from home.  It has been more expensive to manage though.

One free source is @Jeff Rappaport and Brian Pitcher have a free wholesaling group that meets once a month.  The next one is this Thursday at the Thai Siam Cafe in Draper at 6:30.

The Local REIAs are good and inexpensive.  Try the SLREIA and the UREIA.  You can find them at meetup.com.

@Skyler Berry They aren't technically illegal, they are Non-contractual if you use the state approved REPC.  There is a BIG difference.  Most wholesalers use their own contract as a result.  I'm not an expert on this, but @Jeff Rappaport and Brian Pitcher run a free wholesaling class once a month.  The next one is this Thursday at 6:30 at the Thai Siam Cafe in Draper.  It's free, so the only cost is if you order a meal.

The main issue you are likely to run into with Assignment/Wholesale deals is that the end buyer can't finance your wholesale fee.  A lot of them use Cash or hard money for a fast close, but it is something you should be aware off.

@Meghan J. There are lots of good REIAs out there.  SLREIA, UREIA are both close to you.  Also, @Jeff Rappaport and Brian Pitcher run a wholesaling group that meets once a month.  The next one is this Thursday at 6:30 at the Thai Siam Cafe in Draper.  It's free, so the only cost is if you want to order a meal.  

@Ryan McDonald Now might be a good time to pick one up cheap.  The Fire's still burning and it will take years for the trees to come back.  Look very closely at the area, but a great deal might be possible.

@Glenn Clapp Another thing to look at is the neighborhood.  South Salt Lake values are VERY dependent on location.  The closer to the Freeway, the less you will get in rent.  The further east you go, the better.  

I agree with the other comments, you will likely cash flow, but not much. Fortunately, vacancies will be almost 0, but your CapEx will be huge. A home built in 1899 can need a lot of love. 40K may be a drop in the bucket.

Still looks like a good deal for Utah right now.  My guess is that if you didn't get it under contract 4 days ago, it's gone.