All Forum Posts by: Rebecca Belnap

I'm in Lehi, so I always do a search by city on KSL.com . It now kicks you into Rentler.com, but it is the main one people in our area are using.

The Utah county's site is free for property tax info, but I don't think Salt Lake's is.

Remember 2006? 

No income, no assets, FICO score of 580, no down payment? Sure, we would LOVE to give you a loan.  

They are now calling it Non-prime which is probably more accurate.  The requirements to qualify are very similar to most conventional loans and you absolutely are going to pay a down payment.  The main difference is this might be a way to go for borrowers who have had a recent short sale, bankruptcy, or foreclosure.  

What are your thoughts?  Do you think people should be able to buy a home or investment property one day out of bankruptcy?

Talked to Mike Rowbury about his requirements and here is what he said:

There really isn't a downside to being a Realtor and an investor.  He has done deals in the past and other than disclosing that he is a realtor, he didn't feel he needed to disclose how much profit or any details.  If you have a really big profit potential on the deal and want to protect yourself, it shouldn't hurt to have an addenda saying that you are a realtor and plan to flip, rent, or wholesale the home for profit.

Other positive points are:

1. commissions - both buying and selling

2. Access to the full MLS

3.  Ability to do your own research at anytime instead of relying on and waiting for someone else.

4.  Better education and training.

He said that if you have any questions you can call him.  I doubt they will let me put it here, but it is easy enough to Google.

I agree with Brandon, Stringham is a good school.  Praedo is also good and about $100 cheaper.

Steve's comments about contracts are very good.  Didn't think about the death of a partner issue.  

A lot depends on your relationship with your dad.  I have done partnerships with some family members and our contract was a handshake.  It worked fine, but it was more risk than I would want now.  

A Google search should pull up several.  I would print up a few and the two of you read them together and talk about the details.  Communicating in advance will solve a lot of problems. 

This answer is very relaxed, but that is because of the way you asked your question.  Some people are easy to work with, others would need at least a 50 page contract and a lawyer on retainer.  Problems are going to come up that you never anticipated. Think about how you both will deal with it.

As far as being a Realtor, it depends on if you are only doing your own deals or for others as well. There are pros and cons. My husband is a Realtor and it helps a lot when we are selling. Most of our buying we do on the MLS even though we know that you make a lot more with private parties. There are a few rules that tie his hands. Example: when we put an offer on a property one broker he had required that the sellers sign a letter saying that if they were to list their home he estimates that the value is $X. Then we try to buy for less? He got some listings this way, but never a deal. We have seen some deals listed through other Realtors that we got first shot at that have worked.

I've never asked his current broker what his policy is.  I'll ask tomorrow and post again.  If you do decide to get your license, I recommend him. No fees unless you have a closing and then it's just $500 per deal.  Caps at 10 deals and then you keep it all. Mike Rowberry with R & R Realty in American Fork.

Jeff's reply was spot on about what the different lenders are and what they do.  But you also asked about qualities to look for.  It is best to interview at least 3 and here are some things to look for:

1. Do they understand your goals as an investor and have suggestions on how they can help you reach those goals?

2.  Do they have time for you and can you reach them on weekends if there is an urgent question? 

3.  Do they tell you what you want to hear or do they tell you the truth? You won't know this before the first deal, but you will definitely know by the end.

4.  Do they have access to the loan programs you need?

5.  Do you like and trust them?

Good luck

Most retirement plans state that you can only borrow once each 12 months, so check their rules, other than that, you plan looks good.  

I love the BRRRR method and it works well. I'm not as fast as some, but we have picked up a duplex and a triplex in the last 6 years, one in Orem, one in Lehi. So yes, it does work in Lehi.