All Forum Posts by: Brad Jacobson

You should definitely ask the local RE investors around you who the best retail and hard money lenders are and get in touch!  An excellent lender, be it retail or hard money, will show you the ropes and present what barriers you will have to overcome to secure a deal in the manner you choose.

Good luck!

Read Scott Trench's Set For Life!  That book turned the concepts of Rich Dad Poor Dad into reality for me.  I read it every year for five years and modeled my early financial life after it.

Scott lays out how to save your first $25k, how to use that to house-hack to $100k, and then how to really explode after that.

Good luck!

Hey Jose!

I'm a local investor in Ogden as well and own a mix of small MF and SF.  Would love to connect!  I'll send you a DM.

Best,

Brad

Eliott nailed it.  Go find the right title company that know what they're doing.

Note, the type of loan that your friend has is going to be crucial to know. If it's VA or FHA, you can assume it but you have to qualify for the mortgage and then come up with a second mortgage or the funds to pay the difference between the assumption and purchase price. If it's a conventional loan, you can't assume it but you can buy via a seller finance (in UT is via a trust deed and note, then you use an escrow company to do the payments).

Go find out the loan details and find that right title company and you'll be off to the races!

My big break came from volunteering at the local real estate meetups.  

I started by simply sitting at the table to check people in but the worked my way up into eventually becoming the president of one of them. 

My network exploded, my knowledge grew intensely, and my portfolio soon followed.

Good luck!

Hey @Russ Christensen,

Welcome to the crew!  I'm also an investor/agent here in Utah.

I got my start in real estate investing through the local REIAs (real estate investment associations).  There's UVREIA (Utah Valley), SLREIA (Salt Lake), UTREIA (also Salt Lake), and NUREIA (Northern Utah).  I'd recommend joining the ones closest to you, networking a ton, and learning as much as you can!

My big break came when I became so active at NUREIA that I ended up getting elected to the board, then I became the president years later.  That opportunity and networking really kicked off my portfolio and it can do the same for you.

Good luck!

Even though prices are definitely lower, affordability (our in the investor world, cashflow) has remained the same.  Prices are only lower because of the rate hikes, there's been no change in demand.

Finding deals is about the same level of difficult as it has been for the past few years.  However, it is better to buy lower with a higher rate than higher with a lower rate because the real wealth you will build is in asset appreciation!  Keep working, keep buying, good luck!

You'll always be able to refi down the road and with current rates + bleak economic outlook, I'm confident lower rates will come in the coming future, likely near future.

I lean towards funding the rehab yourself and then recouping the funds in the future with a cash-out refi into a better rate.

Good luck!

Commercial properties have more leeway than assuming a mortgage on a residential property but you still need to hire a real estate attorney and good title company to make sure it's one properly. Also keep a very good real estate friendly CPA, in the loop on everything as well.

Good luck!

 Most wholesalers only do one or two deals because they never build momentum. Makes sense to me