All Forum Posts by: Bryce Till

Thank you all for your help. I made an offer and next steps sit with the seller.

Thank you. 

Thank you William, very helpful. Know of any resources to study up on what to look out for while getting it under contract? I have a RE lawyer to bounce question off of, but if you know any resources I would love to have them to study. 

Thank you! 

Hello, 

I live in Utah. I have been in discussion on trying to buy a house as my primary with the below fact pattern and I am hoping someone can help provide specific next steps so  I can pursue this deal. 

1. Owner wants to sell and avoid foreclosure/auction

2. Buyer can pay in cash

3. Owner is 10 months delinquent on mortgage payments (only have sellers word to substantiate)

4. from what I have been told about the note on the house, enough equity exist in the house that the sale price will cover the "payoff" amount (only have sellers word to substantiate)

5.  To my knowledge, there are no other liens or notes besides the primary mortgage (only have sellers word to substantiate)

6. No RE agents/title companies/lawyers involved at this time. 

Considering the above fact pattern, what would be my next steps considering Utah RE laws? A couple question come to mind.

Considering the time frame of delinquency what needs to be considered with the bank who owns the note? 

If a price is agreed between the seller and buyer, what would be next steps? 

Thank you for your time and help!

Thata way Dawn! 

I'm in the market for a solid SLC RE CPA myself, thanks for starting this thread.

The hard money loan will kill you on a two year time frame. Two years is a long time. Get in the house, keep saving and take on one renovation project at a time. 

Sugarhouse is really competitive. I like lower Sugarhouse or "sugar hood" for value right now. You can find some value in zip code 84105. You're still close to the Sugarhouse restaurants, liberty park and the freeway. Buying a place here, you're idea is Sugarhouse has become too expenses for the average buyer, those looking for a similar lifestyle will move west of 7th east. Don't go west of state street though. 

I also think condos in downtown SLC will appreciate. 

Some thing Rose Park is on the rise as well. But that's probably a 15-20 year time frame in my opinion. 

I need to replace an old roof on a small one car garage/shed. The work would require tearing off the old layers of shingles, putting down new plywood, new shingles and new metal flashing. I think it would be less than a day's work for one pro. I'm looking for recommendations for the most affordable roofer in Salt Lake City ( SLC ) Utah ( UT ). Thanks!

Seems like this deal is for a pro. The numbers you've listed above sound better for a flip. But 500k financed with equity from your primary sounds like a headache. 

Why do we have to invest the $200k all at once? Make a 20% down payment on one SFH property with a solid cap rate. See how it goes for a few months or even for a few years ago. If it works, you like the property management and you are comfortable with the leverage, rinse and repeat.