All Forum Posts by: Chad Davis

Thats awesome! my area is very competitive right now, definetly a sellers market but there are still some good deals, im working on a FSBO right now and think I can get a good deal, I am just making sure to cover all my bases! Ideally I would like the money that we cashflow from the property we are leaving to just build and not have to use it for the new place we get. Thats why im trying to get an idea of what my margins have to be and if this is how this strategy starts out ha.

@Allison Stewart

Our current residence will be cash flowing, PITI is about 1200 a month and we will be getting 1800 a month. The HELOC will probably tack on another 100 dollars a month or so. I don't think we are going to be able to cash flow in the property we will move into cause we don't want to buy something we have to put a lot of capital into (hence the HELOC).. Im hoping that the income will cover 60% or more of the mortgage. We plan on doing this strategy a few times (we will only live there for a year and then rent out all the units which it will then cash flow) until we can generate enough cash flow to start putting down 20% on investment properties and fixing them up for buy and hold. I will also be managing these properties for now so I don't have to pay a property management company.

My wife and I are looking to get a duplex or up to a fourplex in Utah county, Davis county, or Weber county. We are going to use a HELOC to buy a place, we are doing a FHA loan so we are only putting 3.5% down. We are then going to rent out the upstairs of our current residence (we already rent the basement out) and then move into the new property. Is this a good idea as long as we cash flow? Or are there any inherent risks to this strategy? Any advice would be appreciated! Thanks!

Chad

@Brandon Hunsaker

I’ll be there! 

@Todd Brady

Im not able to post it on the "event" section cause i'm not a PRO member.. Maybe @Jeremiah Maughan Could you post it in that section??

@Jeremy Baxter

Sad you cant make it tomorrow, we will definitely have another meet up! 

@Kaydn Jensen 

Did you see our meet up that's tomorrow?? C'mon out man! I posted the original post below, hope to see you there!

For those who can't make the duplex tour or would also like to have an open forum, conventional meeting, training, etc. I've got my basement training room scheduled for 6pm this Wednesday August 1st. Address is 495 N University Ave (corner, just north of Bombay House).

I've seen these done a few different ways. Usually there's an around the room introduction: Name, background, projects/investments you've worked on, etc. Then there's a topic that someone presents on for 10 to 20 minutes. For example, the Utah Fit Premises Act is always a good one. Sounds like @Amy Kendall has a topic ready for us. Then there's Q&A, "Here's something I've run into, what does the group think?" and then there's open networking after that.

We can have dinner brought if I can get a head count, or people can grab a bite before the meeting.

Also as far as the meet up goes it looks like its going to be THIS WEDNESDAY, AUGUST 1st at 6:00 pm, i'm waiting to hear back from Jeremiah to finalize. Once I hear back from him, I will create an event with all the details. let me know if you have any questions. PLEASE COME!! 

@Randy Scott

Ill be there!

@Amy Kendall

I guess what I have in my mind is the "guest speaker" would just share with us their experiences with real estate. How they got started, going into some of their deals (finding, financing, renovations, numbers), what their goals are in real estate. Also talk about what is successful here in Utah, primarily Utah and Davis county maybe?? And then open it up to a Q&A and then just connect for a bit. If that sounds like something you would be interested in that would be awesome!

@Stewart VanValkenburg 

Do you now any local investors that would be interested in hosting something?