All Forum Posts by: Coco Zuniga

@Craig J Chelette yes!  

@Kealoha Lee don't think Brandon would have bought it cause it's not in Podunk.  In my lease I state that the upstairs unit is responsible for maintaining the lawn and their own snow removal (including the driveway because they have access to it).  The downstairs is also responsible for their snow removal on porch/stairs (they have street parking).  I did not buy whatsoever for appreciation.  If I get it, icing on the cake :)

@Anthony Gayden There's a local CU here in Salt Lake that offers a conventional loan. A lot of investors here take advantage of it!  You can only have 2 of those loans in your name though.  (But my husband can also have 2 in his name wink wink).  The interest rate is a little bit higher (5.125), but I was willing to take that due to the lower amount of money down.  No house hack.  I have 2 kids, 7 and 9, and we need more space than what the duplex provides.  

Thank you all for your kind words!  

@Roger S.

@Adam Meadows

thank you!!!  

ps forgot to mention that my mortgage with taxes and insurance is $1607!

March of this year I had a conversation with my Uncle that consisted of terms like "1030 exchange" and "gross rent" and other terms I had no clue what they meant.  He sent me a few podcasts from this website I had never heard of...Bigger Pockets???  I listened.  Then I listened some more.  Then the bug bit me and I couldn't itch fast enough.  I watched @Brandon Turner's webinar on April 6 and he challenged the viewers to buy their 1st/next property within the next 100 days.  I closed on my duplex on day 81.  

Here are the numbers......

Purchase price $300 k

Conventional mortgage 10% down with no PMI

vacancy 3% (vacancy is almost non-existent in this BYU town) $69

repairs 5% (I bought it fully remodeled) $115

cap ex 8% $184

other expenses $50 (internet I provide for my tenants)

gross monthly income $2300 ($1400 upstairs for a 3/1 and $900 down for a 2/1)

cash flow $274.39

cash on cash ROI 8.23%

The thing I did not add in is PM, because I will manage it myself.  But, from here on out every deal I analyze will have 9% PM included.  

"Some people want it to happen.  Some wish it would happen.  Others make it happen."  Michael Jordan

Coco 

@Craig J Chelette it's hard but not impossible :) I just closed on a duplex in June for 300k (in Provo) , put 10% down with no PMI.

mortgage, taxes and insurance $1607

3% vacancy (vacancy is almost nonexistent in Provo but I wanted to be conservative) $69

5% repairs (bought the home with everything remodeled) $115

8% cap ex $184

I did not include PM because I will be managing it myself BUT every property from here on out that I analyze will include 9% PM.

$50 other expenses (google fiber)

gross monthly rent $2300 (1400 up and 900 down)

cash flow $274.39 with a CoC return of 9.27%

My realtor found it on KSL - it wasn't even listed on the MLS. Now that I'm an agent I am scouring the MLS!

Do or do not -- there is no try!!!

@Ronda R. I use Cozy for my screenings.  They fill out everything online.  As the landlord, you can require a credit and a background check that the applicant pays for ($39.99 for both) and then shares with you, the landlord.  If they require a guarantor, I require that party to fill out an application as well as the credit check.  I want to ensure that if the tenant defaults, the guarantor can step in and take care of the rent!!! 

I bought my 1st property about a month ago and I use Cozy.  I used them for the application process as well as an avenue for the tenants to pay rent.  My tenants are college students with zero to little credit and a highlight that I found is that Cozy reports the rent payments to Experian (whom they are partnered with), which builds their credit as they pay rent!   

I, too, am looking! 

http://www.deseretnews.com/article/865684973/Repor...

Great article on the growth here in Utah

I just posted this question about a month ago.  My 1st property, in a college town, do I rent to students or families?  The students found me.  4 college kids wanted the upstairs unit of my duplex so bad that they offered me $200 more in rent.  (they pay $1400, my mortgage is $1600).  The downstairs unit is a single male going to school as well.  He pays $900.  He has 2 1/2 years left so I will do all that I can to retain him for another year!  I was targeting families at first, and young married couples, but this 4-some really wanted in.  They agreed to a larger deposit and will sign a 1 year lease.  One of the 4 will have a co-signer.  Each will be paying $350 + approx $37 for utilities.  That's a great deal in this town.