All Forum Posts by: Cody Steck

Are you focusing on Cache county? What are you looking for most in a broker? Training, support, accessibility, tech features, leads, etc.?

Hey Ryan! I cover that area and would be more than happy to connect to learn more about your goals and what you are looking for.

@Jeffrey S. Breglio might be able to help you out or recommend somebody.

Hey @Jesse Olsen, great to see you here. Like the others have said, I'd recommend you get in touch with another loan officer who can help show you where you are at, and where you need to be. I've got a few lenders in Utah/Salt Lake county who do a lot of these owner occupied investment properties. Let me know if you want me to connect you.

What William said is correct. Also, keep in mind that while you are living in the unit, it is going to be extremely tough to cash flow and live for free. The goal is to get half, 3/4, or more of your mortgage paid for and be able to live in a decent place for very cheap. I've done this twice now - the first time I lived for free, but didn't cash flow (now cash flow $400). And now, I live in a great neighborhood, in an awesome house, for very little money down and only pay $600/month for all housing expenses.

Is there a seasoning period before you can refinance? It seems like there are quite a few variables and not a lot of straight forward facts on this topic.

I'm looking at a deal to buy with hard money at $160k. It needs about $25k in work but will appraise for $240k when it's done. If I can get this refinanced at 75% LTV then it's a fairly good deal, I will still have some money in it, but the CoC return will be awesome still. If I can only get 70% LTV, it's not nearly as great. So which is it? Does it just depend on the bank and what your broker can get you?

Will I be stuck with 6 or 12 months seasoning period? This also changes the numbers quite a bit based on what my hard money costs will be. 

Welcome to BP and congrats on making positive changes!

If it were me, I'd wait until you get here to Utah before looking to get your license. It doesn't make much sense to get your license and pay the fees in CA just to move out of state and not be able to use it. (Unless you can find a way to still sell RE in CA...)

As for schools, Stringham is the most popular and probably the best put together in UT. A quick search on the internet will help link you up.

Best of luck!

Tina, welcome to the site. I'd invite you to attend the Salt Lake Real Estate Investors Association (SLREIA). We average 75+ member attendance at each meeting. It is the 2nd Wednesday of each month in Sandy.

Where are you at with your investing and what do you plan to make your next step?

Hey Joel, always appreciate your comments. Thanks for adding this, I really appreciate it!

Thank you Eric, for your thoughts.

Howard, thanks for pointing that out. I have taken a read through that and at the very least, I would be asking for assistance through the commercial division of my brokerage. After thinking more about my ability to represent the client to their highest needs, it might be best to refer this one out.