All Forum Posts by: Curtis Fergus

Remember that you will pay 6% if you sell with a realtor and another 1- 2% in closing costs.  Plus it is typical for buyers to ask sellers for concessions of another 2 or 3 percent to pay their closing costs in our market. My opinion would be to sit tight if I were you. You can look at heloc but most of those will only lend up to 75 or 80 of the current value.  You should just rest assured that you have good equity for now.

For wholesaling, you are going to want to become educated on everything from knowing your market, recognizing a good deal, and most importantly knowing how to talk with motivated sellers, also who are you planning on wholesaling the deal too? Do you have an assignable contract? Do you have a marketing plan? A marketing budget?  There is a wholesale meetup here in town that a couple of guys put on every month. I can't remember if it's the first Thursday or second Thursday of the month but it's held at a restaurant in Draper. You can find it on Meetup.com or if you like I can give you more info on that one. It might be a good place to start learning wholesale from the local guys. Free and informative, plus they can help you find a buyer if you need help with that. 

Depends on your idea of middle income I suppose.  If you find something here that meets even the 1% rule you would be doing better than most. Try .07 or .08...

Areas to look at, between Ogden and Provo, well that's most of everything besides southern Utah.  

I just did a quick average of the 20 most recent SFH sold in salt lake county today and came up with around 123 a sq. ft. To give you an idea what our market is like. The lowest one was $75 and the highest was $179.

It might help if you can get a better idea what your friend is looking for...

 @Alex DeBirk thank you I will message you about this.

@Mark H. Thanks for the advice. I wouldn't ask if I didn't need HML. I made the decision early this year to make the career change. I left my job as an electrician, got my real estate license and started my own general contracting company. Therefore I don't have the W-2 to qualify traditionally. Also, I agree with you about needing better contacts. That's exactly why I am asking :).

@William Hochstedler the 2 that are not responding ARE contacts I picked up from the local REIA groups...

@Jay Hinrichs thank you for the advice.  I have considered trying the local lenders first for exactly that reason. I messaged dohardmoney as this weekend, I imagine they will contact me Monday sometime...

Thank you everyone! I love to see this much support!  Bigger pockets is amazing.  

P.S.  I'm still looking for any specific recommendations for local lenders if anyone can recommend any I'd appreciate that very much.

@Jamie Lieb sure tell me more...

Hello BP,

I am looking for financing in Salt Lake City Utah. I currently have a contract on a single family split entry in taylorsville. ARV of around 230K. Contracted for 155k. Needs 10 to 15k rehab for a rental 25k for a flip. I have contacted several local lenders, 2 are not responding and 1 wants 45k for a down payment. What are some good options for Hard Money Loans Utah?

I say lets make one...

I'd suggest getting together sooner than later. It usually takes awhile 30-90 days to close on a property anyways.  If you sit down with someone and express your needs and wants we can get to work finding things that might fit what you are looking for.  In single family it is really difficult at the moment due to everything flying off the market as fast as it comes on. (For buyers anyway)  In multi family you have a better shot.  I'd love to sit down with you if you like. You might find that it isn't necessarily easy to find a good cash flowing deal in the multi-family sector in our market as well.  Might take some time digging... Let me know if you decide to meet with an agent. I'd like to throw my name in that hat...

@Jessica Taylor I saw your other post as well.

I think we might be able to help each other out. I also have an idea that might fit nicely with your idea... Possibly anyways. 

Hey guys!  I'm curious to see who everyone in the Salt Lake City area recommends for contractors for fix and flips.   Any suggestions?