All Forum Posts by: Curtis Fergus

@Chase Nye I think I remember reading a post from you a few weeks back saying you and your wife might be headed out this way.  I agree with @Jeff Brower on the idea of house hacking a multi family if you can live with that while you are here. The problem in this market is finding a cash flow rental is extremely difficult. The values here in salt lake are just to high to positive cashflow without a substantial down payment. It can be found don't get me wrong it is just not as common to hear of people finding deals here that meet the guidelines you read about on bigger pockets from other areas. I found a few and I would love to help you find some as well. Maybe try some of the local REIA meetings and see if you can meet some wholesale people? But I'd say if you are looking for a single family home to live in you will probably be interested in a few of the areas in the valley with better neighborhoods than where you will be looking for typical rentals. My 2 cents on the matter... Let me know if I can help.

Welcome @John Tenori, 

I did the same thing and "jumped" my advice is to make sure you are ready, I quit my day job a little pre-maturely and regret it a little bit.  There is room to start on the side at first. I don't know your situation, maybe you have a good reserve fund set aside,  I didn't. Food for thought.  

That being said, good luck and enjoy! It's an exciting endeavor!  I'd like to offer my services as well if you need an agent for anything in your journey!

Welcome Cameron,

My suggestion is tell everyone you know what you intend to do and see if they know anyone that is interested in partnering on the money side. Without a track record it can be tough. Most seem to have family that helps.  Hard money is an option.  Conventional financing if you can qualify for it of course.  Go to the local meetings and meet ups, talk to people.   If I can help let me know (realtor) Oh, and if you get a killer wholesale deal I want to know about that too :) 

Welcome Chase,

When and if you guys arrive let me know if I can assist in any way.  I'd be happy to help. 

Welcome Jeremy, 

I have run across several deals down here in Salt Lake that would be great flips! If I didn't have all my funds and time in one I'm currently working on I would pick one of them up today.  Let me know if you want to look around down here, I'd be happy to help.  Also I work closely with a fantastic lender if you want to get pre-qualified.  

Welcome Melanie, 

Congrats! This is an exciting world  (real estate investing) isn't it? 

I'm also on a mission to get as involved as possible in the real estate investing realm.  I am a realtor with century 21 as well as a master electrician and I'm currently studying for my general contractors license.  If there are any needs I can help you with feel free to ask.  Look forward to it.  :)

In my very unexperienced opinion I would say, first of all I think the area you are describing sounds amazing!  A multi on campus is a good idea I would think.  Couple concerns I would have is that your vacancy rate is already over 7% so I would be careful about raising rents to high.  Also I am looking for something similar right now but I would need more cash flow personally.  As it sits right now with current rents this deal has negative cash flow and not so much after you raise rents to your 725.   Again,  I am new to the game so I am nervous even voicing an opinion :)  I am very curios to see what others have to say about this one.  In any case good luck and thanks for sharing.

@Jeff Rappaport 

I am currently looking for a multi family deal in salt lake city or nearby as well should you pick something up. 

@Mason Warr

I am also looking for a sfr to flip.  If you come across an amazing deal feel free to contact me.  

I was not aware of this meetup but I would also like to attend if possible :)

Thank you everyone I'll look in to these.  @Jeffrey S. Breglio I have already scheduled to attend the January slreia meeting. I have also tried to schedule an appointment to meet with you at your office about some things I need your assistance with via your website.  I have not received a response yet and plan on calling sometime next week to see if we can meet. 

I am looking to jump in to real estate investing here in my local market of Salt Lake City.  I have recently paid off all my loans and cards and have an outstanding credit score.  I work full time and make a fairly decent wage, recently obtained my real estate sales agent license, and just started my own company doing what I do for a living on the side (electrical contractor).  All of this in anticipation of fueling my investment career.

My problem...  Major Lack of capital hahaha.  I spent all of everything I had on getting out of debt and obtaining all my education and licenses. 

My solution... (or working theory) I currently own 2 single family rental properties that are both sitting around 80% LTV. I am thinking that I can possibly take out HELOC on both properties to leverage my way in to and fund rehab on a quick flip or three. With the end goal of using the capital raised from said flips to land in a house hacking multi-family scenario before end of 2016.

Does anybody know a good investor friendly local bank in Utah???

Is this line of thinking even reasonable and attainable?

I don't have a large sphere of influence yet so I am thinking private money may be out of the question for the near future. I am not afraid of HML given the right scenarios of course and will definitely use it if need be, but I would like to establish a working relationship with a bank so any info on that area would be much appreciated. Or any other advice on how I can get off the ground and running for that matter :)

Thank you for your help BP!!!