All Forum Posts by: Daniel Goldfinger

Hey all, I am starting to build a pipeline of leads for properties and I'm wondering how you all analyze the rehab costs on multiple properties. Any tips or SOPs would be much appreciated. 

Hi All, I have a question about a townhouse I have under contract in Lehi, UT for $500,000.  It's part of a new development and construction will be completed in June 2022. I just finished closing on another property in Utah with an owner-occupied mortgage. 

I spoke to my lender and it might be difficult for me to qualify for another conventional for this other property because my DTI will be too high. I'm looking at alternatives such as getting a hard money loan and then doing a refi after it's renting.

Does anyone have any insight on using private lending to close on a new build and then refinancing?  Or is there an alternative option I'm not thinking about that could work? Open to any advice and suggestions. Thank you in advance!

@Ola Dantis

Happy to hear that you took another plunge and it’s working out! I appreciate your insight. That is kind of where my head is at: I can always move back to Salt Lake City. It’s not going anywhere, nor are the things that I love about Salt Lake City.

Part of it is also the excitement of moving to a new place since I’ve been here for over 10 years now. I tend to thrive outside my comfort zone, and I think this possible opportunity could open up not only several new doors, but also new perspectives that could further enhance myself and my skill set.

Thanks again for the encouraging words!

@Marc Rice

That’s a great point Marc, and something I’ve considered as well.

I guess I should be more clear to people that Cleveland is not the end-all-be-all location for me. Because of my work flexibility, my living situation can also be quite flexible. The only reason I initially said Cleveland is because it’s where I’ve been looking in depth at opportunities, and the cash flow lines up with me to be able to live for next to nothing if I house hack it correctly while focusing my time and money on my investments.

But I’m sure I could find similar opportunities elsewhere. I hear great things about Columbus, and the more I think about it the more I am open to other options in nearby areas, too, not necessarily even Ohio.

However, with opportunities in the Midwest, I’m open to to exploring what other options there are through the neighboring cities as well.

Have people seen any correlation between property value increases and opportunity zones? On Ohio’s govt website, it shows Cleveland and Columbus both with quite a few OZs. @Remington Lyman @Kyle Parks @Brandon Sturgill  - would like to hear what you guys think in regards to OZs and rebuilding of your respective cities.

@Ari Hadar you mentioned that Lakewood and Ohio City have kind of reached their capacity in a sense. Which C neighborhoods do you see next? 

@Remington Lyman

Thanks for the feedback and extra confirmation. And thank you to everyone else who has provided valuable insight. This community is great.

And good point @Andy Jenkins. Salt Lake is definitely where I’d like to end up in the long term. I’ll have to weigh my options and do some cost/benefit analysis.

Thanks for the tip @Joe Splitrock. I’ll be visiting Columbus as well, so I’ll have to compare the two differing cities. 

Appreciate it @Travis Watts! That’s a great read and puts some good things in perspective. Thank you for sharing.

Thanks @Brad Hammond. I grew up in LA, have lived in SLC for 10+ years, and am just kind of trying to open up my options in the short-term while I advance myself professionally. And I can appreciate what you’re saying about wanting to live where I’m going to be. I would otherwise be doing out-of-state investing from Salt Lake City, which is the initial plan. But as I think more and more about it, I feel like I may be limiting myself to my options and opportunities because I’ve always had this assumption with myself that I am going to stay in Salt Lake City indefinitely.

I also travel quite a bit for work (when it's not a pandemic), so my living situation has mostly acted as a base/storage unit for the past few years. And if I moved my base/storage unit to somewhere more affordable while hacking the FHA one-year rule, it might open up some more opportunity for the next steps.

Can I ask why you say 5+ years?