All Forum Posts by: Dan Gustavson

@Stephen Brown, Awesome.. appreciate it!

Hello BP Community - I am finishing up a tour in Iraq and will soon be home, I want to hit the ground running once I'm back. I have one rental in Salt Lake City and am looking for buy/holds in Ohio as my home market has exploded the last several years, I would prefer more for the money. I need to put together a team and would love referrals from anyone that would be kind enough to share information. I am looking for small MF properties preferably 3br each unit. 

My plan is to fly to Ohio and spend a week driving all over checking out the cities to get a feel for where I want to invest, meeting people, and viewing properties. Would love any information on what cities, or zip codes, that are doing well and are not war zones. Lastly, I would like to possibly attend any meetups that are in the area and could coordinate my travel week to line up with that date, any info on meetups in May would be fantastic. 

Any advice or input would be amazing, greatly appreciate all of you and hope to meet/chat soon!

@Brendan M. - Looking to see if you were able to follow through with your plans and what the outcome was as I am looking to do something similar. Thanks!

Hello Gents.. I am currently in the same situation, any luck going through the process? Also, when you refi and restore entitlements, do you not have a loan limit or do they limit it being that it was restored? I know that as of 2020 they removed VA loan limits. Thanks!

I am currently on a handful of different wholesalers lists, they just don't come close to decent numbers in Salt Lake. I have been planning on targeting areas near me and knocking on doors, It seems like that is the best way in this crazy Utah market. Thanks

@Logan M. - That's awesome! What is your strategy on finding these properties in SLC when the market is scorching hot.. if you don't mind me asking? 

Hey Kathryn - Congrats on the first post and welcome to BP. I'm in Herriman and am also searching for my second investment property. As you mentioned, the market here is crazy and it's made it hard to find deals. I receive half a dozen Utah wholesale deals daily in my inbox and even those don't come close to the 1% rule. For this reason, I have been looking out of state towards the mid-west, but have also thought about Texas. I lived in Utah my whole life and would love to stay investing locally, I just don't see it happening right now for me. My next property will be small multi-family and they are in short supply or insanely expensive in SLC. As mentioned above, you could probably make it happen outside of the Wasatch Front but even those valleys are getting expensive. I cannot believe how expensive the prices out in Tooele, Eagle Mtn, and Spanish Fork have gotten the last several years. Good luck!

Interested in seeing the comments as well as I also have been wondering this. Even the wholesale deals I've been receiving are not even close to 1%.. more like .5% at best.

Hello Community - I have a quick question as this is my first wholesale deal that I've really put much thought into and was wondering if anyone out there with experience buying from wholesalers can give me an outline of the due diligence items they complete when looking at a deal from a wholesaler? In the email I received it states that "all due diligence must be performed prior to signing contract", how do you normally go about doing all of your due diligence in such a short period of time in such a hot market and what are your absolute MUST DO's when performing due diligence? They are allowing a one-time walkthrough next week. Do you order an inspection or just have a GC walk through.. or buy as-is? Appreciate your insight, very interested in this property but am a little nervous as this property isn't local for me (do have family in the area that can walk the property on my behalf). 

@Kayla Jacobson - Agree with what the others said, HELOC sounds like it may be the better option. I'm currently shopping around for one at the moment, MACU is who I am leaning towards. As long as you live in the flip for at least a year, you should have no problem using the VA. However, it needs to be livable according to the VA standards in order for the them to back the loan. This means you couldn't buy a complete gut job. Having said that, the VA is a powerful tool.. I've used it for my last three properties in SL county and currently have two VA backed loans. Good luck!!