All Forum Posts by: David Fairall

@Matt Hendrickson I'll PM you with the info.@Matt Hendrickson

@Matt Hendrickson

Considering you’re getting a lot of varying opinions and your decision may have legal ramifications, I would reach out to your local/state apartment association to find out for sure what your legal obligation is in this instance. The one I belong to provides a landlord handbook updated annually that spells out exactly how to legally handle service animal requests.

@Beckie Reynosa Thanks for your insight. I'm not trying to pretend I know how to time anything but seeing all the economic growth that Utah is experiencing it seems unlikely that the upward trend is going to stop anytime soon so I don't think it wise to sit on the sidelines until it does. And thank you for your referral. I will look into that as an option.

 If you think you're "too young to qualify for any kind of financing" then you're right and you won't. At least not if you don't do anything about it. I had similar thoughts once too until I actually talked to a lender. Turns out, there are lots of people that would like to lend you money but they likely won't show up at your door. You have to put the work in and seek them out. I would recommend starting with a local credit union or community bank and having a discussion about your goals and your financial situation. Sometimes smaller local institutions are more flexible in what terms they can offer. Another option, (and this is what I did for my property) is to look up a few mortgage brokers to discuss your situation with as they have access to lending programs across multiple financial institutions. Keep in mind, they are sometimes paid commissions from those institutions for connecting them with buyers so you would want to make sure the loan product you decide on really is in your best interest.  Let's say you do that and everyone confirms your suspicion that you can't qualify for anything right now--ask why? Find out what you need to do to qualify. If a lender is unwilling/unable to help you understand why you don't qualify then you don't want to work with them anyway. Move on to the next one. There are a lot of different ways to get financing besides the more traditional way I described but for someone new to real estate I think that's probably the best place to start.

My other general advice for getting started is to do stuff. I tend to want to have  perfect plan before I start anything but that sometimes prevents you from doing anything. So I would follow some forums on BP, listen to the podcast, read books but then go do something too, such as: talk to lenders, look up and attend local real estate meet ups to make connections(I'm going to my first one tonight and I'm pumped about it!), learn how to analyze deals even if you can't afford them--practice it anyway. Lastly, it sounds like your dad has worked/does work in real estate. There is a huge free resource right there that you could tap into. Don't overlook that. Best of luck to you.

I agree. I feel like this should be added to the BRRRR calculator.

@Kip Lynch VR= Vacation Rental

@Cherie Orellana Thanks for your response. Did you find them on the MLS or through a relationship? And if you don't mind me asking, who did you use to refinance them?

@Craig Jeppesen That's not a bad idea, Craig. The reason I don't want to make the offer first is because I don't want to bid against myself. When I first discussed this with him last year he mentioned he would sell below market value. I don't know what that means to him. It could be a couple thousand, it could be tens of thousands. I'm not sure. I think I'd like to see what his idea of market value is before I show what I'm willing to pay for it. Being a new investor, I don't have a lot of equity to put to good use yet and I feel like this is an opportunity to capture some in a big way. I'd hate to go and offer to pay more for a property that the seller would have sold for less. Maybe that's the wrong play but that's what makes sense to me.

@Derek Dombeck Thanks for your input, Derek. I don't believe he owns the property outright. After learning a little more about seller financing I see that he would need to own it or be pretty close to it for that lending option to be feasible. I spoke with my lender today who helped me with my first deal and we ran some scenarios. Next steps would be for me to just ask the owner what his price is. Once I know that I can see if the numbers make sense. I 'll report back on what happens.

I've listened to a lot of BP podcasts and they constantly say that deals can be found in every market. I don't doubt it, but I know that home values here are going up rapidly and prices are sky high for even "starter homes". After hearing about a few different investing strategies, I think I'd like to pursue the BRRRR method. My question is, have any of you found much success here in Utah using this method and if so, what areas have you found with homes that you can add value to?