All Forum Posts by: Duane Richards

I was just looking at Onwell for property tax petition filing in Florida. Has anyone used them with success? They claim a 35% fee on the first year's savings, only if they save you money.

Also, I received from my mortgage company an email from "Incenter Tax Solutions" who claim to be a nationwide property tax petition and monitoring service. They charge 50% of the first year's savings if the petition is successful, otherwise there is no charge.

Any feedback on these kinds of companies or the process as a whole?

@Jeremiah Shuyler just checked out your website, those look amazing. I walked through the Figma presentation, and I think I understand part of it, but I suppose a call would be best to detail options for an investor. I'm assuming at this stage, capital is needed to begin development and that could lock in a certain number of lots/units for an investor based on how much they choose to invest?

Awesome experience! I purchased my first STR in Orlando last year, and with some modest success, I've been looking for another market and have considered Destin. What are the market conditions looking like at the moment? I'm imagining the demand for rentals there is still high for STR nights booked.

@Sundone Boutvyseth I also did a 10% on STR in Florida last year, it's worked out really well, but went through a national lender. Glad to share my experience and information if anyone is interested.

@Eric Yu, @Brad Jacobson, I bank at MACU, but I use a mortgage broker for most of my loans. Rates have not been very favorable through him lately, as you can imagine. Who do I talk to at MACU about this "private loan program" for investors?

Thanks in advance!

@Elijah Bryant I'm not a professional agent nor a financial advisor, but I spent over a year researching, learning and calculating deals before I committed to my first one. I have 6 LTR's in Utah County now and one STR (out of state), and I can tell you the calculations were MUCH easier on the LTRs. But I'm glad to share my experience with you along with the tools I used (and still use). I'm still actively looking for deals in SL and Utah counties, but they aren't as lucrative as they used to be! They are still out there, though!

I am particularly looking for creative financing solutions to keep moving forward, like "Subject To" or seller-finance, that I've read a bunch of forum posts and articles now on this way to obtain real estate. In my market (Utah County), as you all know, prices escalated quickly from 2020 to now, and they are declining a bit, but not very much and not quickly. 

I put my first LTR (townhome new construction) under contract in 2019, closed in April 2020 right during the COVID shutdown - we were extremely nervous. But by the end of the year, we had 4 units. 2021 with cheaper loans, we closed on another 4 units (one with my son who is house-hacking near the university, and one vacation/STR in Florida). Money has become much more expensive lately, so cash flow on purchases here with the current sticker prices is pretty difficult!

I've been a bit strapped for capital enough to keep putting 25% down for a better investor interest rate, so I'm looking for more creative options. So if anyone has any pointers, I'd love to hear them. We had a condo under contract scheduled to complete in November, but with current rates, the PITI + HOA puts the monthly obligation over $2000/mo, and there is no cash flow in that deal. We are negotiating with the builder, but may just walk away from this one.

@Jonathan Taylor do you have any experience with "Subject to" paperwork/legal considerations? I'm looking to work with a few sellers in my market and would really like to become familiar with this process. I'm also looking for seller-financing deals so would love to chat about that as well.

@Anson Dipnarinesingh I have some LTR's in Utah County, started investing in 2019, so like you, I hit the appreciation launch just in time. My townhomes, ranging from 1492 sq. ft to 2600 sq ft in various locations are pulling in $1700 - $2700. Our lowest are in Provo, but they are below market at this point - most comparable units are renting in the high $1800's, though I don't know how yours compares. 

I have one OOS rental, but it is short-term, and I definitely use a PM for it. Not to offend anyone, but shopping for and trusting a PM is nauseating to me (like facing a used car salesman) based on my first PM experience with our OOS. We really found a gem after dropping our first one, but I've interviewed PM companies in St George, Ogden, etc. trying to find one I really feel I could trust, and have found a few good candidates, but if you're PITI leaves you only $300 margin monthly, half of that will be eaten up in PM commissions, something else to keep in mind.

I like option 4, have you looked into the market up there to see if there are any good house hack options on the market yet? The gains from your Provo unit could put you over the top on a really good multi-family for something like that!

@Wayne Brooks, thanks for the correction, I do understand the deep discount expectation, wasn't sure if it was worth it for him to take that kind of hit or not - I believe he is starting to use the MLS out there, so I think pursuing that first to see what kind of traction he gets sounds like the best way to go first. Please send your agent's contact info if you don't mind!