All Forum Posts by: Eldon S Bailey

Hey Derek, 

Welcome to BP.  What area of Utah are looking in?  There are some great Real Estate Investment Associations (REIAs) here in Utah to help you meet people and start building a team.  Salt Lake City- SLREIA,  Logan - NUREIA,  Utah Valley - UVREIA,  Southern Utah - SUREIA,  and Utah - UREIA.  Look them up online.  They have regular meetings, webinars, and conferences.  Maybe I'll see you at one of them. 

Welcome Jordan.  A few things that I think will help you out: 

First, the Salt Lake Real Estate Investors Assoc. (SLREIA) is having a luncheon at Rooster's in Layton on Wednesday from noon - 1:00.  You will meet a lot of people who want to help you. 

Second, explore everything on BP. Podcasts, forums, blogs, and how-to guides (to name a few). Awesome resources!

I will probably be a the meeting on Wednesday (job permitting), so I hope to see you. 

Rob,

Thanks!  I'm trying to set up my team and learning everything I can.  I really need to learn property valuation.  

I've already found that my goals need some revision.  They've gotten much bigger.

Hey Skyler,

I am primarily looking to get into buy-and-holds. However, I am thinking about partnering on a couple of flips to obtain more working capital first.  I see that you are in Cache Valley. That is less than an hour from me, so I would be interested in any good deal from here to there. 

I'm trying to build my team and wondering if anyone in Northern Utah would like to refer someone (contractors, plumbers, HVAC, electricians, attorneys, CPAs, etc).  I received some names from friends, but looking for more options. 

Thank you. 

I want to increase the value of my primary home by doing some much-needed repairs.  My wife and I want to sell this home, then downsize or owner-occupy a multi-family, and have additional cash for investing.  We currently owe $148,000 and the current market value is approx. $207,000.

The question I have is about Home Improvement Loans.  Are they better or worse than Home Equity Loans?  What about the requirements for each?

I had no idea there were so many investors from Utah on BP. Awesome! 

Welcome Brayden.  What area of Utah are you focused on?  I look forward to getting to know you. 

Make sure you listen to the Podcasts.  A lot of great information. 

Thanks to all of you for the responses. 

@Mike Gallagher and @John Phippen, it's great to finally meet  investors in my area. I hope we can get together soon. 

@Paul Timmins, thank you for the great tips. I will check out those books.  I have ordered three books from BP, and learning a lot from them.  I like the college student idea also.  Thanks again. 

@Mark Nolan, I just checked out the "learn" section this morning.  Excellent advice.  Thank you.

My name is Eldon Bailey.  I am 45 years old.  I have a lovely wife (high school sweetheart) and five adult children.  I retired from the US Air Force after 20 years, and now work full-time for the USAF as a civil servant.  I am starting my Real Estate business in the Clearfield, UT area with plans to stay within 20 miles, unless a very sweet deal presents itself outside of that area.  

My real estate strategy is as follows:  buy-and-hold, Single-family, 3 - 4 bdrm, 2+ ba, approx. .25 acre lot, $120,000 or less.  EXCEPTION: I would be willing to do an occasional flip for capital.

My short-term goal, to be quite honest, is just to get one good deal under my belt.  I have so many questions, and trying to stay focused is getting hard, because I'm not even sure which questions are really important right now and which ones are just distractions.

I'm not looking for a get-rich-quick thing.  I'm willing to work hard to do it right (i.e. Business plan, marketing, legal, etc...).  I want a business, not a scheme

Finally, I would like to throw one question out that has been bothering me.  So many investors seem to have their broker license.  How important is it to be a broker if you want to invest in real estate?  What are the pros and cons?

So far, I love BP.com and BP podcasts (listened to about 30 so far), and I look forward to building some long-lasting relationships with great professionals.

Thank you all for the excellent comments. I appreciate your input and will definitely be checking out the HOA first.

I looked at the HOA fees, but wasn't aware of all the other important details of the HOA. You may have saved me from a bad situation, or made a good deal even better. Either way, I appreciate you. Thank you.

 I will post the results