All Forum Posts by: Eric Gardiner

@Devin Rapp You can get some ok investment loans from Mountain America CU. They will do 10% down, 2.5% origination fee and 1-4 units. I have not taken one of those loans out but I have a friend that has. I think you can only get two of those.

The good thing about smaller community banks is that they keep loans in house and dont certain strict rules to abide by like a loan broker.

I think America First CU is now trying to do an investment loan. I dont know the detail but here is the link. https://www.americafirst.com/loans/home-equity-loa...

Good luck.

@Account Closed You can get some ok investment loans from Mountain America CU. They will do 10% down, 2.5% origination fee and 1-4 units. I have not taken one of those loans out but I have a friend that has. I think you can only get two of those. 

The good thing about smaller community banks is that they keep loans in house and dont certain strict rules to abide by like a loan broker. 

I think America First CU is now trying to do an investment loan. I dont know the detail but here is the link. https://www.americafirst.com/loans/home-equity-loa...

Good luck. 

@Donovan Wilcox  If they dont give you the rent roll for the last few years then I would be very skeptical. If you dont have an agent representing you and you are dealing with the sellers agent then they might not be looking out for your best interests. Any investor should had that stuff over if they are serious about selling. Once an offer has been accepted that information is part of the due diligence. 

The income should at least be on the sellers schedule E. 

Also, how are the self managing a property while living in California. Seems weird to me. 

@Joshua Johnson I support what the others have said. Start with areas you are familiar with and where you can drive by and manage it. There are some awesome opportunities where you live. Lehi is growing like mad. I know a few people who have bought new townhouses there to rent out to tech workers that are moving here. You also have two universities. 

@Rachel Steenland I live and invest in Salt Lake City. The unemployment rate here is very very low. Rents are very strong. Prices are also very high to buy rentals so it can be tough to find a great cap rate. They are out there. If you get interested in the Salt Lake market let me know and I can help you out. 

@Chris Potter yeah it was. It was a beauty. It’s gone now. 

@Collin Baumann  I would recommend Kathy Kassell of Graystone Mortgage. She does amazing work for many of my clients and family. A link to her information is below. Send me a direct message if you have more questions. 

https://graystonemortgage.com/profile/296/

@Brittney Stewart Utah is a great place with an excellent economy. You can house hack a duplex or a mother in law. There are a lot of them all over the valley. Kenya mentioned some more reasonably priced areas that have good neighborhoods but can also have rougher areas. Be sure to visit these neighborhood before making a decision or talk to someone you can trust if you are going to offer on anything without walking through first. 

There are some great deals that are off market or just before they are listed that come up often. It usually just takes having an agent that has access. Many of the really really good deals I have found require cash to purchase but they have some huge upside. There is one in the 15th and 15th neighborhood that is $440k duplex that would resell for $625k. That is a good deal but it takes a lot of cash. 

If you want or need any help don't hesitate to ask. 

@Tyson Volpi I would recommend listening to all of the BP podcasts. It is free and you will learn a ton!! From there you will hear highly recommended books that you may want to read down the road. 

I would also recommend getting a job in one of the industries. Construction, Property management, realtor. All would be good experience. 

@Rhett Dean Hi Rhett. I know Vernal fairly well. I have never lived there but I have driven through a lot and repossessed a few cars there. The price you are buying it at is $30K below market so I think that is a great. You could turn around and sell it in 6 months probably and make good money. That below market price also allows you to have a lower payment once you refinance. That in turn allows you to lower and or increase rents as the market changes. Someone with a larger payment wont be able to lower to where you go assuming they have a higher payment. 

Another reason I like your town home is because it is nicer than a lot of other rentals in the area. Im sure you have driven around and seen how rough some of the older neighborhood are.

The concern is obviously the 2 hour drive. 

There are deals to be had in the Salt Lake valley. You just need to hunt for them. My partner and have found some and are getting up the nerve to offer on one. If you buy along the Wasatch front for cash flow then I wouldn't worry about the market correcting itself in a few years. Since you bought based on cashflow you are only concerned whether rents will cover your payment. I do not believe rents will be decreasing anytime soon. I also don't think a correction in the Utah market will be that large.