All Forum Posts by: Eric Gardiner

Hello all, I recently bought a house at the Little Rock Arkansas (Pulaski County) tax lien auction in Little Rock. I live out of state and am working on getting a remodel plan in place and then to rent it out. I am looking for a referral for a contractor and property manager in the area that does full service remodels.

Thanks. 

@TJ McLelland looks like you are in St George.... Short term vacation rentals seem to be good down there. It is a little played out but still a great market. I live in Salt Lake but go down there a lot. 

What other part of real estate or investing do you want to get involved in?

@Ki Lee Hi Ki, 

I am a realtor in Salt Lake City. The MLS flips are hard to find and dont last more than an hour. I would almost say that anything on the MLS is so slim for a flipper that it wont work. Most things on the MLS are for the first time home buyer that wants to live in it and do repairs along the way as they aren't looking for immediate profit.

Are you living in Salt Lake or trying to invest from out of state?

@Preston Heninger

Hi Preston. I dont know anyone right now but I do keep an eye on mulit units daily because I want to buy one. Are you only looking in Utah County? 

@Olesya Richards

For an auction purchase hard money usually fly. At the auction you normally need a $20k cashiers check at the auction so if you win you hand that over immediately. Then the rest of the fund are due in 24 hours. Hard money lenders usually want a few days to underwrite the deal and so typically the timeline wont match up. If you have a hard money lender that will do it then that is awesome and it is a possible strategy. I keep and distribute an auction list that I retrieve from a few sources. You can check out www.realtyhub.com if you want to try and go it alone.

I like the idea to refi your current residence and then take those proceeds and buy a new place. I like this because then you are adding to your portfolio. But if that is counter to your goals and you need all of that cash then you should sell. It comes down to what your end goal is. 

Personally I am currently selling a condo I live in and plan to take the proceeds to buy a 2 to 4 unit property. 

Reach out if you ever want more details. I like this topic a lot. Good Luck. 

@Matthew Fassett I would recommend to find a person that will mentor you. Find someone committed to you like you are committed to their success. Becoming a successful RE agent follows a similar path as RE investor. You need a mentor and you need to provide value to them so they show you the ropes. You will likely split a bunch of your first transactions with them for the time they spend with you. 

The other option is to get one a team and then you are stuck there forever and never start making more.

The last option is to find a company with training and you follow the training but dont learn how to grow fast and be successful. 

Good luck and start making calls! It is all about calling people. 

@Mark Creason That program looks like it might be helpful. If I find something in that range I will reach out for sure. Thanks for sharing. 

@Eric Mitchell I have never seen a 2 % rule home in Utah. I use to own a 1% home in down town Salt Lake City but it was super ghetto and hard to keep full so I finally sold it. 

I have a realtor friend in Detroit that has shown me a few 1% there and I have been trying to buy one for the last month. He says he find 1%ers there all the time. 

You will likely need to search outside of Utah. You could look at Las Vegas or Cedar City. Not sure if those markets would be totally different but it is possible. 

@Nathan P. We maintain a list of homes going to auction along the wastach front and back mostly for the investors we service that buy those homes at auction at the court house. I have not gone the NOD route yet but see how it might be worth it.

Are you making cash offers to the NODs or offering some sort of plan to prevent them from going to auction?

@Juan Santos You sure can. If you have the income or financing to buy it you definitely should. If you have those breaks in Salt Lake City then it might be great to buy one in utah. If you have questions reach out I am happy to help.