All Forum Posts by: Eric Gardiner

@Kimberlee Kennedy MLS 1418807 might be a good deal. It is a short sale so it would take forever. It came on the market a few months back.

Can you buy with cash? 

@Matt Larson Hi Matt, These are good questions. You should go meet a few brokerages. My friend and I opened one 8 months ago called Blackwell Realty Group. We are located in Salt Lake City. Let me know if you want to come meet and see our shop. 

@Emma Powell I have a duplex rental that I started to pursue a HELOC on. I worked with America First Credit Union also and they were willing to do it. Being that it is an investment property they did require that I pay for the appraisal but everything else was very standard to HELOCs.

If you are planning to buy one and then immediately take out a HELOC against it I am curious how you will have achieved enough equity in the home to do that. The only way I see it working is doing a BRRRR and then you might as well just do a cash out refi.

Let me know if you had a different idea of how you are going to do it. 

Another recommendation would be to get a multi unit 2-4 unit investment with an FHA or conventional loan. Then cash invested in minimal and you get a great investment property.

@Aaron Merrill After reading your post the first thing that came to my mind is are you able to buy when you do find something? Can you line up financing fast? There are deals but you need to be able to act fast. Connecting with a few wholesalers or just really good agents that find off market stuff can really help. But in the end you need to be ready, willing, and able to pull the trigger. Many pseudo investors I meet are excited but when they need to write the check they stop immediately. 

Make sure financing is somewhat lined up and then connect with investor focused people. If they are agents, wholesalers, or someone from a meet up. 

@Nicolette Alger So you want to buy a one unit place to cashflow.... They do exist. Do you want it in a A, B, or C neighborhood? You might even be able to find a cheap cheap duplex to do that. 

This stuff works but can fail at anytime. I have seen it in some houses and has lasted for 25 years. Its a gamble but most things in homes are. 

@John Ozoa-Sioson Are you planning to invest from Hawaii? The avenues are great but they are expensive. Vacancy will be rare because of where they are located. 

@Saul Moreno Where is the property at? 

@Dylan Bushaw You should listen to a lot of podcasts. That is one of the easiest ways to start to understand a lot of the concepts. 

Like mentioned above there are some awesome loan programs here. You still need to make some sort of money to make a monthly payment but starting out with a house hack is the easiest way to go. That is what I did first and it helps you learn a lot but still be not completely leveraged. You also act as a onsite property manager since you live there and that helps you learn a lot too. 

@Sheena Bohman You should hit up the SLREIA http://slreia.com/ or Utah REIA www.utahreia.org

Most of the information can be applied in Ogden. The Ogden market does have some special quirks but nothing crazy. Just ask people that you network with and I bet a lot of them have stories of Ogden.