All Forum Posts by: Eric Gardiner

@Nate W. Hi Nate, Have you figured out what you debt service will be on these. You need to get a top line of gross revenue and then subtract costs. These cost can be the mortgage payment, HOA if you are going to pay it and not the tenant, any utilities you may be paying, insurance, and you will want to plan for a reserve of something.

Take the gross revenue and subtract the expenses from it and see if it has cash flow. 

You can use the BP calculator to figure a lot of this out. 

@Joel Brown Sorry to hear. I had a rental test for meth and it sucks to deal with. This cost me about 3k after cleaning and new paint and carpet. It was a small 800 sqr foot apartment. I love the strategy put forth by @Justin Hammond . 

@Gabe Sorensen Congrats. working as a real estate agent is a lot of fun and a lot of work. You shouldnt think this is an easy career. It takes a lot of personal drive. If you want to discuss this more I would love to talk. 

@Nicolette Alger What kind of criteria do you have for each? 

For the rental, what are you looking for? 

For the flip, what are you looking for?

You should add these details and then people can help more. 

For the rental you should think about your price, bedrooms, bath, units, cap rate wanted, and such.

For the flip you  should think about how distressed of a property are you looking for. How much do you want to buy the property for and how much in rehab costs? How are you financing these purchases. With a flip you will need to find a rich uncle, have cash on hand, or often times use a hard money lender. 

These are just a ew things to think about. 

@Chase Shumway Welcome to real estate. It is a fun and exciting world. If you want to sit down for lunch or talk on the phone please reach out. I will PM you my phone number. 

@Patricia McPherron Welcome to Utah. There are deals but most are off market and some are high dollar flips that I see. 

@Jodi Kaili Welcome to Utah. The market is tight but deals exist. What kinds of stuff are you looking for? Most BPers are looking for deals that are very very very difficult to find. I find a few good deals once in a while.

@Drew Whitehead under or around 200k is the quickest selling price point around. I have a client that flips a lot and that is his bread and butter. There are higher end flips that work great but you have to have the capital to do them. 

@Paden Anderson The deals sounds great. Typically with seller finance the price isn't as negotiable as with a traditional seller. Them doing seller finance is something that can me more difficult to find. 

I think @Mike D'Arrigo hit it on the head when he said be careful to not buy in too rough of an area. I have some one that owns two duplexes in Ogden that cash flow but they are not worth what they paid for them because they are in such poor shape. 

Its important to find good people in that area to work with and I think a tour or visit to the location is a very smart idea. 

I recently have been going through the HELOC process with America First Credit Union. They would do 80% on investment but I had to pay for the appraisal and they wanted me to show a lot of income.