All Forum Posts by: David Healey

@Jeff Rappaport, Thanks for the information. It is awesome to connect with a legend. 

@Jeff Rappaport 

Thanks for your response. Out of curiosity, what did the investor who purchased the South Salt Lake property invest in the duplex to get that kind of ARV?

Thanks for the quick responses. Shmuel, I appreciate the post you referenced. Thank you all. It's easy to get discouraged when you're new and the first few realtors are telling us what we want is impossible to find. I appreciate your encouraging responses. 

My wife and I are going to move our family (three kids) into a fourplex in Utah in the next few months. We've read Brandon Turner's books which say that in order to get a good deal we should be putting in offers at 20%-40% off the market value, shoot for 10% forced appreciation in the first year, and settle for no less than $200/unit Cash Flow. 

We have spoken with a couple realtors in Utah who tell me that this criteria is absolutely impossible. I realize that in order to find these great deals we'll have to put in several (40+) offers per year. Is it realistic to expect realtors to put in this many offers to help us find these great deals? Anyone in Utah finding these deals? If so, did you use a realtor?

@Mike Henkel What are you charging for rent? I can't believe you can find 4plex deals for under $200k. The market I'm looking at (with a couple Universities near by) averages about $360k.  You're a stud. Thanks for sharing your awesome story.

Welcome, Ralph. This is the best place to find great advice. Also. I just bought "The Book On Rental Properties," it is an awesome guide. That's also a great place to start.

Why am I getting $578 when I calculate:

5000(50%) = 2500

$1468(P&I)+$384(taxes & HOA)+$70(Home Ins.) = $1922

So, $2500 - $1922 = $578

My math shows he would cash flow at approx. $578, not $1032.

What am I missing here?

I've spoken with a few lenders and would highly recommend speaking with Jason Vonk of guaranteedrate.com. Jason is Investor friendly. Good luck. I'll send you his contact information in a private message.

@Jeff B., Thank you for commenting. We will definitely "come clean" with the loan officer. 

Thank you, @Account Closed. We now have some direction on how to handle this.