All Forum Posts by: Jaiden Olsen

If they are calling, there is a reason. Out of state owner, not owner occupied, distressed looking property, overdue taxes, liens on property, or other. If it is a rental, I'd make sure that it isn't owned in your personal name, rather put it in an LLC. That should stop a lot of the calls. I don't know what else to tell you.

@Matt Crawley, Sounds good. I don't deal much in that space, but be sure to reach out when you are ready for apartments!

@Matt Crawley, What kinds of property are you investing in? Single Family homes? 2-4 Unit Apartments? Small Apartments? Large Apartments?

@Larissa Friesen, I use Reeder Asset Management for all of my property management and I recommend them to everyone that I know. They are fantastic. They have offices in Logan, Ogden, and Salt Lake. Everyone that I work with owns investment real estate and they really understand what it is that Landlords are wanting in a good property management company. I would recommend them without a doubt. Check them out at their website linked above.

@Monte Blunk, I would only recommend using a series LLC if all of your properties are located in Utah. From my understanding, the series LLC is a Utah product and is great for in State investors, but I'd be wary of holding out of state properties in a series LLC. Check with @Jeffrey S. Breglio, with the Breglio Law office in Salt Lake. He is the best of the best!

@Justin Hendrickson, Welcome to BP. You are on the right track. Where will you be looking to house hack? If you are open to moving to Davis County, I may have just the deal for you coming on the market in the middle part of next year. It even has Seller Financing options available. DM me if you're interested!

Not a requirement by any means, but I really like having a property manager in place. They save me the headache of doing background and credit checks, legal stuff, applications, advertising, late night phone calls, maintenance emergencies, snow removal, and so much more. I use Reeder Property Management, and I would highly recommend them. 

@Randall Marshall, As a rule of thumb, I estimate 10% for property management (rather than 7% which is what you are showing), 10% for repairs (which you don't have listed, and may not be that high for a building that new), 5% for Vacancy, and 5% for capital expenditures. It also doesn't look like you are showing anything for utilities (if they are paid by the tenants (other than the HOA), that is fine, just want to make sure).Also, your closing costs seem to be extremely high. If I use my spreadsheet (download it here if you want), I show a negative cash flow of $860/month. 

There is a lot that goes into analyzing a property, and cashflow is just the tip of the iceberg, but if I were basing an offer strictly off of cashflow, I wouldn't offer more than about $450k for this property using conventional financing methods. If I could buy the property on terms (Seller Financing) that is a different story, and I could probably get the seller a full price offer.

@Chris Roberts, Welcome to BP! Congrats on finding this awesome community! Finding deals is hard. Period. Especially in Utah! Every investor struggles with it. If it were easy, everyone would do it. I would highly recommend coming out to the local meet-ups and meeting people. Networking is one of the most valuable tools you can have in your toolbox. Meeting good wholesalers is a great strategy. Surrounding yourself with like minded people is extremely valuable. Check out these websites for the most valuable, inexpensive, networking groups and start attending!  As far as local markets to focus on, Ogden/Weber County area is where a lot of people are focusing their efforts, but it is all about making the deal work.

https://www.utahreia.org/

https://uvreia.com/

https://slreia.com/

https://www.nureia.org/

@Chris Roberts

The last SFR I bought was in December. We were able to negotiate from asking price of $225k to $210k without a hitch. There's never a bad time to buy if the numbers are right!