All Forum Posts by: Jaiden Olsen

https://www.facebook.com/pipedreams.ut/

I own a home in Kaysville, UT. I bought it about two years ago for $215k. Since then, I have put about $40k into remodeling and adding a MIA(doing all the work myself). As a result, we have been able to rent out the MIA to offset our current mortgage costs by nearly 80%. I had to finance about $20k of this using a home equity line. With the market appreciation and forced appreciation in my property, my home is now worth ~$310k. I still owe about $195k on the original mortgage and about $18k on my HELOC. My question is this, should I do a cash-out refinance? Doing so would allow me to pay off my HELOC, pull out $30k-$40k, and still leave ~20% equity in the property.

I have been bombarded with all kinds of opinions on what I should do. I recognize that restarting the amortization schedule on my loan may cost me a lot of money (in interest) in the future. I also recognize that my mortgage payments will likely increase $300-$400 per month. On the flip side, I would have $30k-$40k liquid cash I could use to acquire my next investment property(s). If I'm honest with myself and everything I've learned here on BP, I should refi and BRRRR/House-hack the heck out of the deal, but all my financial advisers (parents, in-laws, etc.) are telling me to just focus on getting out of debt ASAP.

Thanks to all the local input! Salt Lake City, Ogden, Provo, Logan, Utah

@Ben W. I sent you a message. Hope to hear back from you!

Rich Olsen is a great electrician.

https://www.facebook.com/pages/category/Local-Busi...

@Sean OToole, is there a list we can sign up to be a part of that will let us know when your services are available in Utah?

Tyler, That is a great idea. Never hurts to ask!

I'm looking at a duplex in the Ogden Area (about 50 minutes north of Salt Lake City, Utah). The owner has rejected several offers that have come in below asking price and is dead set on his price. That being said, I'm having a hard time getting the numbers to work at the asking price. The other challenge is that the current tenants have leases that don't expire until the spring of 2019. Each unit is currently 2 bed/1.25 bath renting at $950/month. There is plenty of space in each unit to make them each  4 bed/2 bath and bump rents to ~$1300. 

That being said, when I run the numbers based on the current leases and asking price, I'm positive $50/door until spring (Cash on Cash of 6.5%). However, after the leases are up and I remodel each side and bump rents, I'm cash flowing at $325/door (Cash on Cash of 11%). 

My question may have an "it depends" answer, but I want to know your thoughts. Would it be too risky to take this deal? If the numbers don't work very well right away, but they will work great in 6-8 months, can I justify the deal?

Come to the SLREIA meet-ups. They are always great networking opportunities! You can find out more information here. I hope to see you around!

@Russell Zuck SLREIA is definitely the first place I would start. They have luncheons once a month and classes once a month. We just had our meeting last night, but lunch next week should be great!

https://slreia.com/lunches/

I'm looking at an investment opportunity in a rural community in South Eastern Idaho. The market is reasonable, and the numbers on this property work out great! I found the deal on Loopnet and I think it could work out. It's a seller financed deal and ought to cash flow really well. The seller has disclosed to me that the apartment complex has 12 HUD rental units with 18 years left on the contract, 3 USDA rental units, and 9 open market rental units. I'm just curious what things I need to be aware of when dealing with HUD and USDA contracts? Any advice you have is greatly appreciated!