All Forum Posts by: Jaiden Olsen

I'm new to this as well, and In our market it is extremely tough to justify the buy and hold strategy for the exact reasons you talk about. I've found success in being creative. My first deal was a SFH that I rehabbed into a SFH with a basement apartment. I've found that I was able to get the rents up close to 1% by renting the top and the bottom. But, like I said, you have to be creative in this market to get it to work!

I live in the Greater Sale Lake area and am in a similar situation. I dumped $30k of my HELOC into my first deal. I promptly refinanced my HELOC and first mortgage. Because of the appreciation in my home we were able to keep 20% equity in our home so we weren't paying PMI. We pulled out the rest of our equity in cash. Effectively what that did for us was amortize our $30k Heloc over 30 years at a lower interest rate. Our house payment went up about $150 per month, but since our first deal was cash flowing at about $550 per month, we figured that this was negligible. Now we are in a position where we can dump the cash we pulled out into another deal along with the money available in our HELOC. We found that amortizing the HELOC over 30 years helped us feel a little better about it.

Ogden, Layton, Bountiful would be better for me. Sorry i didn't make it last night!

I'm looking for REIA/meetups in the Davis Co, UT area. I'm in the process of completing my first deal and hungry for more! I need a place to meet awesome hardworking individuals with the same goals/mindset as myself. Anyone out there hosting meetups in the greater salt lake city area?

When is the next meetup?