All Forum Posts by: Jaiden Olsen

@Brian Mullen, That's one of the biggest challenges in rental property investing. It will come with experience. If you are really worried about it, pay a contractor $500 to walk through a property with you during due diligence to get a better idea of repair costs. The more you do it, the better/easier it will get, but you've got to get started somewhere! Don't let that stop you from taking action!

@Brian Mullen, I admire your ability to put a plan together so quickly! That sounds excellent! If I could add another book to your reading list, it would be "Set for Life," by @Scott Trench. That book is life changing! 

As far as getting into your first deal, my #1 recommendation is to start NETWORKING! Get a team put together. Get on every wholesalers buyers list and start analyzing properties. You'll need a general contractor, property manager (unless you are a DIYer), Lawyer (sounds like you've got that taken care of), Accountant (ask for references and recommendations, make sure they are real estate savvy), Real Estate Agent (investor friendly), and more as required. It's often said, "Jump first, and build the parachute on the way down." I would advise that taking action, even if you have doubts, is better than getting stuck in "analysis paralysis." If you find a deal that you think looks good, ask for help! There are thousands of people on this website, myself included, who would be more than happy to help you analyze a deal!

Check out these websites to find more local networking opportunities. Congrats on finding BP. That is a fantastic starting place! Hope to see you around!

https://www.utahreia.org/

https://uvreia.com/

https://slreia.com/

https://www.nureia.org/

@Jacob Anderson, congrats on a sweet deal! Show us the numbers! We want to see CAP rates, Cash-on-cash etc. and any other info you want to share! Again, Congrats!

@Stephanie Cook, It sounds like you may be interested in selling! I'm happy to write you an offer if you are interested!

I'll PM you my contact info!

@Braden Anderson, Surrounding yourself with like minded people is extremely valuable. Check out these websites for the most valuable, inexpensive, networking groups in Utah and start attending any event you can!

https://www.utahreia.org/

https://uvreia.com/

https://slreia.com/

https://www.nureia.org/

@Porter Linton Anderson, 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!

https://www.utahreia.org/

https://uvreia.com/

https://slreia.com/

https://www.nureia.org/

@Cameron Davis I'm a licensed structural engineer and we do stuff like this all the time. Typical we charge betwen $500-$600 for a professional recommendation, formal letter, sealed and signed. Often these inspections can be performed using video chat. If you are interested in anything like that, give me a call, my co-worker is licensed in Texas, so we can send you a stamped letter if you would like as well.

@Ingrid Femenias, LVP is the greatest. I had a company out of Ogden do my flooring, they did a great job. Timber and Cotton. I paid about $5.00/sq ft (material and install), though I installed a relatively cheap product. There may also be a premium charged for doing work all the way up in park city. I'd shop around and expect to pay $5-$10 per sq ft depending on the product. @Jake S. mentioned a material to soften the sound of footsteps. It is called underlayment. Some LVP products come with an underlayment already attached to the vinyl, and may not require an additional underlayment, so be aware of that when you are shopping. 

@Jonathan Escobar, I've seen you posting a lot lately on Bigger Pockets. I think that is awesome! I'm glad you are involved online! The best piece of advice I could give you would be to get out and start attending the local REIA's (there are four of them in Utah). You will meet some incredible people and you will have plenty of networking opportunities. I would recommend meeting all the wholesalers you can and ask to be put on their buyers lists. The wholesalers in Utah are awesome resources for finding great deals! There are 2-3 great deals that hit my desk every week (both single and multi family, and even in Utah County). Make sure that when you receive these deals, interact with the wholesaler and provide feedback. Let them know why, or why not the deal fits your needs, and be ready to jump on a deal when it works for you. When the deal works, know how you are going to finance it and JUMP! These guys are great resources and will save you a lot of time and headache when finding a great deal. Once you find a deal, reach out and ask for help analyzing the deal and you will find plenty of help!

Best,

-Jaiden

I’m coming to Colorado for a week (5/21-5/28) and looking to meet investors in the area. Any networking events between Fort Collins and The Broomfield area?? TIA! Super excited to meet people!