All Forum Posts by: Jake Isaac

Hey everybody. I'm going to have to miss this one if it happens. My wife just had a baby this week and obviously that's a priority for me at the moment. I'll see you all at the next one!

I'm guessing a restaurant is the most likely meetup place. It's a Thursday, so downtown won't be too busy. If everyone is in favor of downtown my vote is to eat at the gateway Happy Sumo or California Pizza Kitchen. If downtown is out of the question, maybe somewhere like fashion place mall or south towne center may be another great option. I'd like to hear some suggestions for November 19th at 7:00 PM!

@John Hong

Come join this discussion. It'd be great to get a SLC are meetup going. 

The evening of November 19th also has my vote. Anybody else in for this date?

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Brian,

I would suggest calling the municipal offices and asking for the zoning department. What you are looking for is a map that explains the zoning layout of a city. Higher density zoning will indicate a much greater chance of finding true duplex, triplex, and fourplex. 

I'm guessing that with the driving approach you are looking for off market potential rehab properties. In my opinion what you're more likely to find are single family homes that are able to be used as a duplex/triplex. Even one that isn't being used that way can easily be converted as long as it will still comply with the zoning on that property. 

Best of luck!

I would love to attend a meetup!

Hi Rito,

In this situation I would absolutely not take the loan from your grandmother. Risk is determined by control, and it seems to me that you don't yet have the experience to provide the kind of control that would make me confident to loan money to you. Try and find a partner in your area and find a way to bring value to the table in some other form besides funds. From there your network will grow and you will grow in your ability to make a deal good in any market. 

The last thing you want is a foreclosure on your grandmas house, so please don't take the loan. 

Hello fellow investors. I'm hoping to receive recommendations for an agent around Cedar City who is savvy about investments in buy and hold income properties. Please share any information you may have! Thank you very much. 

@Patrick Ketchum

Unfortunately I don't have any leads for you Patrick. If you don't mind, I'd like to share my own experience with a fourplex in relation to the numbers you're using to calculate your cash flow. I've owned for six months now, and originally did my calculations similar to yours, 35% of rents for my expenses besides the mortgage. In the short six months I've owned the fourplex so far the 50% rule you hear so much about on BP has proven to be true. My expenses have well exceeded 35% and I'm not even house hacking it, so I have an extra rent compared to owner occupancy. Luckily the investment is still working for us, but if we were living there we would have already spent a lot of money out of pocket to help keep up with the expenses. 

In your case, 250,000 purchase price with 10,000 down (3.5% FHA) gives you a payment in the range of 1,300 to 1,400/month if you include mortgage insurance. Typical 2 bdrm rent in Ogden is $700 maybe giving you gross yearly rents of 33,600 - 8400 for the unit you live in. If expenses are 50% of gross rents (33,600x.5) then you are looking at $16,800. Your mortgage will cost around 16,200 per year. Your expenses are greater than your income if you are living in one of the units. The purchase price needs to be much lower for these numbers to work. You make money when you buy at a low price.

Also, I hope you will manage the property on your own as long as you live there. Managing has taught us invaluable lessons about how to protect the capital value of our apartment and deal with difficult tenants, and the relationships (team building) we have accomplished by starting from scratch and having to find our own handymen, plumbers, etc. are benefiting us greatly. 

So I hope those things might give you some insight as you search for a property. Good luck!