All Forum Posts by: Jayden B.

 Is there a minimum amount of months you have to collect that “rent” for them to accept it? 

 That would be great!

This does help a lot, I appreciate it a lot. When you say the lender will take into account 75% of the rent towards dti. Do you mean future rent for the second property or current rent for the first?

It is my primary residence, and I would like to take out a HELOC. However does that ultimately mean buying a rental property as my secondary residence and having to put down 20%? I don't know what ways there are to get around that ultimate demise of having to use all of that heloc money.

My biggest concern is getting approved for another loan on a STR or LTR with just the HELOC for the down payment? Financially I don't think my debt to income ratio would be low enough to support both being my residence and not a rental property. What loan would I be able to use to purchase another rental without it being my primary and not having to put 20% down?

So what implications does that cause with it not being my primary residence? I don' think the bank will let me do an FHA or conventional loan if its not my primary?

I live in Salt Lake City, Utah and as most know the market here is among the most inflated across the country. I was lucky enough to get ahead of the curve and purchased a townhouse in august of 2020. I currently have about 100k in equity to date from when I purchased. The plan was originally to rent the basement as studio apartment just to help out with savings, while the basement is yet to be completed I started to rent one of the upstairs rooms until it is. Meanwhile as the housing market is holding steady and median house price hasn't changed much in the last 6 months. I can't help but worry that I need to make a move and secure equity in my house before its too late.

That brings me to the next question, where do I go from here? I make about 80k a year and have little to no debt (not including the house) no car payments and a decent amount in savings. I don't know what is the best move in finding my next investment. House flipping isn't really a thing here in Utah, because everyone is willing to spend millions on houses that are trashed and from the 80's because the market is still so competitive even with things slowing down. I thought about doing a cash out refinance and looking for a rental property to fully rent out the entire space. I even thought about a commercial property, maybe even a plot of land for storage just to generate some limited attention properties because I work 12 hour days 5 days a week. I have a lot of ideas and I know whatever direction I go, there is enough info online that I can figure out how to actually carry out on project. I'm just still a little lost and what way would be the best for my position to get maximum leverage on my equity income.

I would appreciate the input!

 Thats a great idea to get onto social media and let everyone know you want to purchase. Thanks for the tip!

 Any links for some hotsheets?

Hi my names Jayden B. Im turning 20 next month and I live in Bluffdale, Utah about 20 mins south of salt lake. My goal for the year has been to purchase my first rental, I've started researching properties available around my vicinity and I just can't seem to find something for a reasonable purchase price. Ive been reading Brandon turners books on rental property investing and no money (low money) down to help with what to look for. Id like some advice on what kind of properties I should be looking for and where I should be looking. I know that where I live, over the past few years has blown up in more and more properties being built and average home price and it seems to be really difficult for a new investor to get into the game around here.