All Forum Posts by: Jeff Rappaport

@Skyler SmithSorry about that, it is located in Salt Lake City.  Guidance on purchase price?  Give me a call or email me your questions.  Thanks!

Looking for a fix and flip?  A buy and hold?  Here is the property you have been looking for!  

2 bedroom/ 1 bathroom

1015 Sq ft

Blt 1900

Lot:  .12

Off street parking

Previously rented for $950 per month

Currently vacant - boarded up to keep the vandals out

ARV: $155-160K

Repairs:  $15K - Exterior and roof are in great shape.  Needs paint, carpet, landscaping, furnace, and some remodeling to the kitchen and bath.  

Terms:  Cash

For more info on the property call Jeff at 801-209-2945.  

@Ben Visserthis is a monthly event!  First Thursday of the month!

@Kyle GriffinCongrats on getting started in real estate!  Yes, there are many different avenues you can take and they all require some knowledge.  However, it truly is the best career you could have!  Here is my two cents on what to do just starting out:

1.  Read and listen to anything and everything you can get your hands on having to do with real estate.  Podcasts, BP, Youtube, networking with other investors and yes, even some seminars.  

2. Find out about all of your local REIA's and Meetup groups and start attending. Talk to established and successful investors about what they do and how they got started.

3.  Work with an investor.  Find someone that is willing to show you the ropes in return for some work.  Birddog, find buyers, marketing whatever it takes!  You could also find someone to mentor you.  Make sure it is someone that is actively doing real estate and is highly regarded in the industry.  

4.  Focus on one thing and become very good at it.  When you are just starting out there is an enormous amount of information to digest.  Many investors become overwhelmed.  I believe there are two ways to become good at real estate.  First, focus on finding deals, buyers or private money.  If you are good at any one of those you will make money in this industry.  I can tell you right now I pay investors to bring me buyers and deals.  I have a land project that I will pay $100K for someone to bring me a buyer.  Second, become a transactional engineer.  Be able to structure deals to tailor to a seller's needs and wants.  Too many investors look for only one kind of deal -something they can buy cheap and pass on to a rehabber.  They want every seller to fit into their buying criteria.  You will waste a lot of leads that way.  Furthermore, everyone is either trying to find wholesale deals or fix and flip deals.  There is a lot of competition for those type of deals.  There is a whole other world out there structuring owner finance, lease options and subject to deals.  Once you start generating leads it would be nice to actually be able to help the people that contact you!

5.  Many BP members do not agree with this but I wholeheartedly do!  Once you have read articles, listened to Podcasts and Youtube videos pick out the investors/Gurus you think offer significant content  and you should order their course or go to their seminar.  Many are not cheap.  I would tell you start out slow and find the people you really like and trust.  Don't put $10K-$40K on your credit card and hope.  In my mind, you will pay for an education no matter what.  You will either pay someone to teach you or you will learn through the school of hard knocks.  In my opinion, paying someone to teach you is far less expensive.  I have spent well over $200K on my education since 2000.  

6.  Make a commitment!  I don't care what anyone tells you real estate is not easy!  You will have obstacles and challenges to deal with.  DO NOT QUIT!  This is about being persistent!  Many investors are very successful and have achieved financial independence.  They perservered!  They did whatever was needed to be successful.  That also means they failed along the way!  Just keep going!

That is my two cents.  I hope it gives you a little direction.  If I can help any further pm me.  Good luck!

Investor Meetup group is all about networking.  No sales or pitching of any kind.  Investors of all experience are welcome!  Great place to find buyers, joint ventures, money, property management, deals, mentors or just like minded people you can chat with.  Last meeting had over 60 people.  Get there early as it fills up quickly!  

When:  March 3rd

Time:  6:30 pm

Where:  The Huddle (Ft Union Blvd. and 2400 E.) in Cottonwood Heights

Cost:  Free (although it would be nice if you bought a drink or some dinner)

Contact Jeff for additonal info at 801-209-2945.

Real Estate is all about your contacts and your network group.  Don't miss out on this opportunity to help take your business to another level!  

@Jack Banantothe next Investor Meetup will be this Thursday, March 3rd at The Huddle (Ft Union Blvd and about 2400 E.) in Cottonwood Heights.  It begins at 6:30 pm.  Hope to see you there!

@Wade Mcmahan, some it depends on what you are looking to do with the property.  For instance, if you are looking for properties that you can buy cheap, that need work, that you can wholesale to another investor would be one set of questions.  If you are trying to structure financing (owner financing, rent to own, subject to) for buy and hold or to wholesale to other investors or owner occupants then you might ask another set of questions.  I work with all type of sellers so this is the basic info I want from the seller:

Name, address of the property, phone #, email.

Description of the property - beds, baths, square footage, lot size, garage, type of house etc. 

Condition of the property - what kind of work does the property need?

Financing - Do you own the property free and clear or do you have a mortgage on it?  How much do they owe, what is the payment a month, taxes and insurance included, interest rate etc.  

If I could pay you all cash and close on the date of your choice what is the least you would accept?  Is that the best you can do?  Would you consider taking payments for your equity?

I always like to incorporate a few of these questions to build some rapport and find out what the situation on the property is:

Sounds like a nice house, why are you selling?

How long have you owned the property?

What have you done to sell the house?

If it is non-owner occupied - Is it currently rented?  For how long?  How much in rent do you currently get?

Once the seller gives you a number of what they want I like to ask - If you don't get that much for your house what will you do?

Now you don't have to ask all of these questions to every homeowner you talk to.  You certainly don't need to ask them all if you are just looking to pay cash for a house and buy it cheap.  If you pm me I would be happy to send you a seller intake form I use.  Hope that helps!  Good luck!

@Jeremy Robinson, I am a little confused about the 2% rule.  Can you explain that to me?  I understand the 1% rule where you are looking for income property that brings in rents about 1% per month of the purchase price.  Keep in mind that all of these rules you are learning are only starting points.  Just because a property meets these rules does not make it a good deal!  There is more due diligence that needs to be done.  I am happy to offer some suggestions and guidance.  Let me know if I can help!

@Hayden Brooks, I would be happy to give you some tips on starting out as a real estate investor.

1.  Go through podcasts on this site and get a better understanding of the vast amount of choices you have in terms of investing in real estate.

2.  Get to the various REIAs and Meetup groups in your area.  You have a ton to choose from.  I know the Utahreia is meeting tonight.   There is also a networking group from this site that meets the first Thursday of the month.  

3.  Talk to various investors and find out what is working for them.

4.  Work for an investor and learn the ropes.

5.  Get a mentor that can help you through the various sticking points you will inevitably have.

6.  Focus on one aspect of real estate - finding deals, finding buyers or finding private money.  

7.  Go to Youtube and search for real estate investing or a specific kind (wholesaing etc) that you are interested in. 

8.  Google real estate podcasts and start listening to them. 

I think that is probably a good starting point.  There is a lot you can do in real estate thus there is a lot to learn.  Don't try to learn all of it at once.  Pick a topic and become comfortable with it before you move on.  If I can be of any other help message me and we can chat.  Good luck!

24 acres zoned commercial.  Located on Cleveland Blvd (50,000 cars a day) between Caldwell and Nampa, Idaho.  Set up for multi family housing/elderly housing and commercial.  Back 10 acres has the highest density ever given in Idaho.  Set up for 55+ older community, assisted living and hospice.  Can build 421 units on the back 10 acres.  There are 9 commercial frontage pads that can be filled or sold off immediately once the buildings in the back start going up.  Sell off the commercial pads and pay for the entire project.  Can convert commercial pads to multi-family if desired. Permits are done and ready to build!   Price is $7.5M.  Value of the property as it stands is $10M+!  This is a wholesale deal and I have the property under contract.  I can pay a $100K finders fee for someone that brings me a buyer, developer or investor!  Contact Jeff at 801-209-2945 for more details.