All Forum Posts by: Jordan Burke

@Jake Maughan How should we do it? Can I just plan something and invite people?

WOAH ! This was incredibly encouraging. Thanks everyone. I really appreciate it ! no for some more specific thanks. 

@Joel Owens Well, I am looking for our first home, really just any options, I'd really like to find a duplex that can split and lower my mortgage out of pocket expense. that's why that 50% rule seems so attractive. I does just seem like a tough market. 

@Jake Maughan - have you had any success in finding properties here near BYU? Where are most of your properties ?? 

@Race Ostler - man, you went above and beyond. Thanks for giving some advice. I really am grateful for the pep talk! What a struggle that the 'perfect' becomes the enemy. How about that tho, the next silicon valley ha. I mean why not right?? 

@Mike Gallagher - Yeah i just don't make it up to Ogden... 

@Jim Henderson - Sounds like you are finding very similar problems... I looked at one house just yesterday the seller was asking $180,00 and the cash flow came for the each half was 570 and 550 a month. Not including closing cost, insurance, taxes, or any of the other 'fees' this duplex was not even close to cash flowing. Even tho the numbers made no sense to me the house was on the market only 2 days. Who was so interested in that??? 

Maybe is it the 50% rule applies more to the 'fix and flip' crew? Or is it still a good idea for the buy and hold fellas? 

What about buying a new build?? There are a few that came up here in Provo. Does a new build really need to follow the 50% rule? 

Hey BP, I'm feeling a little down. I have been looking for a place around the provo, ut area and cant find a multifamily that falls into the 50% rule. Does that mean I need to find  some exceptions to the rule, or that the rule might not apply here? I have asked a real estate agent to help me find some places, I'm not sure they really understand what I'm looking for. I feel a little stuck. 

Can someone send some hope! Maybe a little direction??

Welcome! We need to set up a provo meet and greet bounce some ideas off of everyone around here. 

You are in a really cool spot right now! My wife and I are here in Provo too, looking for our first multii family owner occupied, and hopefully looking to buy in the next while here. I wish i was in your shoes!! Good luck in Seatle! 

Alright,@Eddie Werner I thought it might be something like that. 

Thanks All! 

@Evan Manship yeah, thats my thought. The funny part is the real estate gal told me " This is killer get on it!" It felt like I was missing something... but I'm not right? 

Alright, so i realize there may be some risk putting this up here if it really is a steal because someone will swipe it up. But - lesson learned is lesson learned.

Let me show you this deal here

I want to put 20% down get a loan for 160K - mortgage about $757 in the area, and a tenant history of $750 bottom floor $850 so $1600 a month 50% rule says $800 a month. only a $43 dollar profit. Not even close to the $100 - $200 a month that comes from a good deal. 

The real estate agent said this was a killer deal... but I'm thinking $43 dollars a month is a little low...

Am I missing anything 

(just trying to get this first deal happening!) 

@William Hochstedler , @Tim Soto , @Harry King gentlemen thanks for getting back to me so quick I really appreciate that. Tom, you went above and beyond. I love when people give me a checklist to get going. Thank you so much!! I'm going to get started right away - and I'll keep you up to date on how it goes!!

@Jim Henderson You know, I'm not sure if that is common practice. But my thought with it is, if I plan to have this be a business i better have a business plan to lay that foundation for the future. Jim, we should set up a get together with all the local Provo guys! would be interested in a meet and greet sometime in February?? -- This really goes for any Utah people who see this!!