All Forum Posts by: Justin Koopmans

Hey BP!

I'm a relative newbie looking to do my first deal this year. My dad is a seasoned investor and has mentioned a couple strategies (which I've also heard about on BP) that he would recommend for my first property, and (you guessed it) they are "live-in-flip" and "house hacking." 

Just wanted to get the community's take on the options for a first deal. Obviously I understand that the pros of the "live-in-flip" strategy should (if executed correctly) give a large amount of tax-free cash when the property is sold after two years of living in it and fixing it up. And "house hacking" gives great land lording experience with minimal risk, "subsidized" living for yourself, and cash flow when you move out. 

In the long run I want to employ buy-and-hold more than flipping. So that pushes me more towards the house hacking, but I feel like the live-in-flip strategy is a really good way to start out in order to build up my business quickly... Thoughts?? 

Loved the post. Thanks for keeping us in the know!

Hello!

I'm a newbie and just trying to get started. I've started doing the things that I know I need to be doing (i.e. learning as much as I can, building relationships, etc.) but just wanna know how others cold call. I've located a couple prime properties that are not for sale but look either neglected or run-down or like the owner just doesn't want to deal with it anymore. 

Now, I know that I can get name of the owners from the Utah County parcel map.. which I have done. I've also looked them up on white pages, even tried to call one of them (it was a wrong number :/....) but what do I do at this point? I assume that phone numbers usually will not work in this case because white pages is out of date or it is not listed (and Utah County won't give that info). So should I send a letter? That's the only logical thing I can think of but not sure how effective it is...? Am I just wasting my time? Going about it wrong?

I'd love any and all thoughts!

@Matthieu Miser awesome to have you on BP! Like several others on this thread, sounds like you and I have similar goals and background. I've been researching the Utah county market pretty extensively over the last several months, and although I'm not the best person to ask, I would be more than willing to share any info I have with ya! 

Also, although this move might not be the most popular, I might suggest looking into summer sales this summer to build up some quick capital for your investments. Obviously you can buy real estate for little or no money down but having some capital never hurt. I just suggest it because its something I've done for four summers previous (but not this summer) and because of that I feel like I have more investing power than my peers because of it. And I did summer sales right after I got back from the mish and it was a great time for me to start, just because I was still had my work-my-guts-out attitude (which it seems you still have). 

Anyways, just a thought, feel free to message me if you have any questions on the market here or good summer sales companies, I've done a ton of research on both :) WELCOME!!!

@Mahonri Bussey welcome to BP! I'm new too, and also in the Provo area! I'm actually one of those students who currently rents (but plans to change that soon!)... 

I've researched the daylights out of the Provo area so I may be able to give you some tips and insights.. Send me a personal message/colleague request if you have any questions and I can try to answer them :)

Something to think about (that I've noticed living here in the thick of it).. The high turnover in rentals is not necessarily a good thing, as turnover mainly means more work filling the units and money out of your pocket if you miss a month of rent due to vacancy.. I've just seen my landlords have to put the sign back up every single summer when all the students go home, whereas other renters might stay longer?? Anyways, we can chat more if you like :) obviously student housing can definitely be lucrative so I don't wanna shoot that down, just give ya some things to think about that I've seen around here :)

Hey Noah! So I'm not looking in the Milwaukee area but I just wanted to welcome you to BP! I'm new as well and just give you a shout out like others have done for me. So welcome! And good luck on your journey! 

@Reese Thompson thanks for the reply. "Do something (anything!)" might honestly be the best advice I've gotten yet, and it makes sense, can't know what ya don't know until you start somewhere eh? 

Lots of things to think about. Thanks everyone for your responses so far! 

@KK A. Glad to see there's someone else in the same boat! Feel free to post any questions that you have that I didn't cover :)

@Russell Brazil awesome thanks! That gives me something to think about :)