All Forum Posts by: Kathryn Smith

@Michael Plante

I am not familiar with a wrap around mortgage. Can you explain how that might work?

I am looking to buy a home with enough land to subdivide (create a flag lot). My intention is to keep the house and sell the extra land. I have already done my homework with the city and know that a flag lot will be approved. The only problem I am coming up against is that to sell the land, I'd have to have the lender release the lien on the new lot so that I could sell it, which I am told they are hesitant to do since that leaves them with collateral that is worth less than the loan on the property (This will be my first investment property. It is a conventional 5% down mortgage, and I will be occupying the property).

Does anyone have experience doing this? Buying a home with extra property and selling off some of the land? Any advice? Anyone had a lender that released the lien on the land you wanted to sell? Just looking for more insight into if this is possible before I close on this property.

@Will Jenkofsky, did you attend the group yet? How was it? I am just getting started as well and I would love a small group to interact with and pose questions to.

Hello, first post here!

Hoping to get some advice on how to choose a market to begin real estate investing? I currently own a home in Provo, UT. I live upstairs and rent out my basement. I am ready to take steps to purchase a second property, but wondering if the Utah market is too hot right now. Homes are being sold for 10's of thousands in cash over market value. I'd like to stay here, but wondering if it might just be the WRONG time to purchase here. It might make more sense to move somewhere else. How do you find the best markets for investing? Or any insight into if the Utah market is still possible for what I want to do?

I have about $20K in cash and about $100K equity in my home to work with. I would like to do BRRR with another duplex somewhere in Utah. I am fully committed to really getting started with REI and ready to hustle for the next few years to make it happen, even if that means moving somewhere else. Any advice would be great!