All Forum Posts by: Kenan Karalic

Louise Alexander - Hey Louise. I'm in the process of negotiating for an SFR that I plan to house hack and would love for a second pair of eyes to look over this deal if there offer still stands. Let's connect!

Becca Summers - thanks for the insight, Becca. I think ill probably steer clear of this one myself for all of the reasons you folks have provided.

@William Hochstedler - Thank you for the feedback. It was exactly what I needed to read. This would be my first multi-unit property and I'm looking for feedback before I invest in a property that will be a money pit. I plan to dig into this property a lot more to get numbers that are much more true to cost.

@Anthony Hurlburt - We may be looking a the same property. I haven't driven by it yet. What did you find that turned you off?

@Devin Deswert - Thanks for the feedback. I am still unsure of the general vacancy rate within the SLC, WVC, and surrounding areas. Is it actually near 10%, or is that a good conservative number to use when analyzing the property through the rental property calculator? What has been your experience?

Hi, BP Folks!

I recently came across a Fourplex in the West Valley City, Utah area. All four units in the complex contain two bedrooms and one bathroom. The complex was built in 1979. Owner's agent states that all units are rented out as of this posting, but rental amounts were not provided (although I will be sure to get that info soon).

The owner is asking 319k for the sale. Comparable rents in the area for a 2bed/1bath are between 800-850. The complex seems to be in a B-/C+ area, but could easily net $3000/month with current rental rates. I would be purchasing this property using a conventional loan and would not seek to live in it unless necessary. 

I ran a few scenarios on the BP rental calculator, and even if I offered full asking price, my ROI was above 40%, but I understand that is likely over-inflated. I made some assumptions, including low repair cost of $5000 (owner states that units were recently painted and new flooring was installed), no closing costs (as I am paying full price in this scenario), 16k down payment, tenants paying for their own electricity, gas, me paying for water, sewer & garbage. All amortized over 30 years at 4.3% interest rate. Lastly, since I don't know vacancy rates for this area, I assumed a vacancy of 3%. Numbers still looked good with me clearing north of $800/month after all regular monthly expenses had been paid.

So, with all of that said, I would love some feedback on this property from some BP investors. What advice would you offer?

Thanks!

Hi everyone,

I am getting closer to purchasing my first property in the Utah market and would like some advice on what qualities I should seek in a lender? 

Also, I would like to clearly understand the difference between a private lender and a conventional lender. Is someone considered a private lender if they are not affiliated with a bank, but work for a mortage LLC company, or can they still be a conventional lender? How do I spot the diffrence?

I appreciate any advice!

Best,

Kenan

Thanks @Michael S. - Glad to be part of BP. I'll definitely reach out with questions in the near future. Thanks for being willing to help out!

Michael Rossi - Nice post. I'm thankful to learn from your experience. You also mentioned that you've purchased aa lot of properties from distressed landlords. What tips do you have for a new investor to find these types of landlords? Also, is it a good idea to take over a property that may be causing someone to lose sleep with potentially bad tenants? Thanks!

Hello Real-Estate agents,

Recently I connected with a real-estate agent (let's call him RA #1) in my local community who was very professional and responsive to my questions and would actively send me lists of properties from the MLS that matched my criteria.

During our most recent correspondence, I asked him to obtain for me a list of rental comps in my area in order to analyze a few deals I was interested in. A day later I received a reply from his business partner (RA #2) who had done the work for him. I didn't have any issues with that...but then I took something caught my eye. At the very bottom of the email, I saw that the RA #1 had forwarded my initial request for rental comps to RA #2 and wrote in his email "hey bro, let's sell this dude a property before I leave". That raised a number of red flags.

I understand that RA's make money from the commission of any property they are involved in buying or selling, but seeing this portion of the email just made me pause and further consider whether or not I should be doing business with this person.

Is this normal sales talk? Do I look for someone else?

Any advice is appreciated.

Hi Everyone,

My name is Kenan. I'm a young investor living in Salt Lake City, Utah and have developed a keen interest in real-estate within my community. Like most, I have listened to the Bigger Pockets podcast for quite some time while further educating myself about the industry. I am interested in acquiring rental properties (single/multi) via the BRRR strategy. Long term, my goal is to replace my 9-to-5 income by growing my rental portfolio to include multiple apartment complexes.

Moreover, I am currently earning my MBA degree from Western Governors University while working full-time as an IT analyst. I enjoy learning and am always looking to grow my skill set; I would be happy to share my business admin/IT skills with an experienced investor looking for a motivated pupil with a hunger for the industry.

Outside of work, I enjoy hiking in Utah's decadent outdoors, spending quality time with friends and family and traveling.

I look forward to connecting with all of you on this incredible BP platform.

Best,

Kenan