All Forum Posts by: Kit E.

I noticed on Zillow that there were homes that were in decent condition from 100 to 200 range that could rent for 1100 to 1200 in Colombia/Lexington SC.   These are hard to find these days. 

I would love to meet a realtor that has invested in SFH and MFH in the metro area. Also if anyone has any recommendations for General Contractors in the area and a Property Manager I would love to be introduced.

Okay, Experts, I drove down a street looking for a reservoir to fish in today. I had actually driven down this street a few weeks ago and saw these same houses but was out of wholesaling mode. Today I was in Wholesaling mode and found close to 6 to 7 houses that were boarded up. I felt like I found the mother load. Took the address got home and checked out the county assessors website. Guess who owns them? The State Department of Transportation I am assuming this must want to widen this highway and that way these are in this deteriorating mode. The ARV on these is anywhere between 329 to 553. Thoughts?

Danielle   Thanks for responding.  I posted it below in case anyone else might be interested.  https://www.trulia.com/p/ut/salt-lake-city/1218-e-...

I thought I had found something for a live in flip.  To be honest it looked like need WAY too much love to be a live in flip.  

Positives:  Nice marble style fireplace and some nice woodwork but that's it.  In a great historic neighborhood. 

Negatives: Too many count,  Garage would just need to be redone.  Entire 1st the entire floor was warped which signaled that the subfloor probably needs to be redone,  Extension to the house was horrible and should just be removed.  Many rooms on the top floor not sure what you would do with them since it is attic space.  The kitchen would need to be redone ( I would tear down the wall to the living room and put an island there). Bathrooms would need to be redone. The windows were a non-energy efficient glass as in super thin.

 The entire house I estimated at least 220,000 would need to be invested which was more than the 100,000 to 150,000 I could of.  Houses in the neighborhood comp at 800,000 but I doubt with total rehab this would do 740,000. 

By the time I viewed the house I felt the rehab costs were so high that I did not even view the basement which my idea was to AirBnb it. 

Other issues were there appeared to be some dodgy tenants there.  The way they were living it would be hard to call them students.  I would definitely run a meth test on this one. The entire house had owned by old cat lady vibe but with no cats. 

I am putting this out here because I feel someone with experience might be able to make something happen with this one. I am too much of a n00b to get involved.  I really had a desire to make something historical modern while retaining itslike some of the other houses in this area.  

I hope I was not to honest that I cause offense but I would rather share ideas and properties with people and make sure someone does not get caught up in something than to be politically correct. 

So I found a beautiful apartment complex in a historic part of SLC. Newly renovated with tenants in place and one open with a place for me. The sad part it is a 6 plex which means I can't use my VA benefit to take the loan down to 4.5 percent from say 6.5 percent. Rents look great on it and it is in that perfect part of town where you could easily push them up more. I also talked to some multifamily specialist the other day and it was much more intensive to get financed through them. Could I buy this then combine to of the apartments? I also read somewhere if I have another VA certificate holder sign off on this loan I could buy a 6plex, is there any truth to that?

I saw that one on a wholesaling list I am on.  That one sure looked like it was not worth more than 99 in the first place.  Having said that realtor.com and some other websites estimated it at 174.  

So I found a really classic home and one of those super historic neighborhoods in SLC.  The home needs some love but not alot just to modernize it from the inside and maybe create a modern apartment down below in the basement.  This would obviously need a contractor and maybe even an interior designer to get it so the old and the new flow right.  Does anybody here have in recommendations? 

Has anyone used either of these services?  I found them both when doing google searches for multifamily.loan.

Realatom.com seems like a startup right out the gate that wants users to pay a one time fee for people to get access to your loan requests.  Not sure if it is a stable or well-used platform yet. 

multifamily.loans wants a financial statement from me before looking for loans for me.  Feels legit but I thought I would ask here first.  in this day and age of financial information being robbed. 

If these are not good choices who do you recommend for your first multifamily conventional loan?

I am looking at some multifamily in the Huntsville area.  Does anyone have a good property manager,  multifamily real estate agent and home inspector they could recommend. 

In the 2 areas, I live in everything multi-family is overpriced and crap.  I complained about this before people recommend me other areas but they were not areas I desired to live. 

Is there a guide here for someone that wants to build something new?  I feel both the greater Reno and Salt Lake area have small plots of land that new modern awesome looking apartments could be built on.  Buying an overpriced multifamily I would make little to no cash flow on does not interest me.  

I know building something from scratch could be a MUCH bigger challenge than buying used beat up crap. Everything from funding permits, zoning to dealing with construction companies could be an issue. I have 40 grand in a margin account. 200 grand from selling my house and another 98 from flushing an IRA. I want buy the land cash and get a loan to develop upon it.

Okay, Idea killers ... tell me what is flawed or what you would do differently?  Also is this idea hazardous because we could be at the end of an economic cycle?

So I always looked at commercial property as too costly.   But I watched a video on youtube and looked around on loopnet to find some stuff not totally overpriced.  Like this for office condo in Layton UT: http://www.loopnet.com/Listing/20126040/334-N-Mars...

Have any of you invested in warehouses?  Where have you done it at and what were your keys to success?   Also, where did you find financing?

I am a little apprehensive as commercial does not have the draw residential does.