All Forum Posts by: Lance Jorgenson

Congrats the first one is always the most important. 

Mateo Congrats

the first one is the most important

Im always looking for deals

I would be interested in meeting up and meeting with motivated people that are doing amazing things 

My recommendation do things you know. If you are trying out something new start out slow & small or find people that are experts in the field and partner with them and use there expertise

It has been awesome debating putting it out for sell since it has increase in so much value. And look for another

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $499,000
Cash invested: $90,000

2-Plex with 3 bed rooms and 2 car ports for each side

What made you interested in investing in this type of deal?

Really desirable area with higher rent

How did you find this deal and how did you negotiate it?

I did a inspection and used that to have them do all the repairs and give me $5500 since the meth test came back with a small trace.

How did you finance this deal?

Conventional

How did you add value to the deal?

Cleaned up property. had to find new tenants since it was empty

thanks Martin

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Salt Lake City.

Purchase price: $895,000
Cash invested: $278,000

Duplex that is currently a 3 bedrooms & 1 bath. We are going to remodel the basements so that each unit will have 5 bedrooms & 2 bathrooms per side. Talking with my property manager he feels that we will get around $2750 to $3000 per side on rent.

What made you interested in investing in this type of deal?

We have the opportunity to remodel the base and add 2 more rooms and add 1 more bathroom.

How did you find this deal and how did you negotiate it?

My property Manager presented it to me and was able to get it under contract within 3 days a similar unit just down the street sold for $925000 with out adding the new bedrooms and bathroom.

How did you finance this deal?

Conventional loan got it locked in for 30 years at 3.451%

How did you add value to the deal?

By adding in the extra bedrooms and bathroom.

What was the outcome?

We just started the remodel last will update when completed

Lessons learned? Challenges?

You need to look at properties with different eyes and look for the opportunity to add value.

Congrats keep on building wealth. It is awesome you are continuing to stretch yourself. Im in SLC let me now if I can help