All Forum Posts by: Douglas Larson

Welcome to BP Auggie.

Sounds like you've had some fun adventures so far. Real Estate is a great adventure too but probably not as fun remote fly-fishing excursions. 

BP is an excellent way to get started with networking and education. Do you know what kinds of investing you want to do? More buy and hold rentals? Flipping? Wholesaling? RE Agent/Investor? 

If you can create a 1-minute "elevator pitch" for what you want to do and what skills and talents you can offer, you'll be able to match up with the right kinds of opportunities. Just be careful not to fall for the 

My pitch at local networking meetings goes like this: "I'm an experienced single-family investor.... I like rentals priced under.... that cashflow at 1%. I also do flips in these areas...... I can pay cash up to $$$K for the right deal. I also like to purchase small, improved lots within these communities..... Please call or email if you see a deal or need my help negotiating a deal you identify."

Your pitch at local meetings and here on BP should include what you'd like to accomplish and the kind of time and skills you can offer. 

The free lunch meetings for SLREIA.com are a great place to start and here is a great  put on by @Jeff Rappaport.

Have fun out there and we'll probably see you around!

Hi @Sarah Givens

There are some great opportunities to learn and earn here in the SLC area. I recommend the SLREIA lunches (http://slreia.com/lunches/) as a great place to network and buy/sell deals. I also recommend the evening meetings organized by @Jeff Rappaport as mentioned by @Rebecca Belnap above.

I do know that licensed agents have to be a little more careful with wholesaling so that they do not create a conflict of interest. You can imagine how it might look to the RE Board if you put a home under contract at 200K, knowing full well that the retail price is 300K, and that you intend to make a wholesale fee (not a real estate commission) on a wholesale transaction. Confirm with your broker what your disclosure needs to look like so that nobody gets in trouble. 

Have fun out there and we will probably see you around! 

I echo Rebecca's suggestion about KSL (Rentler.com). It's better in Utah than Craigslist or any other site. We use Rentler for our rentals along the Wasatch Front and they even collect rent for us. It's great for tenants as well because they can fill out an application once and share it with any of the listings. Good Luck!

If you are serious about the 20K hobby project, you may want to look east, like Duchesne county. They have more forgiving ordinances about tiny homes and small "cabins."  You should be able to find a lot for 10K and make a tiny house cabin on wheels. I did just that and I think I can sell it for about double my investment.  I use it for family recreation and it's definitely hobby status. I think it could be difficult to build a business model around it.  (I will attach a pic below.)

My wife is definitely on board with investing and doing the landlord thing. It took a few successful deals for her to climb on board but it's worked out great. I haven't needed a day job in 13 years. My wife has been a home mom (and my bookkeeper) for over 10 years now. Our investment homes and flip projects are mostly in Salt Lake, where the market is much more expensive, but predictable and stable. Still, I know people that do well out in the country with dirt-cheap land and small homes and cabins. I wrote a book about my experience. It's on Amazon under "Home Sweet Tiny House..."

Whatever you do...Have fun doing it!

Hi Dan. 

I highly recommend @Jordy Clark with BenchMark - KW. He's on BP or you can google him. He and his team have been great to work with over the last few years. They've helped me buy and sell many homes in Salt Lake County, especially on the West side. We have 2 in process right now, both in Kearns. I especially appreciate their quick responses and their automated offer system so I can make, negotiate and sign offers quickly from my phone.

Are you specifically looking for long-term rentals? Flips? Wholesales? House-hack? Owner-finance? 

Do you have 5% down for a conventional loan or even 25% down and hard money lined up?, or are you hoping to go FHA? If you can answer these questions accurately and confidently you are ready to talk to an investor's agent.

Have fun out there!

@Stewart VanValkenburg

I don't know about any changes in the last couple years in Utah county but I have attended several tax sales. Generally, along the Wasatch Front, the properties that go to auction have little value. It's usually unusable, vacant land just as @William Hochstedler mentioned above.  I have only purchased one parcel at a tax sale. It was a 15ft. wide x 40ft. deep rectangle and had value only because it was adjacent to my sister's home in Provo. The bidding started at about $450 to cover the delinquent taxes. The room was packed and there were others bidding on the same parcel, but I doubt they really knew what they were bidding on. I was the winning bid at about $900. They required cash or cashiers check for the full amount within a couple hours. My sister wanted the property simply because it gave her a bigger yard. 

I suppose a strategy for tax sales could be to purchase abandoned easements and land-locked parcels and then sell them to adjacent property owners. This gives you a very small buyers list and limits the upside. Still, if you buy cheap, there may be opportunities there. Sounds a little risky for just a few bucks.

Have fun out there!

@Rebecca Belnap

I don't have any short-term rentals but I know people who do it in NE Sandy and they seem to fly under the radar. They live in the home and rent out a nice basement apartment with VRBO and AirBnB. Most problems occur in any neighborhood when the neighbors get upset and make calls to city officials. Mellow renters appear to be the key to long-term success.

I suggest the Cottonwood Heights area and East Sandy. Those will put you at the base of the Canyons that lead up to the ski resorts. Many communities are considering new ordinances that limit nightly rentals. If you do it all legally, with a business licence, and keep the property up nicely, it can work out well. Don't rent to loud partiers that tick off the neighborhood and you should be fine. 

Let me suggest one more thing as an option. I know San Jose is expensive but if you can find a decent rental in one of the inland markets that throws off some good cashflow, that might be a much easier property to manage and it can pay for your 2-3 week ski vacation in Utah each year.

If you do decide to buy in the SLC area, Jordy Clark with KW Benchmark is great to work with.

Have fun!

Totally want to go!!! I might be able to come by 8pm...Networking with this group has made all the difference in my business. Thanks for organizing these!

Tough to find but may I suggest looking for a larger SFR with a mother-in-law that functions like a duplex. These kinds of deals are much more common, especially if you need the seller-finance component. Are you looking to house-hack? (live in part of the property and have tenants pay the lion's share of the mortgage)