All Forum Posts by: Michael Madsen

@Jake Maughan I'd love to!

@Dave Taylor A big welcome to you too, then! So are you saying that [good] inventory is low right now in Utah? or more specifically to Utah county? Seems like the deeper we dig, the more we find, but I have no idea what is normal vs. low.

As far as REIAs go, we went to one, but made the mistake of saying, "we're new and we want to do everything!!" So no one really wanted to talk to us. We felt silly to say the least, but I think we've gotten over it now. 

Thank you for the warm welcomes.

@Jake Maughan We do live in Provo, so we are obviously looking close by. But we have also been looking at a few places out of state with the idea that we may move. We definitely want to be able to deal anywhere, but I think we may have been getting a bit ahead of ourselves. So for now, we will likely be keeping it local. At least until we have a bit of "field" experience.

As for what we have seen... At first we started looking out of state because rental rates seemed so low compared to the purchase prices. We found that even on sites like Zillow and Loopnet, there were some really decent deals elsewhere. After investigating a few of them though, we quickly learned that they weren't all that much better. Which is why we've decided to fully embrace our home state. 

I love flight metaphors...they apply to everything! And while I anxiously look forward to the day I can spread my wings, I'm still learning to walk in the real estate world.

I have been wanting to build my retirement in real estate for nearly half of my life, and that goal began to materialize once I finally convinced my wife that it was a good idea a few months ago. So now we are both eagerly snatching up everything we can on the education side.

I think our end goal is to put all of our real estate investments into a few large complexes that can provide the cash flow we want. (Is that not everyone's end goal?) Along the way, we are hoping to pick up any smaller multifamily properties we can, but we think fixing sounds like a lot of fun. My current primary employment seems to contradict my love for manual labor (I am a software developer), but both myself and my wife (math major) are pretty smart with numbers. So this stuff just makes sense!

We already owe so much to the community here at BP (I don't think you can search anything RE related without BP showing up in the results). We are excited to be able to join the community. We are trying desperately to stay humble so we can keep learning, but are equally excited about being able to contribute back to the community.

TL;DR: We are from Utah. We are just starting. We'd like to be doing rehabs that we can use to acquire rentals and then eventually large complexes.