All Forum Posts by: Nathan P.

I would only purchase a property for what it is not what it can be because that will be your job to change it. Speculating on the market could get you in trouble and its a factor of risk that you cant control. Dont bet on the market, bet on a variable you can control like property management, proper maintenance, well screened tenants, etc.

@Eric Gardiner made a good point. You can probably find a credit union that would do a cash out refinance for maybe 70% LTV and if the property is valued at 230-250K you could possibly put 161-175K cash in your pocket keep the rental in Toole and go buy a few properties in Florida or wherever you decide to buy.

All depends on how much you want to leverage yourself out.

@Aaron Paxson The Breglio law office in Utah County is solely focused on real estate law. Both Cody Backus and Jeff Breglio are active in the Real Estate Investor Associations. I would look them up at bregliolaw.com

@Joe Spillner how has the cost analysis been for the deals you are looking at. Do they cash flow positively when buying on your typical fixed rate 30 year mortgage? What have you been able to find as an average for the market down there?

Hey @Preston Lam thanks for checking in. If you ever get time to come out to the Salt Lake REIA (SLREIA) or Utah REIA come on out they both have monthly meetings as well as lunches and other things happening. I have met some great people through it with like minded ideals. Hope to meet you out there sometime.

I was also curious about this and was it 750 between all 4 units because raising by 750 per unit sounds crazy haha.

As others have mentioned the city might stop you from executing a plan that sounds like a killer value add. 

You can try reading up on your cities zoning ordinances into how much square feet your lot needs to be in order to get a fourplex on it in that particular zone and there might be some other requirements like parking and things.

Either way your creativity sounds solid and even if you can only do a triplex might be a deal.

Good Luck

I know an attorney in Utah County that does nothing but real estate. His firm has spoke at a lot of REI events here in Utah and they provide really good info.

Its Breglio Law and the attorney I know there is Cody Backus

Hey Guys I have a creative deal I put together and the financing for it is going to have to be just as creative.

I am buying two properties next door to each other and subdividing portions of the very large backyards to create a 3rd lot to sell for the profit (see pic.)

Both home are in good condition and upgraded (minimal oppotunity to add value.) I am purchasing the homes at fair market value and close next month.

The engineering and city applications are already submitted for the subdivision and signs indicate it will be approved or else no deal.

I have the homes under contract and the property owners have signed another listing agreement to allow me to market their homes to the next buyer. So my plan is to already have a buyer for the homes at the closing table to sell them the home I just purchased minus the portion of the backyard for the new vacant lot.

My question is where can I get the funds to close on the property before the next buyer comes in? I really only need the money for a day. I have thought about hard money lenders but most of my contacts lend on properties that are significantly under value so that if they need to take the collateral they are in a good position. There is an upside of over 100k once all 3 properties have been sold.

@Michael Plaks would you mind expanding on your criticism? 

Just because I am not an accountant does not mean I am providing bad advice in fact my comment correllated with a few things you mentioned as well.