All Forum Posts by: Nathan P.

Where do you live in the valley?

My sister is in the same position they bought right before '08 and are just now getting back to square one on terms of values. They have been watching other condos in their complex that have been under contract in a matter of hours.

You also hear about the housing crisis right now in the area that supply of housing is way below demand. Utah was the fastest growing state in the country last year (growth percentage of population).

My opinion is it will stay hot for quite some time. Just keep watching those condos sell around you and the appraisals go up and up with each sell in your area. By then you will be able to go to your bank for a refinance and show them what condos in your area are selling for and should be able to get a good chunk of change if you decide to refinance at that point. 

What do you plan on doing with the equity in your home?

Your really on to something. I started a business a few years ago on the same strategy. I actually used a company that specialized in funding through credit cards they were able to get me a couple cards with starting credit lines of 20-30k on just an average credit.

One thing you want to keep in mind is that whenever you run the balance over 50% your credit starts taking a dive. So plan on having your credit lines be double the cash you plan to charge.

My business is just getting into about two years and I am at the point now where I am moving balances around from one card to another. Some companies will give you a few different options on the terms but most often they will charge 2-3% of the balance you move. I noticed that as soon as I pay a card down to zero it takes about two months before they offer me another 0% interest promo period.

The nice thing about this plan is your minimum payments are about 2% of your balance and you can reinvest your extra revenue to create some velocity. Just make sure you have a plan from the start. Message me and I can refer you to some of the better cards I used.

@Christopher Giannino's advice sounds right on and like a solid plan. Since your already in a good position because of the generosity of a family member I wouldn't get in to too much risk. Its one thing to take on a high risk project when you already have a solid portfolio and cash flow coming in and another thing to risk it all on your first deal.

Hi @Joel Brown my parents used to have some rental units close to Dixie College and we had a similar situation with family close. I do not have any specific recommendations but there are some apps you can put on your phone like TaskRabbit where you can have people do small jobs for you. Their profile will show reviews from previous gigs and a short little resume.

Its sounds like with your home being newer your not going to run into anything very big yet.

Hey @Zack Adams you put forth a very generous offer I wish I would have seen it before. Anyway going forward if you need a hand I came off an Idaho potato farm and am not shy of a little work. Your project photos look great by the way.

I am now enrolling as a full time student of real estate. In the past year I have listened to probably 20 BiggerPockets podcasts. I also created my account sometime ago. In that time I was focused on stabilizing my business.

Now that everything has balanced out I have enough time to crash course Real Estate investing.

My ultimate goal is to become a full time investor with a large buy and hold portfolio. I plan to reach this by kickstarting my career with a few flips. My goal is to accomplish this within a 3 year period.

Im in a good position financially to start this career full time and even better when we talk about about time available to invest. This is in due to the business I recently started.

If your in the Utah or even eastern Idaho area (Hometown) and want to collaborate and brainstorm don't hesitate to contact me.

This is one of the coolest rehabs I have seen and proudly out of Salt Lake City. Nice job @Dan Beaulieu as I am just getting down the road to my first flip its awesome to see it can be done.