All Forum Posts by: Nick Jensen

@Andrew Meyer, are you still looking to flip in Utah or just anywhere in the US?  I can help with Utah connections but I'd need to know more about your criteria and what you're trying to accomplish so I can point you in the right direction.  If I can help, let me know.

I haven't found any main stream lenders that were as creative as I'd like.  I'm curious to see if others have resources they'll share.

Thomas-

The great thing about real estate is there is so many things you can do. I agree with Jacob, buying a multi family unit and living in one of the units is a great way to get started. Look into an FHA loan vs Conventional, you'll be able to get in with a lower down payment.

Hi Lia-

I'm happy to help anyway I can.......real estate investing is an awesome game.  Reach out if you need help with anything.

NJ

Hi Joseph-

No question forced air is better; from a rentability stand point it doesn't matter too much.  Assuming all other things are equal between the two properties, you may get a little less rent.  The layout and functionality of the home is going to have a larger impact on its rentability than forced air vs. wall heaters.

Yes, make sure your lease is solid.  Are you going to be a Landord or use a property management company?

If you need any help or have other questions, I'm happy to help.  

NJ

Hi Patrick-

I live in Utah and have never heard of them but a simple google search resulted in this for Success in Real Estate and Performance Education (see links below).  The info I found for Response Marketing Group didn't really relate to real estate investing but I'm not positive I was looking at the company you're referring to.   

http://www.ripoffreport.com/r/success-in-real-esta...

http://www.ripoffreport.com/r/Performance-Educatio...

Unless you find something as you dig a little deeper, I'd suggest going elsewhere for education.

Best Regards,

Nick

Kelly Best of luck.  I was raised in Idaho and have a brother in Wendall.  If you need any help, don't hesitate to reach out.

NJ

Hi Nick-

Here is what I know.

1.  It is possible as long as you live in one of the units which sounds like thats your plan and max amounts do apply but it goes up for multiple units.

2. Depending upon your structure, will determine how you set this up. There are several ways to accomplish this, the simplest probably being an LLC with ownership interests. The best advise I can give you here is to involve a qualified attorney, you want to make sure both you and your investors are protected if something happens.

3. There could be. If I'm understanding you correctly, probably the best way to do it would be to use a construction loan to build the units and then refi with an FHA loan in the end. If you're on both the land and construction loan, you should be able to do this.

If you need a mortgage guy or an attorney, I can point you in the right direction.  Also, I know of an off-market fourplex in SLC on 7th E and 1st S if you're interested.

Hope this helps.....Have a great day!

NJ

@Andrew Schlessinger the biggest risks I see are three fold.  First, not knowing the areas and looking at pricing comps can get an investor in trouble. The city has had a big initiative in revitalizing the city and making it an outdoor destination.  Knowing where that progress is happening and what city initiatives are allows investors with the ability to capitalize off that progress.  Second kind of goes along with the first, its being on the opposite side of city.  For example, right now in inner city Ogden the city is not a fan of homes that have been converted to multi-family.  So purchasing that asset and rehabbing it as multi-family can bring grumblings from the city.  In my experience whenever the city grumbles, its hard for projects to go smooth.  The third is tenant quality, no doubt there is some riff raff in Ogden, you have to screen thoroughly.

I like it because 1) the enormous amounts of money the city has put into it to turn it around, 2) some of the big players around here have planted some flagship investments with retail, food, entertainment, new apartments and townhouses, and 3) there are a lot of blue collar people which means renters.

I've run across a few deals near Weber State, not often, but they're usually expensive.  Thus far, I haven't been able to make the numbers work in that area.

For me and Ogden I'm looking for two types of assets.  First, apartment buildings I can add value to.  Not homes that have been converted to multi-family but actual apartments.  Second, single family residences in what I see as the path of progress. 

Long story short.  Ogden has a bad rap, for good reasons but there is a lot of change that has happened.  Because of the bad rap, I think a lot of people look over it, which in my opinion means opportunity.

It's interesting to read the chatter about Ogden and peoples perceptions.  Although it has its challenges, Ogden is a goldmine for investors that know the area and the direction of economic and redevelopment growth.

I have properties in both Ogden & Salt Lake and a few town in between.  Because of what I see happening, I'm actually looking to increase my portfolio in Ogden.