All Forum Posts by: Omar Holness

Thanks, Alex!

Hey everyone, this may be a silly question with an obvious answer, but is it possible to use my Real Estate LLC as my 1031 exchange qualified agent?

Thanks Zach! It took me a little while to find a lender who was willing to approve my loan, but after networking and a lot of it, Keith Sargent from the Sargent team based in Utah was able to find me a lender willing to approve the loan! The rest is history!

Incredible! You've been great help. If I have anymore questions I wont hesitate to reach out. Thanks so much.

Andrew, I know you mentioned 1031ing the property to exchange that equity into another, but what are your thoughts on doing a HELOC instead or a Home Equity Loan?

Thanks for the advice, Andrew. I will certainly look into doing this. I appreciate it!

Thanks Andrew! So I closed on this property about 6 years ago. My main objective at the time was to buy and hold, and to allow the property to appreciate in value over time, which it has phenominally. After about two years into ownership, I had to relocate to another city, and was forced into renting. Fortunately since then, the rental income has covered mortgage plus expenses associated with the property. Though the rent is covering the mortgage and expenses, I've found that I'm not receiving any profitable income from it, other than the accumulated equity, which I certainly don't mind. It would be nice to have some additional money left over, I wont lie. Eventually, my main strategy is to adopt the BRRRR method to accumulate properties and gain monthly revenue from them, using the equity that is in this first investment. Do you think this is a profitable way to go?

Investment Info:

Townhouse buy & hold investment.

Purchase price: $255,000
Cash invested: $20,000

Townhome located in Salt Lake City that has generated an incredible amount of income.

What made you interested in investing in this type of deal?

As a pro athlete, locker room talk was always the second best thing to winnning games. Real Estate talk was always an important topic. As one of the youngest in the locker room, I would always listen to the more experienced guys speak about the value of real estate and how lucrative it can be. To then close on my first property after gathering all the information I needed felt incredible.

How did you find this deal and how did you negotiate it?

I found the deal through a local real estate agent after being rejected numerous times by banks. A private lender decided I was worth the risk and the rest is history.

How did you finance this deal?

I financed the down payment of my first property through income I saved in the year of listening keenly to locker room talk.