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All Forum Posts by: Steve Olson

Steve Olson has started 5 posts and replied 109 times.

Post: Purchasing Out of State Rentals

Steve OlsonPosted
  • Real Estate Agent
  • Lehi, UT
  • Posts 124
  • Votes 63

Hi @Rob Terpilowski.  I'm an agent here in my local market of Salt Lake City, UT.  I work with investors here regularly.  I also work with a lot of investors on acquiring turnkey properties out of state (midwest, south primarily).  From a purely pragmatic standpoint, it's possible to do turnkey properties out of your area.  From an emotional standpoint, if you are going to wake up in a cold sweat every night without going out to see the market, then do it.  I have a lot of clients do this and it brings them tremendous peace of mind.  On the other hand for flips...you GOTTA go there until you get competent boots on the ground that you trust completely.  

Post: Wholesaling in Utah

Steve OlsonPosted
  • Real Estate Agent
  • Lehi, UT
  • Posts 124
  • Votes 63

Hi @Account Closed and welcome to BP!  I had a realtor sell me something similar once.  But remember, when it's tough to get inventory it's easy to sell it.  When it's easy to sell it, it's tough to get it.  Plenty of investor appetite right now and if you can bring deals to the table with a good value, you'll be a happy camper.  Once you complete a wholesale deal or two, those buyers will be banging down your door weekly for more.  You just have to really focus on getting good deals and passing value onto your buyers lets so you'll be taken seriously.  Happy to discuss anytime and good luck!

Post: I might be young but I'm ready

Steve OlsonPosted
  • Real Estate Agent
  • Lehi, UT
  • Posts 124
  • Votes 63

@Walkersnowden I don't think you can be too young to start.  Especially with interest rates where they are at.  Luckily it's a lot easier to get educated these days then when I got started (man that makes me feel old).  Surround yourself with quality investors and agents.  You'll become who you hang around.  Good luck!

Post: Real Estate Agent in Baltimore MD

Steve OlsonPosted
  • Real Estate Agent
  • Lehi, UT
  • Posts 124
  • Votes 63

Thanks Christina!  Much appreciated. 

Post: Real Estate Agent in Baltimore MD

Steve OlsonPosted
  • Real Estate Agent
  • Lehi, UT
  • Posts 124
  • Votes 63
Did anyone end up finding a reliable buyers agent in Baltimore off of this thread? I need one on Saturday, August 9....please let me know if you found somebody reliable.

Post: Meetup in Baltimore

Steve OlsonPosted
  • Real Estate Agent
  • Lehi, UT
  • Posts 124
  • Votes 63
I am in need if an Agent in Baltimore. Does anyone know an investor friendly buyers agent?

Post: Tax implications of "subject to" transactions

Steve OlsonPosted
  • Real Estate Agent
  • Lehi, UT
  • Posts 124
  • Votes 63
Thanks guys! Another question: when taking over the mortgage I'm going to assume that most of the time the insurance is escrowed into the payment. And of course, that insurance policy would be in the name of the person you purchased the property from. Is it as simple as contacting that policy and being named as an additional insured? Anyone with experience there?

Post: Tax implications of "subject to" transactions

Steve OlsonPosted
  • Real Estate Agent
  • Lehi, UT
  • Posts 124
  • Votes 63

Hi All,

I listened to one of the more recent podcasts that talked about subject to deals.

Does anyone have experiences with the tax consequences here? I would imagine that the mortgage company will send the year end mortgage interest statement still to the individual on the note...

But you could potentially be claiming that interest write off as well. Wondering if the IRS would connect the dots there or if this is really even a problem at all...

Any input you have is appreciated!

Post: Newbie from South Korea

Steve OlsonPosted
  • Real Estate Agent
  • Lehi, UT
  • Posts 124
  • Votes 63

Hi Daniel,

My name is Steve Olson and I'm an investment counselor with Jason Hartman's office. We hope you're enjoying the podcast! We work hard to get good content on there on a regular basis!

From your post I gather that you're pretty new to real estate. One question I always get from people (sometimes it's not asked but implied) is: "is investing in properties through your network worth it or is it something I should pursue on my own?"

I'll be the first to tell you: if you know how to acquire properties at the right prices, rehab them correctly, and manage them (or find the right property manager to do it for you), then you should absolutely do it!

If on the other hand your a busy professional or don't feel confident in your ability to do this on your own, we can be a great benefit to you.

Whatever you decide to do, however, make sure you:

1) ALWAYS get a third party inspection to verify the condition of the property.

2) Take steps to independently verify the value of the property through credible sources (typically comparable sales). Many times this is done through an appraisal if you use conventional financing.

3) Take steps to independently verify the projected income and expenses for the property. Many out there know how to make properties look good on paper, but in reality it's a different story.

Follow these steps (and I'm sure the experts on here can add more) and you'll protect yourself to the extent that you can from getting burned in real estate.

I hope this is a benefit to you. You're welcome to contact me anytime to discuss your real estate goals and I'll help where I can ...even if that means referring you to a different individual/company that can better help you than me.

Thanks!

Steve