All Forum Posts by: Preston Lam

@Nathan Sharp i really do appreciate you sharing your flipping story and although it wasnt a profitable deal it is definitely a great education experience! I’m sure in your next deal or your next adventure it will be a much more pleasant experience given you have taken the courage to start!

@Jeff Rappaport great will be there!

@David Oldenburg I totally appreciate your mentality David. I’m always an advocate of on the job training and I have had a hard time looking for people like you in my area who would be willing to walk through a real home being rehabbed and training people for free!!! I strongly believe one giving is double getting so you have done an amazing job for people as well as yourself!!

@David Oldenburg Such an inspiring story!! I wish there are classes like this in my area. I’m 100% sure its worth much more than any educational courses other Gurus have. Well done and appreciate the share!

@Steffany Jensen FHA can be a very good option given the low money down. You can factor MI and high closing cost into your model too and see where the numbers make sense.

I had exact same thoughts after watching podcast about Harris couple. We’ve been in a market for a while and tbh, the cash flow BP said here were a little unrealistic unless we get into an off market deals where a lot of rehabs are being done. Given our level of experiences we can only go with the ones with minor repairs and such only. Our W2 jobs as well as a recent baby don’t allow us to do lots of networking as well as looking for direct deals outselves. But really, the potential of this market is huge. We went to a class where this man Alan Blood had a great analysis of current Utah market and it doesnt seem like its a bubble thats going to burst ( except some area where the price rises substantially comparing with the real demand), so we have big hope :).Best of luck and keep us updated. 

Hey Preston - Welcome! Nice summary of your story and background. We are in similar situation as well. We got a townhome in Provo several yrs ago and are looking to buy duplex or home with MIL in these counties also. It has been challenging as it is definitely a very hot area. Stay in touch!

@Anton Ivanov Thank you so much for sharing your story. It is greatly inspiring as we are starting out. I like it that you obtained all yours with conservative financing if I may say based on your saving strategy. It is very close to what we’ve aimed as we are also full time professional at day and want to get on real estate as a way to invest and preserve wealth

Originally posted by @Dayne Winters:

@Preston Lam absolutely! I bought an H House where I live and it was a foreclosure. Got it for $126,000 and it had a mother in law suite added onto it. The HVAC, Electrical and Box, and Roofing are all fairly new being updated within the last 5 years, so the big ticket items were covered. It is a unit that was full of dogs and cats, so you can imagine what kind of shape both units were in. I am using the BRRRR strategy (Buy,Rehab, Rent, Refinance, Repeat) and will live in the small unit, the mother in law, and rent out the larger unit. I will be House Hacking this property and rents for a 3 Bed 1Bath in a mile radius of this place are averaging $1250, but going as high as $1450. With the money spent on rehabbing I will be at $136,000 total invested. I will ask for $1300-$1350. This is close to the 1% rule so I will be living for free with decent cash flow. The BRRRR Strategy and House Hacking come compliments of Brandon Turner and BiggerPockets. Hope this helps and let me know if you have any more questions.

Looks great man! Living for free with additional cash flow and close to 1% rule seem so ideal, hard to beat Comparing with Utah. And yeah we like the BRRRR approach as well after listening to Brandon's podcast. So many relevant and helpful education. Good luck man and keep us posted!

Originally posted by @Nathan P.:

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.

Yes we went to a few events at both Utah and SLREA but were quite busy the past months to get back. There are definitely good investors to connect at those events. Hope to see you soon!

Originally posted by @Kyle Pierce:

Originally posted by @Preston Lam:

@Kyle Pierce Definitely will sign up to be on your buyer list. How have your experiences in wholesaling and fixing business here? We are looking for SFH and small multi units so it's exactly what you're providing as well so hopefully can make something happen very soon!!

 My experience has been that Utah is a great place to be if you're an investor. The hard part is finding the deal but once you find it you won't have a hard time selling it on the backend. Utah is growing fast and housing is pretty short on supply, so if it's a well done rehab it won't be on the market for too long before you have offers coming in.

 Been on this market for a bit I totally agree. The hardest part is to find deal and I kinda realize its the best market for fix and flip right now given the crazy rising price. However, for starters like us, fix and flip sound like a little bit scary given all the uncertainty and the involvement. Whats your opinion on the rental strategy in Utah? Doesnt seem like rental is keeping up with the rising price and all the 2% rule, 50% rule dont seem to apply here..,