All Forum Posts by: Justin Hammond

@Brandon Farish

Welcome! I'd be happy to help in any way I can. 

@Kinley Puzey

I'd love to network with you! Let's connect and we can keep you in the loop on our next development. I'd also love to just steer you in the right direction if we don't have a project to work on together. 

@Tiffany Bishop,

The answers you are looking for largely depend on your time horizon.

If you are looking for properties to add to your retirement portfolio (holding for 20+ years), then it's very hard to say anything negative about Vineyard. UVU is clearly riding an upward trend, and the future development plans will only make that area more valuable over the next couple decades. Additionally, If this is your strategy, new construction will benefit you when it comes to maintenance. 

If you have a shorter time horizon, I would suggest that you be more cautious. I feel that the Wasatch Front provides a very strong market outlook, but nobody has a crystal ball. And when demand for housing decreases, Vineyard will be one of the first places to see the impact because it represents outward development. Additionally, the numbers aren't very good for the short term approach. You can rent out a 299k townhome for about $1500 (according to an investment my buddy has). These aren't horrible numbers if you're willing to hold on for 20 years and ride the appreciation, but you can certainly find better cash flow numbers if that's your focus.

Just my two cents. I'm certainly no expert, but let me know if you'd like to chat further

I agree with @Andrew Dean.

You could also offer to partner with someone who has experience flipping if you want to learn more about creative financing. For instance, offer your remodel skills for very cheap in exchange for some education on the business side? 

I currently own a few rental properties and I have yet to use my own cash to acquire them. If that's something you're interested in I'd be happy to chat (and it has nothing to do with signing up for a program - just working w/ partners). 

Check out Agent Professor. Easy to blaze through if you already know quite a bit about RE. It's the only one I've tried so idk how it compares, but it was very simple and easy to navigate. 

I bought a house in Pleasant Grove, Utah recently. The seller had a "tenant" living with them, but no lease agreements were in place.

When I bought it, I told her I may be able to let her stay there while I remodeled it, but with the understanding that I could tell her to leave with a week's notice. 

After a couple days, I searched her on Facebook. One status caught my eye:

"I'm thinking one last huge rager at my house on Friday October 14th before I have to move out. I want everyone there and bring everything and everyone. Let's go big or go home hahaaa! Mark your calendars!"

followed by numerous comments between her and her friends plotting to make this party pretty destructive.

I immediately texted her and told her that plans have changed, and she needed to be out of the house in a week. 

She told me she was going to be out of town all week and couldn't possibly move out (which I confirmed was true).

I ended up giving her two extra days and telling her that if she didn't arrange for everything to be out of there by the deadline, that I would take all her stuff to a storage unit.

MY QUESTION is... 

Do I have to legally evict her from the property if she won't cooperate? Do I have the right to haul her stuff to a storage unit? Since there was no rent/lease agreement? 

I would highly appreciate answers!!

Thanks for the feedback everybody. I discussed this with an attorney and found out that the contract was valid and we had every right to move forward (the seller didn't just sign the agreement, but also provided testamentary letters and death certificate).

However, I elected to basically do what @Jeff Rappaport suggested. I told the seller that I was sorry if she felt tricked in any way, and let them know that I would rather not participate in any business transaction unless all parties felt comfortable, and could definitely say they were treated with respect and integrity.

Even though I had the best of intentions, I really wouldn't want anybody out there to think I'm anything but an honest person. 

So thank you for all the responses, you were all instrumental in the solution I chose!

Hey guys,

I have a unique situation in American Fork, Utah. It's a vacant property, and after doing some skip-tracing I found that it went through probate. I contacted the executor of the estate and put the property under contract for $50,000. Interestingly enough, their plan was to be the end-buyer after we rehabbed it. Crazy!

Well, for whatever reason they changed their tune really fast and had their lawyer contact me. He said that they no longer want to try and buy the house back once it's remodeled. 

I told the lawyer, "That's fine, we will still close on the property and remodel it anyways." He seemed confused, and ended up admitting that he was unaware I had a purchase contract. 

I told him that of course I did! Why would I be discussing design options back and forth with the seller if I didn't have a legal interest in the property? 

Long story short, the sellers told their lawyer that they were unaware they had signed a purchase contract, and they thought they had just signed the borrower's authorization form to get the payoff amount from the lenders. They are claiming that I tricked them into signing a purchase agreement, even though we had a specific discussion about the purchase amount I was including in the agreement.

Furthermore, the lawyer told me that since the seller isn't the "owner" she's just the executor of the estate, that the contract is invalid.

I told the attorney that the contract doesn't say "owner", it says "seller", and she has a legal right to sell the property.

Anyways, I am seeking some advice on this. Is a contract invalid if signed by the executor? And how much force will they have by claiming that they were unaware of signing?

I am prepared to move forward on this deal, but only if it's a no-brainer that I have grounds.

Sorry for the long post, I'd appreciate any advice. And yes, I know I should talk to an attorney. I will. 

@Jake Sorce I would be happy to help you with a deal, PM me and we can set something up.

@Aaron Ormiston I occasionally look for partners on flips in Utah, I'd be happy to team up on a deal if it makes sense for us. PM me and we can discuss further