All Forum Posts by: Bryce Young

Thanks, Zach! I did forget.

Hi guys. I'm following Brandon's advice to analyze 3 deals a day. I've been looking for a property to "house-hack" in Utah County. I found a property that meets my criteria. I ran the numbers and would love some feedback on things that I am overlooking or mistakes that I made in my calculations.

Here is the property listing: http://www.zillow.com/homes/for_sale/Provo-UT/1190...

I did these numbers as if I was not living in the property, hence the two rents.

2841 W 1680 N

$184,000

$6440 down (FHA loan)

$177,560 mortgage with 3.8% interest

Expenses

Mortgage: $827

Taxes: $70

Insurance: $50

Vacancy: $75

Repairs: $150 (old house)

Total Utilities: $150

Property Management: $150 (eventually)

Capital Exp: $150 (old house)

Total: $1662

Income

Rent (upper level): $750

Rent (bottom level): $750

Total: $1500

Cash flow: -$162

It looks like I would have a negative cash flow so this isn't a deal.

Although it might not be a deal, how are my calculations? This is in Provo, Utah. I got the taxes from the county records and searched google for an average insurance rate.

Thanks in advance!

A restaurant sounds good to me. 

@Skyler Smith Thank you for the links and the advice! I'll be on the lookout for seller financing. 

After seeing all of these responses, I think I have a good idea of my next steps. I'll look for seller financing, educate myself more, and I'm sure I'll find a good deal for me soon. Thank you all. 

Thank you all for the excellent advice! It's encouraging. 

@Jeff Rappaport I attend all of the Utah REIA meetings I can, so I'll probably see you there! Thanks!

I'm a college student from Utah. My wife and I have been struggling to get pre-approved for a loan. We've missed a few deals because lenders don't see our work history or current employment as reliable.

We are going to house-hack a multifamily or SFR with accessory apartment for 200k or less.

We have a combined monthly income of $2500-$3000 and 15k in liquid assets. She is a 1099 contractor (Graphic Designer), but has been with the same company for 3 months and plans to stay there. I just started an internship that will go until April, so I don't have any pay stubs yet.

The lenders that we have talked to want 2 years of self-employment history to consider approving us. (She is considered to be self-employed). 

We have been trying to get approved for some time. Our credit is great and we have no debt or late payments. 

We are very eager to start investing and we are ready to jump at a deal, but we can't seem to get a loan.

How do we get a loan? Co-signing with our parents isn't an option right now.

Welcome, Austin! BP has been an amazing resource for me. It's great that you're listening to the podcasts. 

I'm from Provo and I'm also interested in buy and hold. 

Good luck! Seeya in the forums. 

Welcome! It's great to find other investors from Utah. You're further into the game than I am! Way to jump in!

BiggerPockets has been the single best resource for me. I've connected with great people through the forums. 

Maybe I'll see you at a UREIA or SLREIA meeting at some point.

Best of luck!

I'm also very interested!

Welcome! BP is the best real estate resource I've found. I've met various people who are very willing to help me learn more. 

I'm also from Utah. Maybe ill see you at one of the REIA meetings. Make sure you set your keyword alerts to be notified of new happenings in your area.

Good luck!