All Forum Posts by: Stefanie Jensen

@Justin Tahilramani

Justin, I totally agree. I’m sad to say it, but schools with lower income populations are generally ranked pretty low. There are so many factors contributing to it, but those scores are generally just reflecting how privileged the students are. Schools with tons of stay at home moms who volunteer constantly and get their kids outside of school tutoring are going to be ranked higher. You are not going to find a 1% rental in one of those neighborhoods. My kids attend a school that has a very diverse population of children, I’m taking the richest to the poorest, it gets a terrible ranking, but my kids are getting a decent education. Those rankings are based on test scores. If there are some kids that aren’t testing high because they are immigrants who don’t speak English as first language, it shouldn’t make much difference, especially for a rental property. Renters would probably have no problem with title one schools, they serve breakfast and lunch for free. They get a bad rap, and it really annoys me.

@Tia Wilson

I understand how frustrating that must be, but I would absolutely advise you to wait a little longer and just save, save, save, save, save! There’s nothing scarier than owning a home and having a water heater breakdown or just any other issue that comes along and not having the money to repair it. The market has been so crazy lately, it cannot sustain at this pace so just wait a little longer and save as much money as you can while you’re waiting.

The VA loans are great for those that qualify, but mortgage payments with little to no down payment are frighteningly high. It's nearly impossible to see a scenario where it would cash flow in the current housing market.

Best of luck! I truly believe that that next fall we will have a higher volume of homes on the market which will stabilize prices a little bit.

@Lukas J Ridd

So many great replies to your thread. I just have to agree with what everyone else said. Things that are marketed as a true duplex or triplex are going for more money than you would be willing to spend, or are located in neighborhoods you wouldn’t choose to live in. The best way to get instant equity is to tour properties and see what others don’t. Go look at a house and look for what opportunity you can envision in a basement. So many agents are not investors and they don’t understand the gold that is lying within some of the properties they list. Some people won’t even mention a second entrance or a second kitchen. If you’re listening to BiggerPockets and you’re reading the forums, you’re already ahead of the game. When you tour property you need to be able to see where a few 2x4’s and a little drywall could create a separate entrance for a rental. You need to see where an office could gain a closet and become a bedroom.I cannot stress this enough. So many agents have an absolute Blindspot when it comes to investment properties. You sound like you’re in the perfect time of life for buying a house and renting out your basement as an apartment. I wish you the best of luck, if you do end up looking in Ogden, please give me a call I’d be happy to help you out with all of these ideas.

@Timothy Lewis

I live in Utah and I hit the jackpot with my independent broker. He offers terrific technology, and he literally answers his phone or returns a text within minutes… Every time. He charges a flat fee of $495 per transaction and it’s been amazing. You find out really quickly that real estate is a learn as you go type of job. I have literally never met my broker and I have never walked into the office, not even once. We have a great relationship because he responds to any and every question I’ve ever had. If you go with an expensive brokerage, it doesn’t always guarantee that your broker will respond when you have a question. My broker is prompt, not greedy. I keep the majority of my commissions because I did the work to earn them. With the Internet, you don’t need an office the way you did in the old days. Everything is done online. If you need cheerleaders and company, go sit in a real estate office all day. If you want to earn and keep your money, do your work from the Internet at home.

@William Hochstedler

Well Said William.

As an Ogden resident, investor and real estate agent, I see things from much the same perspective. You nailed it on the flip houses with the wow features, but no real structural updates!

I will add that I do see so much opportunity here in Ogden. There are still quite a few little pockets of downtown that I know will be gold 10 to 15 years down the line. Change is happening and it’s great to see owner occupants buying some of these older homes downtown and believing in the revitalization. It is tough right now because just about everything in Utah is overpriced just because interest rates are so low and inventory is so low. It’s kind of exciting to see how all of this will play out over the next few years. But as always, if you’re looking with the correct lens, you will find opportunity here. It’s a great place to live and I love helping people find properties that are not being used to their full potential. I love it here.

@Andrew Smith

Pep talk time:

Every investor has a different risk tolerance. It’s natural to feel anxious your first time purchasing a flip or a rental because You don’t know what you don’t know. No one starts investing with the perfect set of criteria and analytics. That comes with experience.

Even if you buy this place at 90k and it doesn’t end up being a cash cow, you can always sell it. The experience alone will be worth it. Once you jump, you’ll truly know if you can handle the risk.

@Diane Savoian

There’s some really great advice on this thread. I normally set it at 650. My best advice is always try to look at the bigger picture. Is the score low because the renter is young and hasn’t had time to build credit, or is it low because they have numerous collections against them? I’m trying to find someone that seems stable and has a history of paying their bills. So keep an eye on the number of derogatory marks on the credit report, and collections. I try to steer clear of bankruptcies, Felonies, collection accounts, evictions and sex offenders.

Also it’s very helpful if you can contact both their current and previous landlord. Their current landlord could have motivation to give a good reference just to get them out. The landlord before that will tell you the truth.

Good luck, Good thorough screening now will save you a lot of trouble for the rest of the year.

@Stefanie Jensen

Checkout the Ogden city website. There is a program called “ own in Ogden”, see if you qualify.

@River Luce

If you decide on Ogden, you should call me. This is a market I specialize in. I’ve lived here forever and I know the ins and outs of every neighborhood. I live here and invest here. I just helped another BP investor pickup a fantastic house hack property. There are opportunities, you need to come checkout your options. Ogden is a great spot in Utah for outdoor enthusiasts and non Mormons. We have great nightlife!

@Jake VandeMerwe

I'm an agent and an investor in Ogden. There is absolutely opportunity in this market. House hacking is always a win, but there are tons of properties that you could BRRR. The first thing I'd advise you to do is get your financing figured out first. Once you're prequalified, you can move as fast as the market does, with a realistic picture of where you need to be with rents and renovation costs. There is also a property that just came up on the MLS that is fully occupied, cheap and cash flows! Things go fast, so when you find something that might work, you have to be ready to make an offer. Analysis paralysis loses every deal when interest rates are this low.