All Forum Posts by: Tanner Stoddard

Investment Info:

Single-family residence buy & hold investment in West Valley City.

Purchase price: $325,000
Cash invested: $21,000

House Hack. Renting 2 of 3 rooms out. Working on updating and then renting out basement as well. It has a separate entrance for the basement. Will have that as a studio apartment.

What made you interested in investing in this type of deal?

Getting into investing is always easier when starting with a house hack!

How did you find this deal and how did you negotiate it?

On the MLS and offered 25k over in a HOT market!

How did you finance this deal?

Standard Conventional conforming 30 year loan.

How did you add value to the deal?

Currently painting. Renovating a bathroom. Putting in LVP flooring throughout. And soon will start on the basement to make it into a studio apartment.

What was the outcome?

A house hack! Currently in the works!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My buddy was my agent and was much better than expected. I had no idea what to expect but he pushed and helped to get our offer to the top and get it accepted on just the 3rd property I offered on.

Do you have any data on how many are selling over asking? And for how much? This market has been red hot and doesn't seem to be slowing down any. 

I'm not the most knowledgeable about the RE realm yet but I've been doing the same. I've worked in the financial industry for the past 7 years. Get a credit card as soon as you can. Use it smart and let the balance sit for 3 weeks and pay it off. Most credit cards have a 25 day no interest period. Check with specific cards. Thats a good start to getting credit. You may have to open a secured card. Really depends on who you're looking at opening one with. If you have a pre existing relationship with a bank or credit union, usually go there first. Other than that, save save save anything you can! Good luck to ya!

Thanks Alan! This is super helpful information. Have you been seeing most offers being above asking price? If so how much above asking typically to get your deals closed? Thanks!

Thanks Jeff thats what I've found too. I have a friend that was asking and wondering like with a tenant that he had that he has said he told them he wants them to move out and they're punching holes in a wall. I'm less worried about the discrimination as thats not something I'd plan on doing. Just wanted to know more options with that. If you're living with someone and they're creating an unsafe environment would it make more sense to get a restraining order and in turn they will have to move out since you own the home and live there as a primary residence?

I've been reading and trying to find if there is an exemption or added language to the Mrs. Murphys Law about evicting or removing a tenant from the home that is owner occupied? What details have you found on this? I've read that there is a way and with verbiage but not sure what that is. Or is Mrs Murphys Exemption only for when you start renting to them? Hope its clear, if not let me know what questions you have or experience you've gone through! Im in a Utah if that matters. Our exemption in state law mirrors the federal law. Thanks guys!

@Jhay Spottswood

Awesome! Paint and flooring are fairly easy. Depending on the flooring you would do. I believe you can rent a nail gun from your local hardware store if you want to do hardwood. I hate tile. Its cold and ugly to me. Last longer tho. But thats definitely way more work to lay tile. Thats something I've seen and its more specialized!

@Jhay Spottswood

Do the roof yourself. Do some research and it will be a LOT cheaper if you can put in some sweat equity. There are certain things I can/would do and a roof is one of them. Its starting to get hot so its not gonna be fun but if you're worried about money. Buy materials and get goin! Personally I think the kitchen will be harder and more expensive depending on how much of a makeover you want to give it. Cabinets are specialty made and same with counter tops. If you can get away with paint and or new cabinet doors and hardware in the kitchen that will save a lot. Depending on what the current shape of the kitchen is. Learn some things. Doing some things yourself when you may seem worried about money can be a good time to learn! Best of luck to you!

@Michael Doub

Also curious as my new wife doesn't have a SSN or any history (from Chile) but I'm the main breadwinner and she would essentially just be living in a property if we were to rent. Him being the breadwinner seems to me that its probably an easy decline as you can't hold him accountable really at all.

This may be a long shot, but I figured I'd reach out to all the wonderful people of BP. I have a brother who live in Escondido now and works as a Nurse in San Diego. His soon yo be ex wife recently got locked up for domestic violence. They're going through a divorce. He needs a place to stay in the San Diego area. His credit is horrible. He makes great money as a Nurse - RN at Kaiser. He will probably need a 2-4 bedroom. Really just about anything will work. They live at her dads house that they've been renting for quite some time but he needs a different place for the kids and him for a safe place. ANY options would be of great help! Thanks guys!