All Forum Posts by: Account Closed

@Jack Inman pretty simple, more doors = less risk of vacancy per debt service. I might be interested in a portfolio of SFH if they are wrapped into a single mortgage payment. Also, shared overhead = less costs.

@Dean Letfus Thanks so much for your feedback. I assume the risk is property damage / vacancy? And sorry to sound ignorant, but is there a concrete definition between A/B/C? For example, our duplex might be a C class, but we are able to charge premium rent (>20%) due to location, features, washer/dryer, but unsure exactly what that means. Thanks for your help! Tim

Hi BP, We are looking to connect with realtors / brokers in Memphis TN. Would love to connect with anyone you may know and trust! As an FYI we're looking at 4-plex or greater, possibly several over the next year to 18 months. Thanks! Tim

Hi Preston, welcome to SLC - my wife and I just moved here a little while back and the market seems to be pretty hot!  We bought a duplex in the hot 9th and 9th area and it's been a fantastic investment thus far, even with some of the lovely perks of an older home.  I would be really intentional about location, because it seems like even a few blocks' difference can change the structure of the deal.  We were super blessed to get this deal and we're commanding premium rent due to the high-end nature of it.  I would recommend a realtor because a lot of homes are non-legal duplexes or have a MIL suite which can be house-hacked.  That's what we are doing.  Oh and shout out to @Cody Steck for being our realtor on this deal!  He went above and beyond and video taped every house we looked at while were out of the country!  Good luck and feel free to shoot me a note if you'd like to chat!  Tim

Hi BP! Can anyone point me in the direction of a lease agreement for Utah or where to create one online that you'd recommend? Thanks! Tim

yes mls, nobody needs any mlms in their life haha thanks I'll check his info out!!

I'm looking for a real estate agent in salt lake City area, any suggestions? also do you have a recommendation for a lender? is usaa any good? we are planning to do an FHA, any concerns to be aware of? any salt lake county area to stay away from? or look for? ideally we would love a big house and lot in a walking neighborhood, close to whole foods. any particularly good locations for children? we are not mormon, so areas that are accepting of other faiths would be good. thanks!! also we are wanting to invest in salt lake so hopefully an agent that is familiar with investment properties and willing to send us MLM info

@Albert Bui Great points there Albert! We're in talks today with my tax guy and we plan on bringing up W-2 for my wife for this (and other tax incentive ideas). Thanks for the thoughts!

@Bill S. Appreciate the reply and feedback. But would a SFH purchase be better than renting for a few years? At what point does that make more sense? If I buy a SFH, most of the interest will be paid on the front end which means that for the first few years, I'm losing money with very little equity gain and no cash flow. Unless the market appreciates a lot, I'm not a whole lot better off than renting in some ways, unless I'm missing something? It's not until several years down the line that equity starts to look better. I could get it set up to do double principle payments? My thought was to rent first, and stick the leftover cash back into investment properties that generate actual cash flow. If/when we decide to buy a primary residence, we could just go for a major renovation project that we work on the side or something like that and make "our own" that we buy in cash down the road for a discount. I really appreciate the feedback and you're point about distraction is one of my biggest concerns here because the further away from my business I get, the more I'm losing opportunities there to close more deals and this make more money for future investment properties. It's not a multi-million business yet, but we're pushing the limits right now and should have plenty of investment income this year now that we're out of debt. I think my biggest reason to either buy SFH or rent is to maintain stability on the home front and focus on the business as you said as well. Thanks again for the feedback!

@Jordan Moorhead thanks for the reply and your feedback. I agree with everything you're saying in theory and we're certainly still toying with a house hack idea if the right property presents itself. Yet, there are other factors we're weighing, such as we have a 1 year old (will be 1.5 when we get to SLC) and I need space and quiet for my business calls as I tend to be on the phone as much as possible. apartment style living can be difficult with this setup as we've been experiencing working abroad in various places. I'm just unsure if a duplex setup would work. Possibly a larger side by side? But then I still wonder if the cashflow makes sense in SLC or if it makes more sense to rent and buy cash flowing properties in a different location. I sometimes think a house hack might have been a better play when I didn't have a family with a baby and space needs for the business. Thanks for the food for thought however! Much to take into account!