All Forum Posts by: Josh Farrer

Just a thought on the Provo property, you could seller finance/lease option it. I will admit I'm biased on seller financing but I think there are a ton of benefits to doing that.

-Josh

hi Dana. First welcome to BP. Lots of great advice here. Check out the ultra beginners guide. Also you are at an advantage that you have an investor uncle to help mentor you. If I could go back I would try and buy a fourplex to begin.

Maybe start with a lender. I'm sure your uncle has one or two he's worked with. If by chance you need a referral I can help you with that. It's tough to help someone who doesn't know what they want, so really explore the different areas of real estate to see which you like best. I have gotten more specific and narrowed my focus a lot over this last year.

Check out SLREIA.com and join that awesome community! Let me know if I can be of help!

-Josh

Bill has some great points as usual. Find out what the rents are currently. What are the area rents for similar units? If it were me trying to buy I would try to structure it something like this: Purchase price -275000 Money at close -40000 Note terms - money at close to be put towards first twelve payments. Remainders to be paid in (need rents for this part) equal payments of (50% of rents) for how many months that number divides into the remainder. For example, let's say rents for each unit are 600. 1800 a month gross rents. So my preferred monthly payment is 900. 900*12=10800.00 Money at close 40000-10800=29200 275000-29200=245800 245800/900=274 So my note terms would be: Remaining balance of 245800 to be paid in 274 equal payments of 900.00 This would get the debt service payed to the seller (40k) and give her an income stream without the head ache. This also gives you/assignee an okay margin on rent, and the first 12 payments to recoup some cost as well as make improvements with out incurring a vacancy cost. If the units need major work, roofs, furnace, full guts, my initial cash out would be less to cover or my prepayment term would go up to offset that. This is a bit long but I wanted to be as clear as I could with what was given. I hope it helps! -Josh

welcome! As you will read it says get plugge into local groups. Utah has a couple but I think SLREIA.com is the best. Let me know if I can help in any way.

Ken, welcome to BP! Cache valley is a broad area, where specifically are you looking? As far as comps and ARV, that truly is the name of the game in flipping. I would say it's the most important thing to know what you can sell for. With thee on the market you should know pretty soon what that price is.

I suggest you check out SLREIA. There is a lunch meeting the first Wednesday of every month in Layton.

Also there is BP member @shawnwatkins that has lots of stuff in Ogden. He would be a great resource. Also he's the VP of SLREIA.

We have an awesome local community, please let me know if I can be of assistance.

-Josh

I don't know of anyway to run accurate comps with out MLS access. You could try and be an assistant to a realtor to gain access. There are a lot of agents though, maybe you could find a couple who would help. Also be sure to check out SLREIA. There are others who may have better ideas than me. Welcome to Utah! What part of Utah? Why leave the beach for the snowy mountains?

welcome David. I'm in Salt Lake City. My wife and I spent our 9th wedding anniversary in Seatle. (May this year) I think it's a very cool town. If there is anything I can help you out with, just let me know.

welcome to BP and to Utah. If traditional financing is what you are after, Matt Atkinson with Flagship is an investor himself. I'd be happy to get you or your partner an introduction. Feel free to reach out to me with any questions or ways I can help.

hi Ted, SLREIA is a great place to start. Why the move to Utah? I love the state, just curious what's bringing you to town?

The SLREIA meeting is tomorrow @630. Larry Miller campus.