Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Yele Omo

Yele Omo has started 2 posts and replied 20 times.

Post: Areas to BRRRR in Salt Lake

Yele OmoPosted
  • Salt Lake City, UT
  • Posts 20
  • Votes 6

@Ryan E. At this point, I'm driving & biking around in my daily life, talking to friends/acquaintances, then using the internet to research home prices against rents. 

Will you be using direct mail to then make cash offers to the home owners?

Post: Areas to BRRRR in Salt Lake

Yele OmoPosted
  • Salt Lake City, UT
  • Posts 20
  • Votes 6

Hi Ryan,

I'm an investor just getting started and looking to implement the BRRR technique in my business. Seems like we're in a similar boat!

As far as low prices in decent (low crime, generally well-kept) neighborhoods, I'm seeing good potential in Glendale, Rose Park, and South Salt Lake. By good potential I mean a positive relationship btw home prices, after repair value (ARV) and rents. The west side of downtown is turning around, with a new grocery store being built at 900 S 200 W. I like the previous suggestion of Ogden as well.

Good luck on your journey. I'm sure I'll be seeing you around the site, and maybe at a REI club meeting soon. I haven't attended one yet.

Post: Newbie From Kearns, Utah

Yele OmoPosted
  • Salt Lake City, UT
  • Posts 20
  • Votes 6

Welcome to the community Rogelio. The fact that you have friends already doing real estate, and a built in partner in your brother are great! You have all the resources available online, AND you are able to just call one of your friends with questions. Good luck with your plans.

Post: When Should I Contact an Agent?

Yele OmoPosted
  • Salt Lake City, UT
  • Posts 20
  • Votes 6

@Ryan Catchings that's the solid advice I was looking for, I appreciate it. It's going to be hard to beat almost nothing down and no PMI that the VA offers, especially because my credit is just average right now, but I will look around.

Post: When Should I Contact an Agent?

Yele OmoPosted
  • Salt Lake City, UT
  • Posts 20
  • Votes 6

@Curtis Fergus

@Curtis Fergus I'm also an electrician, although I work in automation on the industrial side now. 

Post: When Should I Contact an Agent?

Yele OmoPosted
  • Salt Lake City, UT
  • Posts 20
  • Votes 6

Thanks guys.

As far as multi-families go, I'm not surprised to hear that. A co-worker sold his duplex in the last 2 weeks with multiple offers & above asking price.  In my neighborhood near Liberty Park, I see the "For Sale" signs come up, and get pulled down within days. Things are moving fast. 

@Curtis Fergus, in your experience, is finding good cash flow also difficult in low-income, or "undesirable" areas? I will be happy to let you know when I'm ready to meet with an agent.

Post: When Should I Contact an Agent?

Yele OmoPosted
  • Salt Lake City, UT
  • Posts 20
  • Votes 6

I am preparing to buy a multifamily home to owner occupy in the Salt Lake City area. Eighteen months ago, I had a sub-par credit score & very little savings. I realized that I wanted more for myself, so I worked hard to save aggressively and paid off all my debt last year. My credit score has been rising steadily, and I have about enough saved to get into a home using VA financing.

I want to wait a few months and get my score higher, and continue to save beyond what I'll need to get into the property. I also think I should read more RE and investing books. 

My question is: When should I call an agent and start looking at properties in earnest? I am already doing preliminary work of driving around checking out neighborhoods, searching online listings, etc.  I'm still a few months out from when I will feel comfortable buying. Will an agent in a busy market like Salt Lake think I'm wasting their time if I contact them now?

Thanks in advance to everyone who offers their advice on this.

Welcome to the site @Lavonn Lewis

There is so much information here, between the blogs, podcasts, and ability to reach out to more experienced investors.

I was in your shoes about 18 months ago, with my credit subpar & not much money saved. I was able to turn that around rapidly by paying off all my debt & saving aggressively. I watched videos by real estate mentor Jay Morrison & used Dave Ramsey's "7 Baby Steps" method to get in the mindset of using money as a tool, not being used by it. Those resources changed my life, now I'm in a position to start buying Real Estate. 

No matter where you're starting from, your vision is possible. Get the right resources to have a good plan and stick to it! All the tools you need are right here at BP and elsewhere online. Good luck with your business plans. I hope to see you around the site.

Post: New Investor From Salt Lake City, Utah

Yele OmoPosted
  • Salt Lake City, UT
  • Posts 20
  • Votes 6

Welcome to the site Travis. Both SLC & Phoenix have good opportunities in rental investing & flipping, so excellent choice on these two cities for your business.

I lived in Phoenix also, about 10 years ago, and I see several similarities between Salt Lake today and Phoenix years ago when it was blowing up. (Granted, Phoenix was already a top 10 largest US city when I lived there)

Best of luck to you & your wife