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Utah Real Estate Q&A Discussion Forum

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Stephanie Clark
  • South Jordan, UT
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Newbie question. Bought in Daybreak...150k equity...now what?

Stephanie Clark
  • South Jordan, UT
Posted Oct 29 2017, 19:38

Hello! I am just starting the process of learning everything I can about investing so please excuse my inexperience. I would love some advise on what to do next.  My husband and I just bought our primary residence in Daybreak, South Jordan, UT. It's 4400 sq. ft 2007, 6 bedroom 4 bath home for 275K (we got a deal from a family member. He only wants 120K back when we sell with no time limit to sell) It was appraised for 480. We are putting 50K in to it (flooring, kitchen, granite, etc). We expect it to be appraised for around 600K based on the market, when all is said and done. I would love to use this as a jumping off point for future investments. Because I don't know all my options I'm not even sure what is possible but here are some options I'm thinking of. 

1. Long term rental. We should be able to get 3000-3200 per month. Mortgage is 2000. 

2. Short term rental. I'm not exact about rates or occupancy percentage but based on what I can gather we can get about 500-1200 per night depending on time of year. 

3. sell in 2 years and get equity

4. lease to own. I just feel uneasy about this because I'd hate to lock in a sale price especially when South Jordan has continued to climb

 I know there are other options I just don't know what they are. I'd like to try everything from flipping, vacation rentals, long term and everything in between to discover what I really like and what is the most profitable. 

Any advise, mentorship, knowledge would be greatly appreciated. Thanks

P.S. Im not sure why it states above that I am from Manila...weird

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