All Forum Posts by: Becca Summers

@Brayden Stevens yes, however, I have some great ones that cash flow but I bought them off the market and did some rehab work to get it there. Not as easy to find right off the MLS. They do happen just move quickly.

@Nathan Allan welcome! I house hacked my first two rentals. Then my family decided it was time to stop moving and settle down. Being able to run the numbers is awesome. That is a lot of peoples weaknesses. 

@Steve Theobald here is the link on the bridge plan.  or just google it. https://www.ksl.com/?nid=148&sid=46233716

@Steve Theobald yes my clients who just spent $600k on a lakefront home would be upset. Did you see the company wanting to build an island in the middle of the lake connecting Saratoga to Provo. 

Also, Did you just see the announcement of Olympia out by Herriman. It's kind of exciting to have a "new" city staring soon. I'm sure many are upset about it but we need it. 

@Kareem Lyons

All great stuff. The best part about real estate is you can build the business however you want. That is the reason some agents will never cold call and some love it. Working a cold audience has a higher contact rate needed to convert. You're looking at 100 calls to 2-3 appointments. It's just a numbers game. The warm audience those who already know you convert better but they also know you so it takes time to build that trust level. 

If you had to make money today the best way is to door knock FSBO's they need to sell, they have put their hand up to sell and static say 98% of them do list with an agent after a few weeks of not selling.

@Michael Ramsay

In theory, this would work, I think you two biggest risks are. 

1. This has to be disclosed to the lender which would change their debt to income ratio as they have a second mortgage on the home. So they may no longer qualify. Getting the underwriter to approve is also a risk.

2. Your loan for the 2nd would have to be in the 2nd position so if they buyer closed and never made a payment forclosing would be much harder. 

What is really happening in the market are buyers are offering higher expecting the home not to appraise then expecting the seller to drop the price because as mentioned above buyers don't want to pay above appraisal price. I would never advise a buyer client to do that as you can pull an appraiser who might just hit value. 

I push comparables when I list a home to make my sellers more money but I know I have to sell it to the appraiser too. Really how the value is determined is what you will sell it for as a seller, what a buyer will pay and what a bank will lend they all have to balance. 

@Brayden Stevens Yes you can be successful in buying a home in a seller's market. Getting my client a house without overpaying is my favorite part. However not easy.  With the Utah economy the way it is I don't see the market changing anytime soon. 

My advice is if the numbers work and you don't plan on selling in the next 5-7 years you should be fine. That is how I run the numbers when I want to purchase. I started out by house hacking my first two rentals. 

@Stratton B Brown coming from Califonia or really any other state in Utah we county the basement as livable square footage in all the marketing but as others mentioned Zillow will only pull the above grade square footage which is why it's so different. 

When it comes to valuing the below-grade vs above grade square footage the appraiser gives the basement a lower price per square foot. I find most of my clients from out of state are shocked when they get here and find out a 2,000 square foot house is 1,000 on the main and 1,000 in the basement. They are expecting a patio style home where it's all above grade. 

Good luck in the hunt!

@Brandon S. FIG is a great company. They found an awesome nitch in the market and took it. I haven't seen or heard any bad reviews on or offline through word of mouth. @Steven Bond the guy who started it is a great honest and ethical person. 

The values these projects have added to the community in housing and equity gain is amazing.  

@Allan Anderton When we first started that was my husband's fears as well. My recommendation is to get nice savings account just in case. Also, the vacancy percentage in Utah is under 3% if you do it right you can go from one renter to the next without a day of vacancy. Learning how to manage a rental is the hardest part. 

When I first started I would stress every time the first of the month came. It gets easier. Good luck.