All Forum Posts by: Becca Summers

You should look at the cash on cash return. That would be 36% ($300 more a month x 12 ÷ 10k) Can you get a better return with your 10k? 

I've read through everyone's post and want to add my thoughts. I get an inspection on every buy and hold so I have a fix it list. My last property had a leak in the kitchen water line in the crawlspace. A contractor wouldn't have seen that because we weren't replacing the cabinet's or sink. On a flip I get an inspection because your buyer will get an inspection. Say you have termiets on the roofing joists but the roof is 3 years old. Your not going to replace the roof so your contractor wouldn't have seen it. I feel the inspector has a different set of skills than a contractor. One is looking for problems one is looking at known problems to fix. If your not good enough to find all the problems hire a inspector. In my area they are $300 and can help a ton. Always do it after your under contract before your due diligence deadline so you can back out and get EM back if there are bigger problem.

Commenting on my phone​ looks bad. I ment average​ income​ can't​ afford average​ purchase​ price.

Are you going to stay in the home longer than 5-7 years? or could​ you if the marker crashed​ the day after​ closing? If yes go for it. However things to look​ at. What is the average​ purchase​ price compared​ to average​? When the average​ income afford​ the average​ purchase price​ with no more 30% dti going​ to their mortgage​ when​ we have​ problems.

@Janette Richan I'd say it all depends on your goals for real estate. Are you looking to make a killing and work full time? Are you looking to do a few deals hear and there? Only looking to invest?

@Charles A. Thanks! Since this thread we refinanced the one home back to a 30 year so it has better cash flow now. That one we bought in 2008 long before we where thinking about investing. I've differently learned a lot in the last year. 

Yes I mean forced appreciation. I buy a property under value renovate then rent. Renovating is part of the acquisition cost then my month matanice is lower. 

@Grant Keaton that is a great question. I personally invest in North Utah County and South Salt Lake county. The reason? I like the renter population and how close it is to my home. These areas tent to have a lot of rental demand and good paying jobs. Also with the age of the homes (and how I buy them) the repair budget is lower than if I went of the older cheaper properties. If I where you I'd be looking at the rent rate vs the purchase price and what the renter pool would be to make my choice. Are you going to self manage if so Cache Valley might be a bit of a drive when things break.

@Kenya Arnett Hey welcome to bigger pockets. Your getting some great advice. I pulled up your rent amount on rentometer and your about $50 higher than your market I find a $1495 looks a lot better to renters. Also most "good" renters move in the spring and summer so this time of year are the renters who need a little help and have some form of a back story. With my rental in West Jordan I found a group on facebook called for rent by owner got me the most traffic. I didn't have to sift through a lot of applicants to get ones I would accept. My biggest advice is to not feel rushed to pick a tenant. It's better to have a month vacant than have a tenant who you have to evict and lose a few months in eviction time.  On you add title I would say pet friendly those with pets have a hard time finding a place.

Andy, yes Vineyard is still going strong. They have officially become their own city this past year. It has great access to Utah Valley University which rumor is the University is planning on building a satalite building in Vineyard in the next few years. 

You should get better rental rates in Lehi and Bluffdale with working professional and the tech companies. You won't find as much multi family in that area.