All Forum Posts by: Becca Summers

@Rebecca Belnap thanks for the tag. Gus what questions can I answer. You can also message me as well. The other two guys tagged are great. Sam does a lot of new construction with the fig group.

Welcome to bigger pockets! It sounds like your set up well for investing with your CPA. My husband works for IM Flash where does your husband work?

I'm a Realtor and my husband and I also invest in single family homes. Someday we want to move up to multifamily.

I'd love to answer any questions you might have.

@Stefan Coles I think that would be awesome for them to do a podcast that gets someone from each state to share their local knowledge. Maybe we should suggest it. I don't recall any from Utah currently.

We got a remnant for $1,200 installed. I called the granite supplier and asked for a couple contracts they'd recommend. Got a great company who has lots of remnants to choose from. I can't remember the square footage. Also we did top mount sink and saved $100 bucks.

For resale granite, for long term rental laminate. Do you think you'll need to renovate before selling?

I don't think you'll see a huge return on investment making the curb appeal better for the rental. You'd get a higher Appraisal and rent rates by closing in the carports to garages if there is enough space.
Depending where it is in SLC the crib appeal isn't as big of a deal.

You'll most likely get the most money from a retail buyer if properly stagged and marketed. The problem with advertising to investors is some might assume the home needs work. Also the cash flow is all dependant on what type of financing the buyer gets so their cash flow might not be as much. 
Pricing a home is an art, looking and comparable homes, share footage, age, location and finishes all within a certain area and time frame. A Realtor will probably be your best bet to price it out.

@Taylor Chiu It depends on where in Utah County your rental is I would say no Poplar Grove is not the similar to Utah County. 

In Utah in general there is a large demand for rentals. In Poplar Grove you'll have more "problem" tenants the crime rate is higher so most people don't want to live there per say but the owner/ rental rates are very similar to Provo. Provo you have students Poplar Grove you have credit issues and need "help" with the deposit. 

 I rarely see people searching for properties in that area on all the housing groups I stay active in. However whenever I show a rental property in the area the tenants have almost always lived there forever so I assume turnover is less.  

@Shazia Chiu that area is the probably the worst area of Salt Lake County.  I agree with @Quintin Mortensen that it's Utah bad. If your clients are from Utah they will be freaked out, If they are from California  they will be fine. The rent rates are lower than other neighborhoods so even though your purchase price is less you're not making as much in rent. 

I think it's in need of a facelift and you do see some flippers in there but not many. A lot stay away from the area so that probably says a lot.

@Chris Draper you'll be hard pressed to find anything larger and a duplex for under $350,000 in Utah County. There have only been 8 in the last year and most where south county which means the rent rates aren't a high a North County so it all balances it self out. There are a lot of duplexes but because so many people from Utah want to be "investors" but have no idea how to buy right duplexes are almost always priced high. With that said what do you consider a good deal on a property? Are you looking for a turn key property? Something you can get a little swear equity our of? 

@Kenan Karalic in the current market no seller has paid the full buyer closing costs in that market. The most a seller has paid is $7,000 most haven't paid anything. So I would factor at least 2% for closing costs. The lowest down payment for a non owner occupied loan is 10% with Mountain America and the investor interest rate is normally .5-1% more than the owner occupied loans. The range in while those 4-plexs have sold is $290-$310 in varying conditions.  

The area that @Anthony Hurlburt is talking about is a little sketchy the other properties the others that have sold their rents are between $700-$750. 

I would calculate a higher vacancy just to make sure you have the time to screen and get a good tenant and not feel rushed into picking a low quality tenant and have more problems later.