All Forum Posts by: Becca Summers

My contractor is doing a door and wall for $350 but that was without drwall texture and paint as the rest of the house is being done at the same time. Adding just the wall and door was the $350

@Angel Montanez are you willing or able to move? As an owner-occupant, you could put 3.5% down with an FHA loan or if you've never owned a home you could buy with no money down and plan on making it a rental after a year of saving up for the next downpayment.

@Brandon Pace when you want to respond to someone you type the "@" sign and start typing their name with no space and it will pull up. You have to click on it and then it will notify them when you do. 

@Account Closed The first step is to find out if you qualify for a commercial loan. Anything over 4 units require commercial financing which requires 20% down. Then figure out the value of the property. Commercial property is valued based on the income it can produce. Knowing the rent rates put you ahead of the curve. 

@Kayla Jacobson 6% is a good rule of thumb but I make adjustments as needed. Some are worth paying more for just to get into the location and get a better appreciation. 

@Kayla Jacobson being willing to move you can do an FHA loan 3.5% down or a conventional loan 5% down and make the move. That is how we bought our second property. Bought with 5% down and did the renovations and moved in. The hardest part is finding the deal and making sure you know the ARV (after renovated values) well. That way you're not getting over your head. You said live-in flip. Do you plan on selling the home or keeping it as a rental?

Park City Utah is amazing! Or if you want to be in a bigger city with great access to more ski resorts and camping Salt Lake County will get you access to all the ski resorts. 

quick thing on the tax rule there's a form that the title company should give you that lets you declare it as an investment property that will have long-term renters to make sure you get the right tax break.

Are you a first-time homebuyer? I know of an awesome loan that's only $1,000 down and conventional backed. I personally invest within 40 minutes of my house so I can drive by all my properties in an emergency if necessary. I really like the Utah market my vacancy rating is basically zero only time it spends vacant is if I was slow on transitions. It has good cash flow and the appreciation is fantastic. When you're talking Utah County there's a definite price break on rental rates between Springville South and Provo North which you'll need to account for when running the numbers.

It depends if it's a single family house No if it's a multi-family yes. Another thing that's slightly different is most units don't have a washer and dryer in them but they have hookups so renters bring their own