All Forum Posts by: Becca Summers

@ben If you do sell wait until your two year mark so you don't pay capital gains. Talk to your accountant depending how you been doing taxes but because you owner occupy you should be fine and not need to do a 1031 exchange.

Also I am a fan of keeping everything and selling only if you have a good reason. However I know most areas don't allow that many singles so if you converted it to a full-time rental would it still cash flow?

or could you take equity out of this property cash out refi or home equity line of credit keep it and use that equity to buy a new property? And your commute sounds terrible so I would move but I don't know if I would sell.

@David there are very few cities that will let you do a detached accessory apartment. A small section of Salt Lake pleasant Grove and Utah County and Mapleton in Utah County. That's why most people don't do it. 

Past experience a 2 bed 2 bath regularly rents for $1,200 in that area Airbnb would be $2000-$2500 a month after expenses. 

Airbnb is fantastic and has great returns. The thing with daybreak is you cannot make it a rental until you've lived there for a year They have restrictions that are enforced in their HOA for rentals and I don't think they actually allow short-term rentals but I could be wrong.

Utah is known for appreciation and low vacancies. We have thousands of people moving to the state a month so rental demand is very high. We've never been close to the 1% rule. But we have a very strong market.

based off the price you're talking about in the area I can guess what builder you're talking about and that particular builder / area has no rental restrictions in their communities which is cool for investors but It makes it so that area has a lot more rentals which isn't always beneficial to investors.

I prefer Lehi over Bluffdale just because people moving into the state know where Lehi is and don't know where Bluffdale is.

I didn't read everyone's responses so I might be saying something they've already said. The Utah purchase contract is ridiculously buyer friendly it is so easy to cancel clear up until the financing deadline. However as a listing agent I would not accept a purchase contract if the buyer has not seen the property if I am selling a property in the retail market. If I'm selling it to an investor and I don't have any retail buyers I might. I saw people talking about multifamily it's pretty common for them to not show the property until it's under contract. For my own state clients I do a 360 tour walk through so they can see everything.

I'm going to say don't use your son's owner occupied first time home buyer status for an investment property for you. When the time comes that he can buy a property he'll have to put at least three and a half percent to 5% down and can't take advantage of first time buyers loans because he already owned home. Or if you do take that option away from him maybe give him his down payment.

Can you message me the address? I can do some research on the property with my title company. I'm in Utah County.

Scott, they enforce the rental cap. I think a rental cap protects property values. However it would change my strategy I wouldn't purchase in an area that has a cap. 

Is property A a legal duplex? If not renting both unit's could put you in hot water with the city. You can get a HELOC on property A to buy property B with a 5% down conventional loan. Just need to account for the extra cost of browing your down payment.