All Forum Posts by: Brandon Norlund

@Andrew Morales these are the numbers I use. They don’t really come from anywhere except what I am comfortable with. CapEx: 15% Maint. & Exp.: 5% Vacancy: 5% Management: 8% Obviously management is dictated by what your management company charges. Vacancy rate in the SL Valley and Utah County are pretty low right now. That can be adjusted with the market.

I can’t speak as much for Vineyard, but since it is within a reasonable commuting distance from the Lehi area, the same probably applies. With all of the development going on in that area, I can’t see Bluffdale doing anything but appreciating for the near to mid future. Of course, it depends on how desirable your properties are to the folks moving into the area, but there are a ton of big hitters in the tech/IT space that are setting up shop right there. Unfortunately, that is also driving up the cost to purchase any deals in that area. My wife and I have toyed with the idea of buying some new construction there and renting it out to break even on the mortgage, but that is purely a speculation play that it will keep appreciating significantly. A bit more than we want to risk at this point. Right now it is booming, but all it will take for it to dip is a squeeze on the tech market.

Do you have a plan for what you want to flip? How much you can spend, etc. The market is a bit hot at the moment, but you can find properties that will work if you get creative.

So, first off, I second what Eddie said. What does your lease agreement say? If you have a provision in there for landlord visitation, then if you stick to that, you should be fine. If not, check with a lawyer. 

Secondly, it sounds like you can be pretty sure that this guy is violent. I personally would not enter without law enforcement there. If that means getting a court order, then that is what I would do. If you just want the guy out, leave him the notice, contact him however you can, and if he isn't out of there by the specified date, start the eviction process. If all that means you can't enter to see the property until the guy is gone, so be it. It is not worth your safety/life.

Hey everyone, looking into purchasing a multifamily unit (du-quad). Contacted the listing agent on one yesterday and he said the owner would not set up a viewing until we had submitted an offer that the owner accepted. He also said this is very common. Has anyone run into this? Is it really common to do it that way? He said we could get out of the offer if we came across issues upon inspection, but still...

Just to give you an idea of where I am coming from with this, I don't really see how I can put a realistic offer in on a property that I haven't seen. It is hard to know how much rehab is going to be required based off of a few pictures. It seems to me like the owner is not motivated to sell, or they have something to hide. Thoughts?

Originally posted by @Johann Jells:

Originally posted by @Brandon Norlund:

If it is legally defined as a 2 bedroom unit, they cannot use the living room as a third bedroom.

 Do you think that's actually enforceable? When I bought the place there was a couple and their two adult sons living there using it as a three-bedroom. It never occurred to me I could have evicted them based on over occupancy.

 It really depends on the state laws where you are. I have lived in several states where that would be enforceable. Of course, it is hard to tell how many people are living in a place vs the # of bedrooms, so it probably only gets enforced if someone like a landlord or neighbor complains about it. 

If it is legally defined as a 2 bedroom unit, they cannot use the living room as a third bedroom.