All Forum Posts by: Caleb Rigby

I met a property manager a couple of weeks ago. I'm not sure if he manages properties in WVC, but if he doesn't, I'm sure he knows people/companies that do. I'm PM you his info.

@Micah Starbuck, while I don't have a company I can suggest, I would say you should just call as many different companies you can find through KSL.com and Google. KSL sort of dominates Utah, so I would think it would be a great resource.

I'm very new to investing but I don't believe the profits are tax free. To be tax free, you would have to live in the house for at least 2 years (or 2 out of the last 5 that it was owned), and I don't think that is common practice for flips since you're trying to turn them around quickly and reduce your holding costs. It's only tax free if your profit is $250k or less (single) or $500k (married filing jointly). This is my understanding at least.

@Becca Summers, dumb question - do these portfolio lenders loan on SFR, or just multi-family rentals? Is the typical close time roughly the same as a conventional loan?

@Becca Summers, dumb question - do these portfolio lenders loan on SFR, or just multi-family rentals? Is the typical close time roughly the same as a conventional loan?

@Ryan Perkins, sorry it took me so long to respond. The numbers initially looked great, but I found some skeletons in the condos closet that I didn't want to deal with, which was mainly mold in the basement and a roof replacement. I passed on it and didn't end up signed the purchase and sale agreement, so they moved on. I did, however, purchase a SFR in Ogden yesterday from a local wholesaler. There are tenants in there now on a month-to-month agreement, so I have issue them notice that I'm terminating the lease and then I'll begin the rehab.

Hi Avi - have you had success on this front yet? I have a good company that I can suggest if you're still looking.

I closed on a SFR in Ogden, UT yesterday and I'm to the point where I need to interview contractors. I've got a handful of suggestions from friends/family, but would like to throw it out to BP and see who the best is. The house is ~2,000 sq ft and needs a lot of cosmetic stuff done: painting, floor installation, dry wall repair, kitchen and bathroom remodeling, possible siding work, and some landscaping.

I plan on buying all of the materials and then I'll simply pay for the labor. I have tenants in there now that will be out on 8/31/16, so if your referral is busy now, maybe they'll be free by then. This is my 1st flip so I need someone that has done some rehabs. 

Hey @Ryan Perkins, welcome to BP. I'm also new to BP and thought I'd piggy back on your comment. I live in Davis County (West Layton) and have pretty much lived here my entire life. I like Davis County because there is a lot of diversity, and you can find whatever you're looking for. On the south end, you'll find much more expensive houses in Centerville, North Salt Lake, Farmington, and Bountiful. As you get into Kaysville and Layton, there are more reasonable (mid-level) homes, and then further north you'll find much cheaper housing prospects in Clinton, Clearfield, and Syracuse. Where did you purchase your first house? What cities intrigue you in Utah? I've tried to find hidden gems via KSL, MLS, and auction sites, but it is hard going. It seems like there are quite a few wholesalers along the Wasatch Front that are scooping up deals within 1-2 days of coming online, mostly because they're making cash offers. I am closing on a condo in South Ogden in a couple of weeks (won on Hubzu), so there are deals out there, but I am still new and figuring out those ways.