All Forum Posts by: Carl Davis

Arti is legit but no one I have known has past the test their first time.

I used stringham with the test prep and it was worth it. 

Dallin, I like where your thoughts are headed but just a few words of caution with this plan.

Using your rental income for your current home to pay your mortgage even if your house hacking can be detrimental if you don’t have cash reserves for that property.

What I’ve seen is people using their cash flow for their lifestyle too early and then whenever there is a turnover or maintenance issue you need to come out of pocket to fix those things.

I’d advise keeping that cash flow until that home can pay for all of its expenses each year including projected vacancies. Still house hack and hope to pay what your currently paying.

You should also look at your return on equity at your current home. since you have over 200k in equity how much cash flow will you be receiving from that? Does it make sense to 1031 into a multifamily asset that’s meant to cash flow? You may be able to reinvest that same equity into something that can cash flow MORE right off the bat.

Just some things I’ve seen with my clients in the area.

Quote from @Trevor Hart:

Piggybacking of your thread. Am I the only one having difficulty making the cash flow numbers work on small multifamily in SLC? 

Like mentioned before, most investors are looking at creative financed options for deals right now in the area.

Creative finance, putting a lot of cash down, or house hacking can all be viable solutions. If you're thinking you can just buy something with 25% down and you'll cashflow in the area it likely won't.

Hey Andrea! Glad to have you, I'm local as well. We should connect sometime.

I think it’s helpful to have a buyers agent that looks out for your interests but it does not seem like this agent has your best interest in mind.

submitting offers without your consent is a huge no no. I would have a talk with him and if he doesn’t show his roll, get a different agent.

Quote from @Sam Campos:

Hi Team,

I am a new investor here in Utah. I see a very competitive market for mulitfamily homes. I am looking for my first investment to be a cuad and live in one unit for a year or two. How do I find a good deal?  

 If you're looking to specifically house hack, you can put 5% down on multifamily to do it.

Or you can use hard money like mentioned before. If you use that method you'll still have a downpayment on the typically lower purchase price.

I actually like multifamily outside of salt lake county more as well. Might get a better deal further away.

Quote from @Stuart Tollison:

Thanks both! To be transparent, I haven't started analyzing deals yet but in talking with people familiar with the area I have been told it's hard to find deals that cash flow. At least as a long term rental. I think I'm also dealing with a little bit of price shock as I'm used to looking at properties in the $100k range where I can rehab it (I do a lot of the work myself) and force equity into the property and then cashflow a few hundred dollars. I may also need to look at partnerships with the Utah market being a much higher price point than I'm used to. Either way, I appreciate the insight! 

 Seller financing and creative financing is very common among investors right now because of the way most deals pencil out with traditional financing.

Honestly can't go wrong with most places along the Wasatch front. Ski resorts, Hill AFB, Northrop Grumman, hospitals up north in Davis and Weber county. The Silicon slopes tech Giants, Utah city being built in vineyard, for Utah county. New MLB stadium going in in salt lake county. 

I just think it's easy to win in Utah in general if you're within the Wasatch front. 

I'm a big fan of house hacking and have done it several times here to create a small portfolio. Could be a good initial strategy for you especially if you like to DIY.

I have a contractor I just used for my flip that was great. I’ll send you his information.

I would echo the others. Losing someone close is a stressful event, and it isn't always about the money. Renting to family members or having partners may just complicate things. Make decisions that will also give you peace of mind.

So glad I bought out in Eagle Mountain this year. I love living here!