All Forum Posts by: Carl Davis

As someone that has house hacked 3 times now in the area I second Logan's advice. It really depends on what your goals are though how much capital you have and if you live in the area or not. I like the Riverdale and South Ogden areas. They are building a ton of commercial buildings in that area currently and you have the military base, Northrop Grumman, and McKay Dee Hospital nearby to support the area. It is also close to I-15 and I only expect these areas to keep growing. 

I have one rental right off of 40th that I house hacked and moved from that cash flows very well and I am actually thinking about turning it into a MTR in the future for better gains. There are other good locations in the wasatch front as well though. My next house hack is being built right now in Eagle Mountain. It is a much higher price point but it is a big equity play for us since we know a lot of tech jobs are moving to Lehi as well.

I am honestly not very bullish on Salt lake at the moment. Could just be a bias because I don't live in that area but I see clients wanting to move North towards Bountiful, Farmington, Layton, and Syracuse because you can get a better lot with a newer home in these areas comparatively to established areas in SLC. 

Quote from @Josh Terranova:

I was just wondering how to scale your portfolio? Are most people putting 20% down then waiting 6m-1y and refinancing that property to then put the equity down on another one? I'd love some suggestions and learn different ways to scale.

 Like Henry mentioned. Start with house hacking. Do this every year. It’s helped me grow my portfolio to 7 doors in about 3 years. Low risk, low money down, easy to learn when you live there.

Quote from @Diane Darling:

Hi, so I was looking through some properties in the SLC area and a lot of times the owner claims that it rents out for a lot more than the value that the Bigger Pocket Tools indicates.  I'm also looking at the available rentals and there seems to be a big difference.  It says a property of mine in Sandy can rent out for $2000 a month, but I am seeing duplex, smaller rental properties, and even homes in West Jordan listed for way more.  I am wondering if the rental tool on bigger pocket is accurate and if not what do you guys use to determine rental value when you are buying a rental home investment?

Just because other properties are listed as more does not mean your property could rent for the same price. I like to use the lower number ($2000) as a baseline and run the rest of your numbers off of this number but list it a bit higher. 

I just closed with a client on a house hack in West Jordan and they’re going to rent the upper level in their home (3/1) for $2000/mo.

Hey Mason, I think it all depends on what YOU are looking for. Since all investors are different as well.

I like to go over what’s important to my clients and try to help them understand how I’ll be meeting those expectations, as long as they’re reasonable.

Quote from @Cathryn Provines:

Quote from @Carl Davis:

Hey Cathryn! Welcome to BP. Which mentorship groups are you apart of?

 Hi Carl,

Thank you so much! I'm a student of Homeschooled By Tarek, and I'm also part of CWTC (Coffee with the Captain). I love following Pace Morby on you tube and of course I love listening to Bigger Pockets podcasts. What about you Carl?

 Creative finance is a powerful tool, especially in this market. 

I also frequently listen to bigger pockets, on the market, and a handful of others.

Hey Cathryn! Welcome to BP. Which mentorship groups are you apart of?

Welcome! Going to local investor meetups is a great way to network!

I agree with Casey...

You'll need to find out how much your total monthly expenses will be then see what potential monthly income will be (conservatively). This could help you know if it has the potential to be a good deal.

Quote from @Kenneth Clarke:

Would love to make connections here in Utah Valley. My wife and I are extremely interested in the STR market here.

 Hey Kenneth! There are a lot of good Agents in the area. What area of utah were you interested in specially? It’s hard for short term rentals to Pencil out in most areas. Some have had some success though!

Welcome to BP!

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Ogden.

Purchase price: $515,000
Cash invested: $60,000

Two homes on one lot! This was originally thought to be a DADU but after further research and back and forth with the city it seems as if we actually have a non-conforming duplex. An awesome house hack we plan to move out of in a year.

What made you interested in investing in this type of deal?

We house hack one property/year

How did you find this deal and how did you negotiate it?

On the MLS

How did you finance this deal?

Second time using my VA loan

How did you add value to the deal?

Added central AC, fencing, updated electrical, better drainage, landscaping and flooring.

Lessons learned? Challenges?

The home inspector does not always know what they are doing. Call subs during due diligence period.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Me of course!