All Forum Posts by: Jordy Clark

Yeah that was my thought, it's just me and my wife and two yr old daughter so we can go stay at a hotel for $125/night and I think we can get $450-500/ night for our house 

 Ken, how many nights a month is your personal place rented? Do you do a few night minimum? 

 Yeah we flip 2-3 times a year when the right opportunity shows up. We have owned a few long term rentals, but have focused on growing our businesses for the last two years. They are both much more stable now and we are ready to start acquiring properties again. 

Does anyone put their own house up for nightly rental, and when it rents, take a quick "staycation" and take profit and reinvest into their long term portfolio?  We decided to give it a try, just built a big beautiful 5/3 3500 FT home and would be open to taking off with little to no notice to make extra money.. wanted to see if anyone else did this? 

Thanks @Douglas Larson! Sandy City is cracking down on nightly rentals and not allowing new permits. Draper is more relaxed, as is cottonwood heights from what I have seen.  

She is referring to a remote area of UT that is currently depressed by low oil prices. Assuming oil rebounds, her duplex will probably be worth 300K in 5 years when oil is booming again. and be renting for 1100-2000/unit. Its a big appreciation play.  

Utah isnt bone dry. You just need to know the right people and look at more deals. We just sold two properties to one of our investors. ARV of 200K, PP on both of 154,000. both needed about 10K in Reno. Not a home run on either, but two solid base hits. ive seen some good off market deals as well. Go to the REIA's and network with wholesalers. look at 3X as many deals as you have been looking at. You will find some. look harder.

any other details? does it need work? is it 30k under ARV needing carpet, paint, etc?

Typically you can do one of two things, Determine what it needs, and write a contract to purchase that you can assign to another buyer, and do a walk through video, and find the end buyer, and sell them the rights to the contract. Or you could take a bird dog fee, and find a buyer without tying it up or doing any of the leg work. if they end up buying it you typically get a fraction for a bird dog fee then you would if you did all the work to wholesale it. 

SLC is tough right now, but the deals are still out there. I saw a 5 unit off market deal a few days ago near liberty park that was about 100k/door. rents close to 950/door. pretty close to the 1% rule, but it needed work and was almost 100 years old! 

Expect the average deal on market to be around a 5 or 6 cap. less if you want to be up by the University of Utah or in sugarhouse. I personally like SFR much more than multi. the exit is easier in slc.

If you are here in the Salt lake City area, Use KSL classified to post the ad for rent, which goes through Rentler, and they have an option that you can ACH your tenants rent out of their account and into yours. Pretty slick system. most locals here use KSL classifieds over craigslist or other online classifieds.