All Forum Posts by: Jordy Clark

kaleb, you could look into pulling your original investment (down payment) out when you refinance and save that as down payment on the next deal. Then when you rent your condo out even if you only cash flow a few bucks a month your ROI is infinite.

I'm not sure what your situation is but you could look at also getting a room mate that pays a good chunk of your payment, or even try air bnb? There are several options and I'd recommend with low risk trying to see which strategy you enjoy best. 

Hey Kaleb, With an FHA loan, you will have PMI for THE LIFE OF THE LOAN. The only way to get out of it is to REFI. you have about 20% equity now depending on how the appraisal comes in.

The market in UT is hot right now, Good job growth, lots of startups and tech companies. Soon the Prison will be moving from draper to by the airport, and with the development of that land, we should see great job growth. you are in a good area. keep it. 

 We deal with this all the time. you cannot RECORD title until day 91. in utah we have a typical 30-45 day escrow period, so lots of times, we can buy, rehab and put it on the market around 45-60 days after purchase so if there is an offer right on opening weekend, with a typical escrow period it should fund at title and record at the county recorders office after the 90 day restriction has been lifted. 

I would suggest getting the contract put together with her understanding she cannot take possession until OCT 6th (or whenever day 91 is) 

 Its over priced if its next to the airport. That high pricing seemed like east bench pricing. I always try to find things that get as close to the 1% rule as possible. people tell me its impossible, yet i always find deals sooner or later that meet the 1% rule for my clients and myself. I have two clients U/C on duplexes that meet the 1% rule in turn key condition in West Valley City. 

 PM me and id be more than happy to shoot you the slides. 

Interest rates are going to rise, no doubt about that, but they wont go up more than .5% /yr at most. I do think it will slow the appreciation rate, but i think we will go at a rate of 5% appreciation in salt lake and utah counties for the next while. Especially if inventory remains low. 

I Just wanted to see if anyone had a differing opinion than me on housing stability outlook.. 

That being said, here are a few reasons I see some stable growth, here in Utah & Salt lake county specifically, but also across the nation. 

1.The Median home prices have typically appreciated at 4% per year, out pacing inflation (most of the time) we saw higher than avg growth starting in 03-07. The recession obviously corrected the market and the Trend of appreciation I believe has reset (green line) This being said we are still 17% short of where we should be (missing 5 years of appreciation does that) However, I believe that we should begin to see somewhat stable growth in the future. 

2.( this is specifically for my county) we typically see a year over year change in prices around 4% and that is about where we are back to as of 7-1-15. With a lack of inventory currently, there is upward pressure of pricing. 

3. Interest rates make housing much more affordable. 

4. They aren't giving money away for residential. This ensures that if people are getting a 30 yr mortgage, they can actually AFFORD it! 

And finally, #5. there are two types of buyers in the world, Landlords and Owner Occupants. When You can rent for what you could own for, That is scary. As long as you can purchase a house with 20% down, and have it cash flow well, the housing market will be very stable. 

To Wrap up... We may experience highs and lows, but I believe that as a whole, the nation has learned their lesson not to over leverage ourselves.  What do you think #BPNation ? 

@Trevor Thompsonundefined

How much is it? 

@Allen Sproul No problem, id say sit tight, and start getting cash together, look in your church boundaries for something that meets your critera, and if nothing pops up and you are released from your calling or ready to move, then sit and wait for another two houses on one lot. let me know if i can set any hotsheets up off the MLS for you, so you can see if anything pops up.

Looks like this is probably an east side property, is that correct? Looks like that would be meant for someone looking for a turn key investment vs looking for a good return IMO. I would look for something as close to the 1% rule as you can, and you can find them. You will be going west. I just saw a duplex pop up yesterday at 185K with total gross rents at 895 and 850 = 1745.  It was in turn key condition and rented. 

It just depends on what you are looking for. Good area, and great return or great area and average return. 

 Hey Scott, I am an agent that works almost exclusively with investors only in salt lake county. I have agents on my team that work with the residential owner occupants so i can focus on what i love. I would love to sit down with you for a few minutes and find out what you are looking to do short term and long term, and put an action plan together to get you to where you want to be. Shoot me a text or give me a call. 801-857-5383

Best,

Jordy Clark

The Benchmark Group

Keller Williams Utah Realtors