All Forum Posts by: Justin Morgan

Hello from Southern Utah @Joel Brown

Personally I would be consulting our attorney on this one.  We can recommend a local one if you need. 

I do not see a difference between giving her 14 days and giving her 28 days other then you are dealing with a purchase and sales agreement vs a rental agreement when you move to the 28 days.  My hunch says avoid the rental agreement and keep it to the purchase agreement with 14 days to be out.   Again I would consult council on this. 

In this situation, we always would suggest an escrow holdback agreement with penalties for now leaving when agreed.  Dang it!  She had lots of equity that could have been used to motivate her. 

If you need someone to serve them in person or make any local recommendations, let me know. 

@Jeremy King .  

Awesome news, thanks for sharing.  

I'm a "small time" investor... compared to this magnitude anyways.  I live in St. George and visit Brianhead weekly this time of year. 

I've done a few flips in Brianhead.  We are close to 45 flips for the year total.   

I own a vacation rental in Brianhead and I ski weekly with my family.  I'm passionate about what lifestyle Brianhead gives to me and my family and the community. 

I'm local, an agent, investor, networker and very creative investor.  I would love to know how my network and experience can help?

I work with private investor in our little business, some of which might be interested in investing and I can pool funds.   Not sure how all that works but we have money connections.

I'm looking forward to hearing more about this project!  

Look forward in seeing you all there. Make sure to RSVP.

That seems crazy.  $450 on the high side for that size of home... $400 average. 

Who did the appraisal? 

@Andrew Mykletun I don't save article very often.  You can Google St. George (appreciation, growth, market,)... you will find that a bunch of articles are about "top 10 places to live" or " the top real estate markets to watch in 2017" or "best places to retire" etc.   Hope that helps! 

Hey @Andrew Mykletun ... as @Ryan Lee said we have seen lots of appreciation over the past several years as well as rent increase across the board.  

Everything we read says that Southern Utah and St. George specifically is going to keep growing and growing.  We have a strong retirement population that gets $$$ ever month.   We are a tourism destination with state parks, national parks and lots of recreation and fantastic weather. 

All that said we do not have a strong employment base that I see in many other markets (like northern Utah).  Our employment base is SOOOOO real estate related and "service" industry related.  High paying jobs seem to be hard and career employment is not good.  I have temp employees and staff at $10 hr and they are happy with that because "the job market sucks".   I can run an add at $15 and for any position and our phones blow up.   This is very different than what I see in other fast appreciating markets with jobs. 

The employment sector makes me nervous for our little growing town. 

I do not see St. George rentals providing good returns (like .5% at best)... YES, the appreciation is awesome but that is speculative investing. 

My 2 cents....

With that said... if you are very active looking for deals, marketing, networking, and patient you will find what you're looking for.  Maybe next week, maybe next year.  Deals are created, they are not found (like the old days).  ANY area you go you will find deals, some are just harder than other areas. 

I love Southern Utah market, but deals are very hard to create and nothing is found these days.   The retail value of rentals makes it much easier to flip and "cash out" and buy 3 rentals in another market, if you choose. 

Hey @Jim Huish it is going to be tough here in Southern Utah, very tough.   I don't want to be a "Debbie Downer" but $300k in SU is not going to happen right now (unless you find a C- or D property on the outskirts of St George).  

I would set up shop back in TN for buy and holds (or another mid-west state)... make money there and live here.  You just need a small team on the ground.  The cash flow and opportunities are much better for cash flow, although appreciation is much less.  If you want cash flow on smaller properties... Utah is not the place to invest for cash flow under "correct principles" (1% rule +).  

Hey @Jake Simkins.

Unfortunately there is not much wholesaling going on in Town... some but not much.

There are two title companies that we work with often that understand contract assisngments (wholesaling).

A "double close" is in fact illegal by that (your) definition.   You must have funds to purchase before you sell.  A 1 second "bridge loan" is fine but the funds must be there and be "your funds" (borrowed or otherwise). 

I would love to see more deals flying around town and would love to see someone else wholesaling!   But the reality is... we live in a very small, very nice area that does not have big  redevelopment (ghetto) areas.

Hey! I'm here in Southern Utah and happy to connect. I don't log into BP that often unless "key words" pop-up. Welcome to BP. As for your plan... Looks like renting and finding permanent work is going to best serve you for house-hacking or buying a place. Time on current job is very important. The market in Utah is extremely hot and jobs are tough to find. Start your search early for work and housing.