All Forum Posts by: Kammon Hiatt

@Josh Brimhall, if you think you have $200k equity based on the market value, you may have even more.  In today's market, you can add about $20k onto the fair market value and you'll likely get even more.   

I agree with @Bob Okenwa that leaving that equity in your rental is just dead money that won't earn you the kind of return that it could. I would either sell or get a HELOC and turn it into more rentals. I just purchased my first property with a turn-key company out of state because the numbers made sense. I also quadrupled the HELOC amount that I have on my primary residence because the value has increased so much and I don't want "dead money" or equity just sitting. I want it to work for me on other properties.

I also love to invest locally and I would bet on our market here in Utah anytime, so we are buying a townhome here too because the numbers make sense.  

I'm in need of a great contractor for a renovation of my 4-plex in Algona, IA. We need a new roof, paint, carpet, finish work and some general updating.

Do you know of a great contractor that you have worked with in a similar project?

@Michael Plante thanks for your response.  I'll check with the county and see what I can find out.  

I'm considering purchasing a fourplex in Algona, Iowa.  It's an off-market property and the price will be about $82k to get it closed. It needs a new roof, paint, carpet and some general updating.  Three of the units are vacant (1 - 1bed/1bath unit and 2- 2/1 units). These unit previously rented at $480 for the 1 bedroom and $575 and $600 for the 2 bedroom units. There is one 2bed/2bath unit that is rented out to a long-term tenant for $200/month, which is less than a third of what it should be renting for. There is also NO lease agreement in place for this tenant.  How difficult will it be to evict this tenant in this area with no lease at all in place if they don't want to pay $650 in rent vs what they are paying now?  It seems to be a great value for the property, even if I need to spend another $50-70k in repairs and updates. The tenant without a lease is my biggest concern and it's a property that I would have to move in quickly. Any advice or info you have is much appreciated. 

@Matt Banks I think it's a great idea to build your own rentals and I have an awesome contractor that I can share that has multiple investment properties of his own.  You'll want to take your idea to the Orem City Planning Dept and show them what you would like to do and make sure that it will work before you get too deep into house plans.   Looking at the map, to the west side where you have a detached garage, there seems to be plenty of room for another home.  Would you remove the detached garage or shed that is to the west of your home for the other?  If the other parcel would be on the freeway side to the east, then you may need to contact the owner that lives across the street from you and see if they would sell a small portion of their land to you to make that other parcel bigger.  The planning dept can help you understand how much space you'll need in order to divide it and how big your building envelope will be once you do.  I'm happy to share any advice, experience that I've had helping clients do this.  Feel free to reach out.  

@Bradley G Fagg I'm in the office most week days. Let me know what day this week works for you and we'll figure out a time.

Bradley, she was mistaken. Feel free to text or dm me if you'd like to come check it out. I'd be happy to show you around and help you jumpstart your career. 

@Bradley G Fagg, you should check out KW Westfield in Orem. The training is second to none, so you would learn very quickly and it's an amazing culture. I'd be happy to show you around there and tell you more about KW.

@Matthew Reid you are right, Utah's costs are higher than a lot of states.  I was just comparing it to CA, and the cost is much lower than in CA.  Even though home prices in Utah are higher than some of the other states, they will likely continue to climb over the next several years as Utah's businesses and the population continue to grow.  Let me know if you'd have questions about the market her or want to bounce some ideas around.  I'm glad to help. 

@Matthew Reid I think that they are crazy if they don't, and yes, we have several tech companies moving to Utah from all over.  Taxes are much cheaper for companies compared to CA and the cost of living and housing is also much cheaper than CA.  It's a heck of a lot less congested and there are a million things to do in Utah....especially if you enjoy the outdoors.  Facebook is building a huge facility in Eagle Mountain.  Adobe built a big facility in Lehi and the construction can barely keep up.  We have Entrata, Domo, Lucid, Ancestry, Vivint, Jive, Podium and the list goes on.  The population of Utah County is projected to double in the next 20 years.  Since COVID, that growth in population has only accelerated.  We have lots of families moving in from CA, WA and other western states.