All Forum Posts by: Ky Perry

I’m an agent here in Utah and I’ve been watching the investment property side of the market closely. Thought I’d share what I’m seeing on the ground in case it helps anyone looking at Utah deals:

• Inventory is up – there are quite a few small multifamily and single-family homes sitting longer than usual. This has created opportunities for investors who are patient.
• Sellers are flexible – I’m seeing more openness to price reductions, concessions, and even creative terms if the property has been on the market for a while.
• Cash flow is tight – with current rates, it’s harder to find turnkey properties that cash flow well in the Salt Lake Valley. Most of the stronger deals I’ve seen lately have needed either value-add (rehab, better management, rental increases) or creative financing.
• Long-term outlook – Utah’s job growth and population growth are still strong, so even though today’s numbers can be tough, I think investors who can buy right now with good terms are positioning themselves well.

Curious to hear from others — in your markets, are you seeing similar conditions (needing to be more creative to make cash flow work), or is this more unique to Utah right now?

Great question! You’re smart to look at all your options before making a move. If developers are actively buying in your area, you might get a higher price selling directly to one since they’ll factor in the value of the lot rather than just the house. On the other hand, if you put $300k into a rehab, you’ll want to make sure you’re not over-improving compared to what buyers are paying for finished homes nearby. One thing you could do now is get both a market analysis of your home ‘as is’ and also talk to a couple developers to see what they’d pay for the lot. That way you can compare the numbers side by side and decide whether selling retail, rehabbing, or going the developer route gives you the best return.

Hey Dariann, good to connect! I’m based in Utah and work as a local agent here. I’ve been really focused on helping clients navigate a market where a lot of homes are sitting, and I’m always looking to build relationships with investors and developers since there are some solid opportunities in our area. Curious what types of lots you’ve been sourcing lately and what areas you’re seeing the most activity in.

Man, first off — respect to you for being open and honest about where you’re at. A lot of people never even face their situation, and the fact that you’re saving money, increasing income, and thinking about your future puts you ahead of most.

Here are a few thoughts:

• Bankruptcy isn’t always a death sentence. For some, it can be the reset button that allows them to rebuild faster. But it also comes with consequences and stays on your record for years, so it’s not something to jump into without professional advice.
• Grinding it out is possible. With $4k/month income and the hustle you’ve got, you could set up a strict budget and knock debts down one by one (snowball or avalanche method). It’s slower, but you build discipline and don’t have the bankruptcy mark.
• Credit can be rebuilt. Even if you filed bankruptcy or paid everything off late, people bounce back. You’re 25 — time is on your side.
• Professional guidance helps. Talking to a nonprofit credit counselor or financial advisor (not the ones who charge crazy fees) might give you clarity on whether bankruptcy really makes sense.

If I were you, I’d focus on keeping expenses low, building that emergency fund bigger than $5k, and tackling the highest-interest debt while getting advice from a pro before making the bankruptcy call.

The fact that you’re already saving and thinking long-term tells me you’ll bounce back — whether you grind it out or reset. Stay focused, because real estate will still be there when you’re ready.

Good question — I’ve seen both sides as an agent working with different buyers.

Mortgage Broker Pros:

• They can shop multiple lenders at once, so you usually get a wider range of options.
• Good brokers often know which lenders are more flexible with credit, income, or property type.
• Saves you time since you’re not calling 5–10 banks yourself.

Mortgage Broker Cons:

• Some brokers add their own fees (depends on the broker).
• Not all lenders work with brokers, so you might miss a deal directly from a bank/credit union.

Local Bank Pros:

• Sometimes offer very competitive rates for people in the community.
• Can be more personal — you may actually know your banker and have that relationship.
• They may have unique programs (like first-time buyer or portfolio loans) that brokers can’t access.

Local Bank Cons:

• You’re limited to their in-house products.
• They may be slower or have stricter underwriting compared to big lenders or flexible brokers.

At the end of the day, I usually suggest buyers talk to at least one broker and one local bank so they can compare. The best choice often comes down to who can close smoothly and communicate well.

As a real estate agent in the Salt Lake Valley, I want to know what lead sources other agents are using. Is there different sources that have worked for you? Which ones should I stay away from?

Good question, Mark. With a properly structured subject-to, you generally shouldn’t need the seller to come back later if everything is signed upfront. The big risk is when paperwork isn’t buttoned up at closing. A few ways I’ve seen people protect themselves:

• Get a limited power of attorney from the seller at closing so you can sign anything related to the mortgage if something pops up.
• Make sure the deed is fully transferred and recorded right away so you control title.
• Use a performance deed / land trust / escrowed docs depending on your state, so you’re not chasing signatures years later.

I’m in Utah and we see a few subject-to deals here, and the investors who run into problems are almost always the ones who skipped one of those steps. Curious what others are doing in their markets to keep it clean?

@Cornelius Garland Where are you pulling these from, is this something you could teach me?

Good point. In Utah we don’t have the exact same homestead exemption, but reassessments and property tax surprises still happen after a transfer. I always tell buyers to run their numbers on the post-sale tax rate, not just what the seller is paying. Curious if other states have similar traps?

3,600 new units plus 200,000 sq ft of commercial space is huge. I wonder how this much new supply could affect rental rates and absorption in Georgetown. Do you think demand will keep pace with that level of growth?