All Forum Posts by: Sam Levin

Does it have to be a mother in law, or would a true duplex work? I'm not sure what 3/2 means in this context.

Hmm, all of the data I have shows 80-120% population growth for Northern Utah County by 2040. My clients, and myself, are buying it up as quickly as we can. 

In my opinion, if you're NOT taking the $25k passive loss against your regular income then something is wrong. Using depreciation to defer taxes is one of the 3 key ways that rental property benefit me and my clients.

If by some miracle of logistics you can stop by there at 1:15 pm I am happy to show you the duplex.

Hi @Coco Zuniga. This is still available right now but I should warn you that I have a serious sounding cash buyer coming to walk through it today at 12:45 pm. Are you in a position to move quickly on it? If not I am happy to help you start looking for something else that you can spend more time contemplating.

Many of my new investor clients will go with a single pre-construction townhome and use an FHA loan to get in with minimal down payment. Once they have lived in it for a year then they move into a new one and rent out the previous unit. If you want my help looking into these options, and some guidance on where and how to start doing this please let me know.

You're very welcome @Frank C. I have been pondering this a little this morning. I do know of one investor who has done very well there using a very specific model. He buys these little studios in Prospector Square and upgrades them with a washer/dryer and better kitchenette. He then rents them out short term (he's there so he can self manage) during the season and does a 6 month lease to someone who wants to live there through the summer.

It's worked well for him but last we spoke he was ready to cash them out and switch to a multi-family portfolio of long term only rental properties down here in the valley. Part of his reason for that decision is the relatively low cost of long term prop, which will allow him to be hands-off and still make money.

Frank, I was a Park City agent for almost 10 years. Short term rentals in Park City are terrible investments from a money making standpoint. The rule of thumb amongst agents in Park City is that if you generate enough rental revenue (after 35-45% mgt fee) to pay your taxes, insurance, HOA and utilities then you are doing very well. That still leaves the entire mortgage payment coming out of your pocket, hence the massive amount of negative cash flow.

There are some pre-con fourplexes coming up for sale soon in Springville. If plans A & B don't work out you might want to think about that for plan C.

Brady Jex with Edge Homes is the best! 

Talk to commercial lender Troy Stringham. I would put up the company name too but it's not allowed here. He's Utah based and can answer any questions about this type of lending. He has helped clients of mine with twelveplex financing and does an excellent job. It wouldn't hurt to mention that I sent you his way.