All Forum Posts by: Scott Bowles

Sorry to clarify I meant a credit score for renters I am looking at placing in my units.

Good morning,

I was curious what people use as a minimum credit score for B-, C+ type properties in the Salt Lake City, Utah area. Thanks!

Scott

@Greg Callan Yeah that does look pretty reasonable you could manipulate it a bit by doing basic maintenance and self managing. But that is very tight...we just bought a very similar property but were doing a 1031 with considerably more capital...I dont know everyone says dont wait for a market shift to buy but i dont see how it makes sense to keep investing unless you have a ton of capital...

@Greg Callan this seems like a pretty standard price for Utah now, unless you are in a non metro area. You are not going to find anything at 1% without some sort of intense marketing strategy, also as an FYI it has been over a year since I have seen a wholesale deal that beats the 1% rule. That being said I find it impossible to believe you will spend $1,500 a month (roughly) on maintenance. But hey i dont think there is anything wrong with not buying for now...

Hey Jaiden, 

Honestly I dont think you would even be able to get another cash flowing property with $40K. Maybe in the single family space. I would say at the very least have a clear plan of what you would do with the money before you decide to refinance. I.E. get some idea of what kind of a loan it would allow you to acquire, what kinds of properties that would put you into, how the cash flow picture would look assuming you buy slightly below market etc. Just my two cents, hope all is well!

Scott

Does anyone have good recommendations for the following:

General Contractor

Handyman

Thanks all!

thanks guys sounds like cozy is the winner can they use a card or does it have to be linked to a bank account?

Does anyone have experience with any  rent pay online platforms? Any recommendations that are user friendly with low associated fees? Thanks all!

Does anyone have general advice on whether Cincinnati or Kansas City would make a better investment area? If so why? Thanks!

I see property in good areas of SLC valued where market rents are about 0.5% of property price. I.E. 2000K/mth in rent= valuation at 400K. You can kind of extrapolate a cap rate based on this and it aint great. 3.5-6% would be my estimate based on how agreesively you model expenses.