All Forum Posts by: Scott Bowles

@Blair Poelman I think it is legit it may be because we live in a non conforming duplex and rent out the basement space. I don't really know the best way forward. I am thinking either I should just ignore it and pay a fine if need be or think about asking the family down there to leave and using the space as a short term rental. I think the family down there must have pissed off a neighbor who called the city or something...

I just got a notification from the city of Salt Lake that I am required to obtain a business license in order to operate rentals here in Utah. Have any other investors heard of this or gone through the process? Seems kind of bogus and I only got the notice on one of my properties, so I am wondering if it is something I should proactively do for the others as well...

What is the appeal of these marketing schemes? Why not research legitimate turnkey providers yourself based on reviews, years of experience, recommendation etc. Or buy locally, Kentucky cant be that expensive. This seems like more guru crap I personally wouldn't buy a property this way...ever.

Does anyone have positive experience with property management companies in Pocatello? I am trying to decide whether or not to self manage up there. Thanks!

@Alexander Felice I thought you were just talking about repairs and CAP X, nothing else. My total expenses are definitely projected higher then 30%. Yeah I hear yah about the passive part and one day it may not be worth my time to do work myself, however I like it and I am definitely not there yet, more in the grinding stage haha. Cheers thanks for the feedback!

@Alexander Felice do you think 45% expenses is a bit high? I am using 30% for expense and CAP X as my measure but then again I try to tackle any major work myself which definitely helps keep things profitable.

I mean appreciation in the short to medium term seems like a gamble but I assume some people are considering it a sure thing because from where I am sitting bad deals are bought and sold every day haha. There are some cash flowing opportunities though but gotta look for them!

@Eric Gardiner if your buyer does not want that duplex shoot me a message as I would be interested.

@Max Guerrero I am seeing decent returns in C- class neighborhoods and a LOT of deals that wont cash flow, if that is your game. I am mainly looking for really rundown property now with a good price tag or something value add like that.

Thanks everyone for the help!

@Brian Burke Thanks for the detailed response! If I use the upper estimate of $600/unit per year the deal barely makes money with a 30% down payment. Basically it just covers cap X at a few hundred dollars a month, adding up to $3K or so a year. So essentially unless I can raise rents cheaply and quickly this is not necessarily an awesome buy. Grrrrr best opportunity I have had for a while so its tough because if I cant make this work, I may just have to be resigned to sitting out of the game for a bit.