All Forum Posts by: Taylor Woodbury

If I had a crystal ball I could tell you what the future holds with certainty…in my experience and opinion though, I believe you’ll find Lehi to be a great option for the criteria that you’re specifying. Daybreak is a bit polarizing, some people love it and some people can’t stand it. Highland could be a good option as well, but it is more difficult to find a lot of good options in that price range, as well as having a slightly smaller renter pool than most of Lehi would have. I’ve helped buyers and sellers in all of those cities, so I’d be happy to chat if you’d like. 

Hi Ryan, if you’re looking to buy in the area, an agent who’s familiar with the market (both purchase and rental) is going to be invaluable. I don’t know of any site that can reliably give you rental values because there are too many variables to consider. I’m happy to chat if you’re looking for an agent that fits that bill! 

Welcome, Chris! If you need any advice on areas or anything else, feel free to message me. Always happy to help! 

 You might want to touch on ownership in that agreement as well, that will be important. With the refinance, unless one of the cosigners of the loan is living at the property as their primary residence at the time of the refinance, it would be considered an investment loan. You don't have to refinance though as long as your sister was ok continuing to be on the loan. Granted, rates are headed down so it would likely be beneficial to refinance in the next 1-2 years. 

Hey Nick, I've helped buyers do exactly this before. It really does come down to having a clear written agreement between all parties so everyone knows what to expect. As far as the loan goes, I can recommend a few lenders who shouldn't have a problem with it assuming income and credit all check out. 

Hey Nick,

There are a few variables that go into that. That ratio can be higher or lower depending on the city/neighborhood, the condition of the property, and the way that you rent it out. There are ways to optimize it, but on average I'm seeing the rent-to-price ratio at about 0.005. Some areas are above, some are below, and there is everything in between. Happy to chat anytime you'd like about how to optimize that. I have many of my own units and have helped many clients buy investments in Utah County. 

Are you looking for cash flow or appreciation? I’m not saying you can’t have both, but unless you have a sizable down payment most properties in Utah are not going to cash flow with current interest rates. Most of those areas you’ve mentioned still have amazing appreciation potential. Two more I might suggest exploring are Vineyard or Bluffdale. Happy to chat anytime, feel free to message me. 

Hey Jaxon, the official database of Utah (MLS) is definitely going to be the best source for finding properties. I'm happy to get you setup on there and dial in a search based on what you're looking for. Typically you can use the rental income to help qualify you for the loan, although it does get more complicated on 3+ units. Feel free to send me a message and we can chat!

I would echo Logan's recommendation and also throw into the mix of factors the interest rate that you currently have on your long-term loan. Chances are, it's much lower than anything you would get now (especially buying as an investment property) so it may be worth waiting until the market is starting to pick up, and hope that interest rates have come down a bit as well.