All Forum Posts by: Zachary Morrell

Any good references for lenders or banks that can do a HELOC for me on a couple properties in Lenexa KS?

I own a property in the provo Ut area.  Its appreciated quite a bit, and I am currently wondering if its a good time to sell.  I have lived it in 2 of the past 5 years so I could avoid capital gains tax and probably walk away with 250k in cash.  The issues I see are that its going to be more expensive for me to get back into anything and I don't have a good place to put the money.  

I could pay off a few properties and get a more cash flow, or wait to see if there are any better deals popping up.  So I guess my question is if you could sell today would you, and what would you do with the cash?

I agree with what @Jeremiah Maughan and @Alex Ericksen have said.  Provo is really strict on these things and I’d like to see them change but it might be awhile.  Slc just changed a lot of their rules on basement apartments but i think it will take time before most of those adjustments are made in Utah county or Provo.

Honestly, everyone in Provo is breaking these codes. I think if you try and pull permits that is where the city will catch you. You'll also have to sign a affidavit that you are going to live in it to pull a legal permit. Not telling you what to do? When you resale it, it might not carry the value as if it were a actual legal mother in law so any rehab might not be worth it. Some areas also don't allow for legal mother in law to units. I'd probably try and buy duplex's instead because they are much more easy. You can find them on the MLS or if you need help let me know.

I work for a builder in Utah county.  Have a client that is building a mother in law in Orem as they build their new home.  The city there has definitely been very tough about what they are using it for.  You won’t be able to actually make it legal if you can’t prove you live there.

They had current contracts on it as I bought it.

I am buying an out of state investment property.  I recently had my real estate agent go and check out the home.  He took videos and pictures for me to have a reference of the condition of the property.  This property i basically turn key, and I looked over the contracts for each tenant.  One had reference on their contract for owning pets and the other one did not, but both tenants had them.  How should I handle this?  Should I not worry about it until I go in and see the damage done to the unit?  Or just say nothing and pull it out of their security deposit?   I'm a little afraid of them getting mad and trashing the place.  But they are lying on their contract.   What would you guys do?

If anyone knows of any good wholesalers in the Kansas City area that I could be referred to that would be great.  

I am curious to see what the bigger pockets crowd thinks would be a decent cash flow per door?  Is there a certain amount you believe you should make in return before going into a project?

Thanks for everyones comments.  I do plan on going down there and checking everything out before I make any final decisions on what I plan to do.  Any recommendations for really good property managers or contractors?