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All Forum Posts by: Alan Walker

Alan Walker has started 129 posts and replied 206 times.

Post: Investor Tip: Bathrooms: Total Rehab or Touch Up?

Alan WalkerPosted
  • Real Estate Agent
  • Salt Lake City, UT
  • Posts 214
  • Votes 154

One question I'm often asked by sellers and fellow investors is, "should I rehab the bathroom". And while I'm not a lawyer, I'll give you the standard lawyer response: it depends.

As with most things related to an investment, you have to start with the goal in mind. Here are some questions I ask myself when making this type of decision.

Is this a rental or a flip?
If its a flip, what do other bathrooms in the neighborhood look like? Look at the MLS and see what houses are for sale within a 1 mile radius. Are those homes refreshing bathrooms or remodeling them?
Am I changing the configuration in any way? (Moving a toilet, installing a double-sink vanity, etc...)
Do I have to tear it all out of can I use any of the existing fixtures?

One mistake I've made in the past is just calculating the cost of materials when considering a replacement (bathtub, vanity, etc..). It isn't just materials, its the labor to install the materials and its an ancillary repair you need to do. I once swapped out a vanity without realizing that the new vanity was slightly smaller than the one I took out, so the wall had to be patched around the entire thing. Don't forget labor costs when calculating your estimates!

Post: Sellers Market Shifting to a Balanced Market

Alan WalkerPosted
  • Real Estate Agent
  • Salt Lake City, UT
  • Posts 214
  • Votes 154

Salt Lake has been experiencing massive appreciation of homes over the last 24-36 months. Depending on the neighborhood, upwards of 20% appreciation. The inventory of available homes is rising, bring us back to a more balanced approach where buyers buying and sellers selling are on more equal footing. Part of this shift is seasonal as home sales usually peak in August every year.

Looking at this time last year, Active listings have risen 7.46% and Under Contract listings have dropped by 6.78%. This means we are starting to see more houses on the market longer before going under contract and more price drops based on more houses being available. Demand is still strong for housing, so we are unlikely to see a major correction in the near future.

The takeaway is, if you are thinking about buying, take advantage of the lull in the market to get into a home before interest rates eat up your purchasing power.

Post: Where can I get used cabinets besides the ReStore and KSL?

Alan WalkerPosted
  • Real Estate Agent
  • Salt Lake City, UT
  • Posts 214
  • Votes 154

Someone mentioned to me that Rudd's will do brand new doors for about $25 per cabinet.  So may be a good option if the cabs themselves are solid but the doors are in bad shape.  

Post: Utah Real Estate Schools

Alan WalkerPosted
  • Real Estate Agent
  • Salt Lake City, UT
  • Posts 214
  • Votes 154

Stringham was great to work with.  I did all of the course online and then went in for a one-day test prep class.  Passed on the first time.  Highly recommend them.

Post: Investing Salt Lake City

Alan WalkerPosted
  • Real Estate Agent
  • Salt Lake City, UT
  • Posts 214
  • Votes 154

I second what Becca Summers says. I've bought two rentals this year, both under 215, both on the west side of the valley. I'm in the middle of two flips and one is SLC and one in West Valley. I'm a realtor also. The MLS is hard for investor deals right now, mostly because, as Becca mentioned, there aren't enough homes for the people moving here so owner-occupy buyers are more emotionally attached and will to spend more than an investor typically is. I attend all the Real Estate Investors Meetings I can and try to meet more wholesalers. Not every deal they'll have is a good deal for me, but its the only place I've been finding deals at all.

Post: Looking for recommendations on Property Management in SLC Area

Alan WalkerPosted
  • Real Estate Agent
  • Salt Lake City, UT
  • Posts 214
  • Votes 154

Jon Nevaiser at Rize and Cody Reeder at Reeder Property Management both do great work.

PM me for contact info if you like.

Post: Digging out and finishing a basement

Alan WalkerPosted
  • Real Estate Agent
  • Salt Lake City, UT
  • Posts 214
  • Votes 154

@Scott Bowles , you may want to also talk with the city.  Moving a lot of dirt like that might cause inspectors to stop by.  Just had that happen on a house I was doing.  Even if its your primary, they still may want a permit pulled.  You can always take a chance, just giving you a heads up since it just happened to me.  Good luck!

Post: Meet Ups near Bountiful Utah

Alan WalkerPosted
  • Real Estate Agent
  • Salt Lake City, UT
  • Posts 214
  • Votes 154

Tonight is the Ogden REIA meetup at 6pm. Let me know if you want details.

Post: Getting A HELOC On Investment Prop In Utah?

Alan WalkerPosted
  • Real Estate Agent
  • Salt Lake City, UT
  • Posts 214
  • Votes 154

Nik, what did you find out?  I'm looking for the same thing on my SL county properties.

Post: Online Real Estate School in Utah

Alan WalkerPosted
  • Real Estate Agent
  • Salt Lake City, UT
  • Posts 214
  • Votes 154

I ended up going with Stringham.  Did all the classes online with a full-day in-person test prep class.  Passed on the first try.  HIGHLY recommend them.