All Forum Posts by: Michael Rudd

Heya @Mark Parratt ,

Glad to have more Biggerpockets people in Utah.

Might want to start with going to the local RE clubs. The closest to you would be UVREIA. I've missed the last 3 or so meetings due to my schedule, but get in touch with @Trevor Thompson , he knows all the local get togethers.

Welcome Jordan!

According to: http://realestate.utah.gov/realestate/propertymana...

You need either a Broker or Sales Agent License to manage property for others. 

I started a company with property management in mind. My partner is getting the sales agent license right now so we can manage for others. Until then, we are managing my first property, which is valuable experience.

Good luck!

Welcome James,

Best advice I can give is go to the local real estate clubs. Im a member of SLREIA and UVREIA. SLREIA has a free luncheon on the 18th I believe.

Are you looking for SFH, or 2-4 plex's as an owner occupier?

Hi Tyler,

SLC does appear to be a unique market to invest in. After much thought, I've lowered my 50% rule to 40% expenses. 10% repairs,vacancy,management, taxes/misc. Also, forget trying to find something that meets the 2% rule haha. My current project hits 1%.

Still, patience is required here. I get wholesale deals every week or so that I pass up because everyone here goes by rent-piti=profit rules.

Keep looking, I found tons of deals that met $100/door and 50/40% rule a while ago. I've been too busy fixing an investment in Tooele to look recently though.

Hi Josh,

Ive been looking for multifamily properties for about a year now. This area really isnt great for multifamily deals on the MLS.

I can't even find one that cashflows $100/door after expenses. If I domiciled here (I dont), I would buy a distressed single family, fix it up, and sell it tax free in a couple years, rinse-repeat. If you have enough $ to buy a 4plex, you might be able to buy a rental and personal house as stated above.

There is definitely money to be made, just have to adapt to the market. Also, those people might be calculating cashflow not taking into consideration cap-ex.

Good luck!

Thanks Quintin,

Im not terribly worried about painting except the time required to do so. I'd much rather find and try out a painter (or 3) so my business can scale. Its not an issue now, but when I start having to paint 10 houses a year I need to have systems in place.

Hey everyone, my partner and I bought our first rental in Tooele, UT. We're almost done with the rehab, drywall going up this weekend finally haha.

We have had a couple snags though, our painters and cabinet/counter guy bailed on us. While I could probably do it all, I've never done it before and would rather have it done right the first time and without further delays.

If anyone knows someone that's good and not busy, I'd appreciate it greatly :)

I'm curious, what is the norm for Utah property management fees? I was told to expect about $100/month/house.

I started my own company to manage my first rental, and plan to get a license to do it for others.

We are still a couple months out so haven't researched local property management extensively yet.

Welcome Roxanne,

As far as groups go; UVREIA is having a meeting Wed night, and SLREIA is having a luncheon on Friday. I miss 90% of them due to my schedule, but might actually be able to make these two.

Good luck and congrats on the license!

Hmm interesting. Water company considers 4 plex's commercial (metering) while the banks don't. Didn't know that, thanks. Still, water is practically free there.

For locks, use graphite lubrication, not something with oils that gel/gunk up when cold.