All Forum Posts by: Amy Kendall

@Bradley G Fagg Any broker will probably allow you to work part time, so, I would look for a broker where the fee structure is more in your favor for being part time.  

@Account Closed I think the ADUs and MILs are a pretty popular option for people right now.  It's always best to check with the local city to see what they are allowing, but most cities seem to be open to them.  For finishing my basement and making it a legal accessory apartment here in Lehi, it wasn't too difficult a process to go through.

@Logan M. Show Low, Arizona

@Logan M. I bought some new duplexes in Show Low awhile back that have been fantastic.  We also built a new fourplex in Florida this year and are under contract on a few more to be done there.  

@Carlin Barney I would say that you are pretty accurate with your estimation there, depending on what square footage and the age of the property.  A couple I am working with just went under contract on a house with a finished basement apartment in Provo for 360k, but it's a smaller place with a 2bed/1bath upstairs and 1bed/1bath downstairs.  So, I think you are right in the ballpark of what you could buy one for and either finish it yourself or have it already finished.  I haven't heard great things about the FHA203k loans.  I have heard they can require a lot of time and paperwork and the bank can be slow in dispersing the funds, which in turn can lead to unhappy contractors, etc.  But that is just what I have heard, and I have not personally used one myself.  

Personally, I have been investing out of state as well as here locally. I have got some amazing appreciation over the years in the properties I bought here, and I have done some exchanges into bigger and newer properties here that maintain or improve my cash flow and set up me to still benefit from the growth here in Utah. I also enjoy being close to my properties and having my network of contractors available, but my out of state properties do offer a better CoC return right now and have also worked out really well.

@Carlin Barney If you need a place to live as well and are open to the idea, then you can't beat a house hack. If your CoC is your most important metric, then you'll be hard pressed to find a better return. For example, finishing my basement and renting it out gave me an incredible CoC return. It costed me about 45k to cut in my entrance and finish my basement. It is furnished and I rent it out monthly or as a short term rental and consistently make around $1600/month and have even made as much as $2000/month. That gives me over a 40% CoC return! I don't get that return even on my out of state investments! But if you take a house hack out of the picture, then I am definitely finding better returns in my out of state investments.

@Kenny Ingersoll Welcome to the forums!

@Lukas J Ridd I think you have a solid strategy, and house hacking is a great way to get started.  I cut an entrance into my basement and finished it awhile back and it covers more than my house payment.  It's a great way to get ahead!  I agree with everyone else that duplexes are great, but are often overpriced in our market.  Mother-in-law apartments are also gaining in popularity and can be a tough find but usually work pretty well.  With you working with a home builder, you could possibly find a home that will work to add a mother-in-law and create your own value add opportunity.  I absolutely love these strategies and have helped several investors find a good solution in our market.  I'm happy to talk about what I've been able to personally accomplish investing in our market and what I could help you out with.  Best of luck to you!

Welcome to the forums! Perhaps a BRRRR strategy where you get a really good deal on a property and are able to complete the renovations and pay back the investor all their money from the refinance.

@Esteban Medina I cut a basement entrance into my home in Lehi 2 years ago, and it cost me about $7000.  We did have to get a permit from the city and have inspections, but the process was very straightforward.