All Forum Posts by: Andrew Gammon

@Dillon Alder

Hey Dillon,

I just have to say be careful about being able to rent out a property around Provo. If it’s close enough to BYU you have to get permission from BYU housing authority to rent it, and that is very hard to get into. I would do a little more research just to make sure!

Same thing as well with Airbnb every city has different ordinances regarding renting to short term tenants!

But I would just do a little more research, but I’m sure you can figure something out!

Good luck to you though!!

-Andrew

@Jordan J. Osborne

Yeah since it’s a condo, the hvac wouldn’t increase the price significantly enough to fix it yourself. And that’s just my opinion as a real estate agent.

@Jordan J. Osborne

Hey Jordan!

I think you would have to look at it from a longevity perspective. How long do you plan on renting out the unit for? If you plan to hold onto it for a while then I would say to get it done with up front. Your Cap X will be a little less because of the new HVAC. If you don’t plan to hold it for very long then the expense might not be worth it.

Just a thought! Let me know how it works out! Good luck!

@Christine Knapp-Phillips

Welcome! Here are some things to know about the Utah market. Right now inventory is very low, so the market is super competitive for buyers, especially if you are looking at it from an investment standpoint. In addition to that you would have to come up with some savy ways to make the number work, but it certainly can be done.

On the flip side of that though Utah market stays consistently strong. Even through the last recession Utah didn’t get hit as hard as other markets. So if you are looking for long term equity and longevity Utah can definitely be your place.

If you have anymore question feel free to reach out! Good luck to you and your journeys!

- Andrew

Yeah your right when it comes to the Utah market! It is really crazy out here so you have to come up with some clever solutions to renting out properties, but there are ways to do it!

Anyway we have a great real estate community out here in Utah! I look forward to running into some time!

Best of luck to you!

-Andrew

Im sure this has already been said, but you can pay off a 30 yr mortgage in 15 yrs. It only works with a 30 yr mortgage though, and you would have to check with your lender on their pre-payment penalties (this strategy usually works with most banks because your still not paying it off quick enough). 

What you would do is take your normal monthly payment, and addition to that pay next months principal. This principal is usually only a couple hundred dollars. The way the loan is amortized, when you pay that extra principal, its like making your monthly payment twice in one month. Do that for 15 yrs and your loan is completely paid off! 

Best of luck to you!

-Andrew

A good major to have in a real estate investing world, and just real estate in general is finance. Most people have trouble understanding the numbers, and understanding how they work. If you could be that person who can explain what all the numbers mean, how they work, and what they mean to that person, can be a seriously valuable skill. It will help you build your network, and inevitably your net worth.

Best of luck to you!

-Andrew 

Utah is a great place to invest if you can find the right deals. Average DOM right now is about 45 days, which is normal for this time of year, usually they average around 35 days the rest of the year. The good thing about Utah is that average sale price of homes have grown every year, and right right they are sitting at around $440,000 in the SLC area on average. 

My best advice with you, is get with a realtor that has worked with investors in the past, and get them to set up listing alerts for you, because in this market you need to move quick. In addition to the competitiveness of this market, and the high value of the homes here, especially in the multi-family realm, I would start thinking of unique strategies for renting the home. A lot of the time, renting out the unit at market value gives you a very slim margin, but there are definitely different strategies you can utilize the mitigate this. 

Best of luck to you in your journeys! Feel free to reach out if need anymore information!

-Andrew 

It seems to me like in most of these markets it would be really challenging to find a deal for 150k or under. What I would do is find a good agent that knows how to work with investors, and hopefully they can set you up with good lenders that may be able to help you find some room in your budget for more. I know for at least the Salt Lake City market you wouldn't be able to find even land for 150k or less. My suggestions would be to find another in state investor that can help guide you, and if they have the money, you put in the work, and time, so it is valuable to them as well. Good luck to you, and feel free to reach out if you have any questions!

My suggestion would be to find a good team that is familiar with real estate investors, and is familiar with how investors think, i.e they make decisions by the number, and not necessarily by emotion. If you find a really good agent, they will normally have people that they have worked with in the past, that could be use to you as well; for example title agents, prop. managers, and lenders. Welcome back to the game, and good luck to you!!