All Forum Posts by: Andy Jenkins

Sounds like a solid property. MILs are in huge demand here.

You got under contract in this crazy SLC market. That's a success in itself! If you're looking to hold on for the long term, you should enjoy some great appreciation. The Northern Utah market is booming. People are coming here from all over the country and there are hardly any homes being built. Supply and demand.

The 6 month protection period is a bit on the long side. We typically do 2 months. Honestly it doesn't really come into play in this hot market. It's usually used if you were saw a property with the agent in Month 6, but didn't make an offer, then in month 7 you went directly to the seller (or another agent) and wanted to put an offer in. Because the original agent showed you the property initially, they would receive a fee. In this market the house is under contract in days, so the chances of the above situation happening are slim. If you're in the protection period and you find a house the original agent had nothing to do with, you're not bound to them and don't have to pay them for their services, because there haven't been any services.

Keep the first house as a rental and buy another house as your primary residence. Do this when you are ready. Don't feel obliged to splurge the equity you've built up. It will keep building up. I'm very bullish on appreciation in this valley. There are thousands of people coming here, and hardly any homes are being built. All of us homeowners in SLC have $100k plus in equity in our houses thanks to the recent market gains. The other edge of that sword is now it costs us $100k more to buy our next house. I advise 1) Keep saving cash 2) Finish your basement remodel and rent out your basement as well as your extra room 3) TALK TO A LENDER!!!!! 

Yes you are reading it correctly. It's a professional contract for professional services.

I'll DM you

I just sent you a message. Do you already own the condo, or are you looking to purchase?

@Jayden Hamilton

Deep clean, especially the windows! De-clutter excess furniture/ stage the place. Only have 1-3 items out on kitchen countertops, add some flowers etc just before you get the appraiser/ new tenants round. That stuff is CHEAP! Next- paint. Interior and/or exterior. Look for any peeling or bare patches, paint over any strong colors with neutral tones. Trim bushes, mulch garden beds etc.

Are you looking for a Buy and Hold rental? Why Salt Lake?

If you're looking to invest around SLC you need a decent war chest. $25-$50k over asking price, huge amounts of cash needed over appraised value, and hard earnest money upon acceptance are all pretty common (and ridiculous) plays right now.