All Forum Posts by: Becca Summers

Yes VA needs to be pretty close to turn key to qualify. Salt Lake has great rents compared to Ogden. However you'll find cheaper prices in Ogden.

What type of renters do you want and want to live by? Young professionals? Blue collar? That can help narrow down your search area. Then you can check out rent rates. Ksl.com classifieds is a good place to check rent rates here in Utah.

@Shaun Hunt  I'm glad you used the Utah real estate purchase contract. Once accepted the seller has very few ways if any to get out of the contract without defaulting. Make sure you get everything in writing from here on out with the sellers just to be safe if you have to go for a lawsuit. 

I wouldn't rent back at this point. The joys of FSBO.

@Nate Turnerwhat you'll want to do is work backwards from your goal. If you want $50k in passive income start with how much you can get per property you own in cash flow minus, repairs, vacancy, cap x and any mortgage payments. Say it's $400 a month you divide $50k by 12 months then divide that number by the $400 and that will give you your goal of how many properties. That 10.41 for those who don't want to do the math.

Provo/ Orem has great opportunities you'll want to make sure your buying right in those areas. A lot of the homes with basement apartments are not legal and you will not be able to move on and rent both unites like a duplex.  Provo/ Orem are very picky about this and you will get into trouble if you don't follow the rules. Just an FYI. 

Orem has a lot of 1970's homes that are in the life cycle for a new remodel which could add a lot to your equity so that might be a good route depending on your skill set and what loans you plan on doing.

Welcome! I'm excited for you and your wife to start you journey. Your right house hacking is a great way to start out at first. It gives you a good chance to find what owning and taking care of a home take. What is your plan and strategies? 

I'd love to help answer any questions you have with real estate. 

Do you plan on keeping this as a rental long term? If not just sell the home, once your under contract with a buyer on your own home then start looking for your new home. Then time the contracts accordingly.

Your right subject to the sale of your current home won't happen. However  most builders will take a subject offer.

If you want it as a rental you might have to move out and rent for 2 years then you'll have rental income on your taxes so you can qualify for the new loan.

Gene, welcome to BP. We have a great little network here in Uath. What type of investments are you looking for? Flips, buy and holds? Any cretin area?

@Dave Jimenez Hubzu starts out with a low bid to get many buyers excited. They have a reserve that must be met. If the reserve isn't met they will email all bidders a counter offer. If no one accepts they will put it back on the market. 

I was bidding on one listed on Hubzu for $70k ARV $150k listed on MLS for $140k. We decided our top dollar was $90k with work needed. Every time it got bid over and finally sold for $110k to someone else.

Does Hubzu gaurentee the home will be vacant or is that something you'll have to do? If so you can't get an owner occupant loan with someone living there that you'll have to evict.

Ogden has some lower end prices that you'll be hard pressed to find in Salt Lake (unless you go to rosepark) really depends on what type of investment you want.

Ogden has less job growth and expansion so lower rents. Salt lake is our largest city and many areas command great rents. 

It all depends on what you want and what your looking for.

@Reed A. I invest in single family in Utah County know the market pretty well if that fits your rental criteria I'd be happy to chat or be interviewed. 

I dont like to sign two year leases to give me an out if the tenant isn't the best.