All Forum Posts by: Caleb Bailey

Hey Andy, I go to the Utah Valley REIA and the Salt Lake REAI. I was able to learn a lot when I was first starting out. There is also some other meetups through the Utah REAI and some smaller groups.

Now that they just came out with the 12 month rule, the only way to get around it is to try a DSCR loan. These usually are going to have higher rates and a pre payment penalty if you refi out of it before the pre-payment period.

I have found a lot of the rent comp tools come in low, it is good to use them to kind of get an idea and then I'll use KSL or Facebook marketplace to confirm them 

I still manage all my rentals in house, a property manager I always recommend is RIZE and Rese property management.

You want to find a Realtor that that has investment experience in the area and actually invests. A lot will say they work with investors, but do not own or know what an investor needs. The Realtor should be able to run numbers and have an idea on what the rents are going to be especially in the case of house hacking. 

I would not sign a buyer broker exclusively or be pressured into one unless you want to work exclusively with that agent. You do want to keep in mind if the agent is showing you homes, running numbers, and investing time you want to make sure they are getting compensated. 

You will want to keep your eyes out for anything that fits your needs, multi family is still undersupplied along the Wasatch front if you are looking in that area 

You can still be sued if you have an LLC. Attorneys try to go after everyone they can, that can be the LLC and you personally. LLCs just help limit risk and can offer protection when everything is run right and the corporate veil is not pierced.

It depends on the city, good amount of them do. Some want a business license and others will just have a landlord license were you just pay a small fee. Cities are starting to require it with the reason of helping with unpaid utilities from tenants and to have contact info on landlords  

There are not a lot of options for Utah HELOCs that are not owner occupied any that do will not lend out if you say your using it to buy more properties with it. They usually will lend out if you are using them for improvements. America First has been a good option the past they will do non owner occupied held in your personal name so you may have to transfer back and forth if in an entity. It also depends on what loan officer you get if you are a non owner occupied. 

I use Quickbooks and Xero in my businesses for my personal tracking I use personal capital.

Hey Cathy, 

Welcome it is great to see you are starting out on your investment journey. I'm a Utah investor friendly Realtor and would be happy connect and help any way I can!