All Forum Posts by: Carl Davis

Welcome Al, glad to have you. Were you planning on house hacking your first? Or just purchasing one?

@Katrina Kunzler this is a tough one! But I think Ty touched on it a bit and that is that you'll ultimately have to figure out what is important to you. If you want more stability with your kids and don't want to have to move maybe staying and refinancing is a good idea.

If you just want a fresh start, liquidating and restarting could be good as well. Ultimately you have to understand what you want moving forward, whether you want to optimize for your family or for ROI.

I think if it were me personally I would sell and restart immediately. I think if you're going to increase your payment to the 3500/mo regardless You're going to want more income from your basement apartment.

I currently make 1750 from mine but I live in eagle mountain. There could be better options where you can still keep your monthly a bit lower with a higher income producing separate unit.

Hope this helps!

Quote from @Ryan Johanson:

I am looking to purchase a condo/townhome in the Provo UT area. The plan is to rent out the rooms to college students. I am having a little trouble finding a site that I can use to find the going rate for rooms. Any help out there would be appreciated!

Thank you!

 Check what people are renting rooms in the area for on KSL, and Facebook marketplace. I think you can also try pad split but I'm not sure if they will have listings up you can view there.

Hey @Mario Cuartas glad you and your family are thinking creatively, that is definitely what it takes in this market to be successful.

Unfortunately from my knowledge, this idea is much, much more difficult than you anticipate. Yes it is possible, however with construction loans (2 time or one time close) I believe most of those products have a 10% down payment requirement. Plus with the prices of land and construction nowadays you would likely be in jumbo loan territory, meaning higher rates, and down payment requirements. Not only that, but you'll have to also pay interest only payments on the loan while the property is being built as well. So maybe a few thousand dollars a month before it's even built. 

Once again I'm not saying this is impossible, but to actually complete this you will likely need way more cash than you think. If you have that much cash it would actually be more efficient to purchase a pre-existing fourplex, put the 5% down and get some concessions to buy down your rate.

Hopefully that all made sense. I've house hacked in Utah 3 times now, and I've got a pretty good mortgage broker who can talk you through the financing if you want more clarity as well.

Quote from @Nicholas Ciolino:

Hey everyone, im returning after a long hiatus. Looking to start mixing with the REI here in North Utah. I live in Layton and am fired up to lean int 100%

Let's connect if you're near me and like meeting like minded folks.

 Hey Nicholas welcome back! Were you active in the RE space before?

I do most of my deals in Davis and Weber county. We should connect sometime.

Quote from @Alyssa Henderson:

Hello! My husband and I have one rental property and are looking to do a flip next. We are located in south Utah county and are always looking to meet other people also interested in real estate around here! 

We have a one year old daughter who keeps us busy and we love playing sports and spending time outdoors with our free time. 

Hey Alyssa, welcome to BP! Good flip deals can be hard to come by. I would suggest going direct to seller to find the best deals here. Door knocking, cold calling, and other activities to get something that pencils well. Make sure you underwrite the deal conservatively as well, inventory has been creeping up here in the wasatch front.

Quote from @Kate Voitenco:

Hello,

I am new to the real estate investing and I want to start with the Tax Deeds. I live in Utah and I decided to start here. I found the parcels, the descriptions of the properties or land, but I don't know how to find out if there are any additional liens on the property that I will need to pay.

Is there anyone here from Utah who is familiar with those auctions? Can we connect so that I can ask you a few questions?

Maybe someone knows if there are any other challenges with the Tax Deeds?

Thank you for your time.

Kate

 I had a client purchase a property from a tax deed auction last year up in box elder county. What they did not realize is that if you want to sell the property after purchasing you first need to perform a quiet action title to clear the title or else the previous owner could potentially come back and attempt to cloud title. Unfortunately if the previous owner also fights back during this process it could be very expensive (since a quiet action title is actually a lawsuit). My client still hasn't been able to sell the property because his attorney hasn't been able to track down the previous owner so title company won't issue title insurance on a sale.

You can ask an escrow officer about the other liens as well. Typically a lot of those properties get bought before May or the owners figure out ways to pay the back taxes.

A lot of the properties at the actual auction usually aren't very desirable pieces of land. If you do find some at that point and you want to buy it you'll have to pay for it in cash that day.

The calendars will link together with most listing platforms. It doesn’t do it automatically but it’s a very common thing.

You’re going to benefit from also listing on other platforms like Airbnb and vrbo and setting the minimum night stay to 30 days or more.

Good luck!

Like Austin said, I always suggest house hacking first. Other gurus make real estate seem very easy. It’s simple but not easy. Learning to manage tenants, property managers, and projects is a whole other set of skills. Good luck and let me know if you have any house hacking questions. I’ve done it twice in Ogden.