All Forum Posts by: Craig J Chelette

My realtor called me on it when the then buyers funding fell through. I might be selling it soon. My wife got into a doctorate program and we have too much on our plate right now. Weighing our options

I have used nook and kranny and found them to be very thorough.

Redoing the floor in my duplex. Going with vinyl flooring.  Trying to decide whether to do the grip strip planks or the click and lock planks. HD has the grip strip ones for $1.79 sq/ft and has pretty good reviews. Also has click and lock for about $2.19 so not a major difference.  Gonna need about 400 sq/ft done. Anyone had experience with both? Thanks 

Thanks for the reply! I plan on posting before and after pictures in here. Feel free to do the same. Thanks for the rec on ALLURE

Re-doing the flooring on a recent duplex purchase. This is my first purchase and would like the flooring to be taken care of for the next few years. What do people like when it comes to vinyl vs laminate? Do the big box stores (Home Depot, Lowe’s) have a good product that someone can recommend? Probably don’t want to buy the cheapest or most expensive product.

Ideally (i know things don't always go ideally) maintenance would be mitigated by initial repair. Vacancy also would be minimal early on with both sides being occupied currently and the area being renter heavy. I know i can improve my cash flow by just paying the interest only on the HELOC early on till i have a good chunk saved for those expenses. Currently planning on self management until HELOC is paid off and then will have more cash flow to move towards management company if I want to.

This is our first property so i am willing to get less of a return to learn as i go.  Also the market here is pretty difficult to find properties with good rent to purchase price ratios.

If this is stupid of me, please let me know. 

Hey all,

I have a duplex under contract in Ogden Utah. It is a 2/1 with 700 sq/ft per side. Asking price was $154900 and offered $144900 and was accepted. Roof needs to be redone. One side had a tenant who smokes in the unit. I am thinking about removing both tenants asap and trying to get the smoke smell out but removing all carpet, whipping down down every surface, getting ducts cleaned and running an o-zone machine if needed. There is about $16,000 worth of work that I can calculate from paint and new flooring. I am pretty sure the seller will not budge on price anymore. I need help determining if this is still a good deal.

Numbers:

Sale price: $144,900

Rehab: $16,000 including new roof (roof is about $8,000 and has 2-3 years left so doesn't have to be done immediately)

Down payment (25%): $39,500

Debt service: $711 PITI, HELCO payment $326 (interest only would be $118 but want to pay back principle ASAP) . Total: $1,037'

Current rents per side: $600. should be able to get up to $700 with rehab.

Cash after debt services: rent $600 per side- $163

rent $700 per side-$363

In this area, its difficult to find deals in the 1% rent to purchase price ratio.

Let me know what everyone thinks. Am i missing anything? I will keep all cash after debt services till i build up a nice cushion, then start putting even more towards HELOC principle since it is a variable rate. Thanks!

Hey all,

I have a duplex under contract in Ogden Utah.  It is a 2/1 with 700 sq/ft per side. Asking price was $154900 and offered $144900 and was accepted.  Roof needs to be redone. One side had a tenant who smokes in the unit. I am thinking about removing both tenants asap and trying to get the smoke smell out but removing all carpet, whipping down down every surface, getting ducts cleaned and running an o-zone machine if needed. There is about $16,000 worth of work that I can calculate from paint and new flooring.  I am pretty sure the seller will not budge on price anymore.  I need help determining if this is still a good deal.

Numbers:

Sale price: $144,900

Rehab: $16,000 including new roof (roof is about $8,000 and has 2-3 years left so doesn't have to be done immediately)

Down payment (25%): $39,500

Debt service: $711 PITI, HELCO payment $326 (interest only would be $118 but want to pay back principle ASAP) . Total: $1,037'

Current rents per side: $600. should be able to get up to $700 with rehab.

Cash after debt services:  rent $600 per side- $163

                                         rent $700 per side-$363

In this area, its difficult to find deals in the 1% rent to purchase price ratio.  

Let me know what everyone thinks. Am i missing anything? I will keep all cash after debt services till i build up a nice cushion, then start putting even more towards HELOC principle since it is a variable rate. Thanks!

@Coco Zuniga  Is it mountain america CU that does the 10% down no pmi?

Don't have much to add but am in a similar financial situation so will be following to see what everyone says. The market is so high in Utah right now that it's hard to find a property that cash flows.