All Forum Posts by: Dan Gustavson

@Chirag Mehta - Check out Stessa.com. I have heard great things about it.

@Jordon March - no problem, hope to see you at a meet up sometime.

@Jordon March - @Jeremiah Maughan does a meet-up in Utah county at the beginning of the month. There are REIAs in Utah county and SLC county, Google them for more info.

@Chelsi Wiejaczka - My only rental backs a busy corridor. It is pretty quiet at night, but all the construction trucks are pretty noisy starting around 630am. It's been a solid rental for the last three years and I've never had a tenant complain about the noise. We lived in it for the first year we owned it. The corridor will eventually become a freeway, at that point, I may roll it into a 1031 exchange for a fourplex as it may become more difficult to rent.

Thank you, James. I will look into America First.

Hello all - Anyone in Salt Lake have success finding a lender that will do a HELOC, or second mortgage, on a rental property (NOO)? At the moment I am unable to do one on my primary residence. Looking to tap into my equity in order to come up with a down payment for a second rental. Any advice would be greatly appreciated, thanks!

@Jesse Streng I have done the very thing you describe. I bought our primary residence in Salt Lake, UT in 2013 with a VA loan and sold it 3 years later. Took the 80k equity, paid off debt, and downgraded into a brand new townhouse using a VA loan. We lived in it for a year with the intent of during into a rental. After our year was up, we welcomed our new daughter and used that as our excuse as to why we needed to "upsize" back into a SFR. We had a rental contract in place that we submitted to our underwriter to ensure we were able to close on our new home, which we used a second VA loan. I still have both VA loans. In 3 years, I have about 70k in equity in my townhouse and about 100k in equity in my SFR, all from appreciation in this crazy salt lake city market. I'm in the process of pulling out a HELOC on my SFR so I can buy another rental.

It can be done man, good luck!

@Michael Rodrigues - hey Michael, I'm from Utah as well and also share the same view that Utah is special and don't expect a significant downturn for the next several years. My dad is closing on his second rental property this week and I'm in the process of finding my second property as we speak. It's very hard to find a deal here in Utah, but I keep looking as I know there's some Diamonds in the Rough. My next property I hope to be a fourplex. Good luck to you brother!

@Cameron Riley - I just had my first ever tenants move out of my property and ran into this just last week. One thing i will point out, that I am currently fighting, is make sure you call all the utilities and make sure they do not have a remaining balance before refunding them. This was a big lesson lesson learned for me this go-around. I did the move out inspection, and minus a little dirty, the place was in fantastic shape. So when she bugged me multiple times for her security deposit back (as she was going to be out of town for two weeks and didn't want it sitting in her mailbox), I gave her a check in person. A few days later when my new tenant was trying to set up her utilities, I found out that she had over $200 in over due utility bills. I have text her multiple times this week and no response back, and she used to be a quick responder. And it was only the utilities that if she doesn't pay, i'm ultimately responsible for.  I'm still crossing my fingers that she pays.  Good luck!

Thanks for your help, everyone. Wasn't looking to charge them, more looking for guidance on what people do in these situations as I have not been in this situation before. I have already released the deposit back to them and did not charge any fees as I was planning on changing the locks anyway.