All Forum Posts by: David R Broderick

Thanks, Coco!  I will definite check into his services!  I’m very grateful for the referral.

Greetings, BP followers!  Another quick thank you for so much helpful information and advice! 

We would be grateful to hear recommendations on a good accountant who can advise and direct us regarding rental properties, LLC, and all other REI issues and benefits. Hopefully someone within reasonable distance, so the occasional meeting is not prohibitive. Thanks!

In the Utah market, the distinction lies in "owner occupied accessory apartment" vs "legal duplex."  It is common to live in a home and rent out a basement or portion of the home - and most municipalities have Planning and Zoning language that defines and supports this, but to assume one can later move out of said property and rent out various, multiple "chunks" of the home is a fallacy, if it is not a legal duplex.  (At least, if you are planning to do it legally).  

Have others found the same dichotomy in their markets?  I've even gone to see properties that were listed as "Legal Triplex," only to find out that it's just a glorified "accessory apartment" that can only be rented out IF THE OWNER OCCUPIES the property.  (Even the realtors are caught up in the conundrum - and the less educated ones (or less ethical) are exploiting the system).

My .02

Thank you all for your advice.  We are beginning to dig deeper and find ways to get creative.  I'm convinced there is a way to find property(ies) that will cashflow in Utah!

We are also spending time here on the website and other resources, learning more of the lingo and the crucial tips to avoid pitfalls.

More to come....

Newly returned to Utah after 20 years absence.  We are living in Heber City, and my wife and I both work in the medical profession.  Heber is extremely proud of their dirt right now, so we're realizing we may have to spread our wings.  Our search for our own residence has morphed into a desire to launch into investing.  Our 15-year plan is beginning to formulate, which is looking like alternating between keep and flip.  Right now, our hope is to find a 4-plex in UT County that we can owner occupy.  BUT... the numbers are extremely tight!  Take the recent 4-plex that sold for $550k in Orem.  "Simple cap rate" was about 3%!  Crazy numbers, and not terribly tempting!

So, what is a realistic target in this competitive market? How do you find something where the numbers still work? I'm also trying to calculate what to expect for property tax, insurance, and PMI. Do you'all use a certain estimate for monthly expenses? How about vacancy rate?

WHERE is the best place to look for a deal?

We're thinking that we will probably NOT stretch for a 20% down, because, even though it will eliminate PMI, it will sap our precious, limited resources. Advice on that - or any good articles to compare 5% down vs 20% down?

4-plex numbers are penciling out time and again stronger than duplex.  Haven't considered larger units at this time.

I'm so grateful to have this site as a resource!  I hope to find the time to research more and attend some meetups.  Very appreciative in advance to any advice for the neophyte here!

THANK YOU!     -Dave and Denise