All Forum Posts by: Travis Fisher

@Ryan Rader What city are you in? Have you posted this in the local BP group for your city? If there's no local REIA near you, what are the 3 closest cities with active REIA groups? Most meetings are virtual right now. I've noticed that they're also FREE! Time to take advantage of that and get networking.

This is a super vague question but I got thinking about it today and thought I should get some insight.

We are selling one SFR which should give us enough for down payments on 3 new SFRs or a down payment on one fourplex plus maybe one more SFR if we're lucky. The fourplex option gives us more doors, but I was thinking about appreciation. It seems like the more separate properties you own, the higher appreciation you're likely to see. In that way SFRs would be the better option as far as gaining net worth. Multifamily would be easier on management and repairs. This mainly stems from conversations where "everyone's house has gone up $100K in value" whether they paid $180K for their house or $480K.

I just wanted to say thank you to everyone for posts like this.  I signed up for the webinar and then Googled Ross Hamilton.  You saved me 2 hours on a useless webinar. On to bigger & better!

Congrats!!  I'm not in Huntsville but would like to come check out some properties before the end of the year.  Let us know how your trip/closing goes!

R Trevor Dowdle mentioned that it is legal in South Jordan. I was wrong about Taylorsville too. The rules are a bit different. 800 sq ft max and at least one off street parking spot. They also notify all your neighbors before they give you the permit. Gurpreet I would contact the city planning office and ask if they require a permit. It shouldn’t take much to make your mother in law apartment legal.

I agree with @Chris Ayers.  Excluding crappy 401K expenses it's still a good vehicle for retirement.  If you double your money on day 1 and then get 9%-10% for the next 20 years, you should still be well ahead.

It's also impressive to see how many people max out their 401K and put money aside for RE investing.  That's a big savings percentage!

I need to add a downstairs entrance for my mother in law apartment.  Does anyone have any recommendations for excavators that I can call?  This would include digging the hole, cutting into the foundation and pouring concrete for the stairs.

Thanks!

Hey @Andrew McFarlane!

For most of those cities my wife called the city office and asked.  I really doubt that any of their rules have changed.  I think they may need to reconsider their rules though, unless the pressure for housing lets up.

We bought a house in Taylorsville, which has rules against accessory dwellings.  A few of our neighbors do have MIL apartments in their basements and everyone seems to be fine with it.  Our new house has a basement apartment and is just missing the basement entrance (about $10K-$12K to add).  Once we have that we will be renting out our basement as well.  Just make sure that parking is not an issue and that your renters are respectful and you should be OK.  Also you probably shouldn't rely on that income in case you do have issues.

In our case our new house payment is $1450. We can rent the basement for $850 easy.  That gives us a net $600 house payment, with maybe some higher utility costs.  Compare that to our older smaller house payment at $750 and I'd call it a win.

As far as AirBnB goes I have no idea.  I haven't looked into that at all.

I've been to all of them but only a few times each.  This is hard because there isn't a "best".  They all have their pros and cons.

WAREIA - It's free!  Might as well sign up.

UVREIA (Utah County) - I've only been once but they had the best training of all the REIA meetings that I've been to. Tons of info from a local property manager on how she manages her properties and businesses. All the other REIA meetings have felt somewhat like sales pitches.

UREIA - I've made some of the best connections here.  I even sold a friends house just because I was at the meeting!

SLREIA - Best lunch meetings.  Probably because the location is convenient for me but they've been helpful.

I do wish there weren't so many though.  Is Salt Lake really big enough to have 3 REIAs?  I'd say go to a few an see where you fit in best.

Travis

Try David Stirling at http://www.stirlingcpa.com/. He's part of the Salt Lake REIA and works with a lot of local real estate investors.