All Forum Posts by: Jaiden Olsen

I use a fantastic attorney from Salt Lake! I'm not sure how far north he would travel, but I'd guess he would be willing. What do you think @Jeffrey S. Breglio?

@Cherie Orellana is right.

I think the most important step is to figure out your plan. What do you want to do? $220k could get you pretty far in the multi-family apartment complex world. It could also get you pretty far into a portfolio of SFR (especially in Ogden). If you sell, then you are faced with the challenge of finding another place to live, do you want to stay in Salt Lake? I'm in a similar position with my home in Kaysville, and I wouldn't hesitate to sell my house, if I could convince the wife. If I were to sell my property and walk away with $200k I would buy a duplex using an owner occupied 5% down loan and invest the rest in small multi-family apartments (5-20 units). But that is just me.

Good Luck!

@Jonathan Escobar, Your plan, as stated, is hard to understand. So let me clarify to see if I'm understanding correctly.

You are wanting to find a place to live in Utah. You are currently renting for $400/month, and will likely be renting for $700-$1000 per month after you get married (congrats by the way). You found a potential deal. It looks like it will cost you about $300/month to rent it out, and you would still have to pay $700-$1000 to find another place to rent. Not to mention the expense of acquiring the property and tying up your capital.

If you use it as a rental, that won't solve the problem as to where you want to live after you get married, right? How would that decrease your rent expense? If you are looking to rent it right away, I'd tell you to look elsewhere for an investment, the numbers aren't great.

However, knowing the market in the Utah County area a little bit, that is a pretty cheap starter home and may be a great place for you and your wife to live. It might cost you $1,500/month, but it looks like you were planning on spending close to that anyway to rent it out and find another place to rent. If you were to buy it, at least a portion of your monthly expenses would go to paying off principal, and you can take advantage of the tax breaks for owning property, and market appreciation. According to the report, after 10-12 years, the numbers start to turn around and you could make a profit renting it out, but that is a long time to wait to see a decent return on your investment.

Overall, not a bad starter home in Utah County right now (but read Scott Trench's book "Set for Life" to make sure it meets his criteria). I'd definitely pass on this as an investment property.

Good Luck!

I've run the numbers to BRRRR in the Weber and Davis County area, and in most cases, the biggest key to making it work is to BUY LOW. If you don't buy low, it can't work. I think the key is to buy off market deals and get really good deals on them. I'd love to know if there is anyone finding success with this strategy in Utah.

I agree with @Becca Summers. As far as Condo vs Townhome, I don't think it makes much difference if the purchase price is right.

@Britain Sorensen, Spill the details! How'd you find the deal? What is your plan? Are you going to sell after it is remodeled? Or are you in it for the long haul? Let's see the numbers, that sounds like a great deal! I can't believe you picked it up for less than $60k per unit! Congrats!

@Jeremiah Quinn There are a lot of basement MIL's, or MIL's over garages. There are some out building MIL's too, but they aren't as common. 

I second what @Jordan Atkin says about using the FHA loan instead of a conventional 20% down mortgage.

I live in Kaysville in a home with an accessory dwelling unit (ADU) that covers our principal and interest payments. Kaysville is pretty relaxed as far as renting space in an owner occupied home goes. There are a lot of homes that have ADU's on the property, but they don't last very long when they hit the market. Also, homes in Kaysville, and even into Layton are within 30 minutes of downtown, but the homes are way cheaper than South Davis and North Salt Lake Counties.

@Amy Kendall, That is why I love REI! There really is no right way to do it! There are so many ways to win, and it all comes down to personal preference and what your real estate goals are! I just thought I'd throw in my two cents. I'm glad you guys are looking at your options, and I'm super excited to see what is next for you!

@Account Closed, I'll message you!