All Forum Posts by: Joel Brown

Anyone have the actual wording of the law. 30 minutes on the city website got me nowhere for the actual law. Nothing about occupancy or relatives.  I have a condo with occupancy of 3 (3 bedrooms/ 3 parking) but have 2 kids (obviously they are related) I may need them to share the master bedroom and rent the other 2 out to other students, but without the actual script of the law who is to know if I'm going to be guilty of a misdemeanor.  I love Provo, but it seems to be heading towards being annexed into California (and being a California Native that would truly be a travesty for Provo). Anyone with a link to the actual law talking about related house occupants in Provo?

It depends on what market. I haven't had luck in Utah, but in the turnkey areas like Indianapolis, Kansas City and Memphis it may benefit you. I have a couple Property managers in Memphis that send me leads and a number are off market. Some need some work but are cheaper than the MLS prices from my experience. I am working on a couple of deals brought by Property managers helping clients divest. My biggest question to them is why are you selling?

I'm taking a trip this week to Memphis and Little Rock to look at a couple houses and to meet property management to make sure that Memphis and/or Little Rock is the place for me to invest. (also it's the world BBQ championships as well) I'm looking for good a property management team to manage the properties as well as possible coordinate the rehabs/cosmetic improvements. 

Obviously this will also involve a contractor and realtors but I think the property management team is most critical. While I may be competing with some Memphis and Little Rock investors, Those that know the area, If you could be kind enough to recommend the best I'll try and send good Karma your way! 

I realize that turn key would be easier but obviously would increase the costs and decrease my education as well. 

Thank you for any help you can provide.

Initial glance looks good. How strong is the rental demand in this immediate neighborhood? What are the long term prospects of the community? Are you investing mainly for cash flow, appreciation, or long term equity build?

Provo right now is pretty high. The condos I bought 3 and 4 years ago are up 70%. (So I did a home equity line of credit for $100k on one that my son lives in with roommates). BYU and UVU are not going away but if we see a nationwide correction I expect it to drop more than other middle of the county markets,  but not as much as the coasts. I have some St George houses and have stopped buying there as it is high as well. Things will go up, but I’m priced out of the market currently. 

I would have submitted a lower offer. Hard not to get emotionally attached but you can’t or you’ll pay too much or you’ll end up buying properties that drain your cash flow. I’ve seen several times escalation clauses just make you pay top dollar as agents refuse to show other valid offers (that likely were never legitimate - verbal from uncle Ed) That’s a slippery slope that doesn’t help you, only the seller! If it’s a great deal you’ll make out fine as $5k won’t break you, but lowering by $5k puts you in control not the agent. If you loose it, it wasn’t meant to be so move on. There are plenty more deals out there. Truth be told I’ve overpaid on half of my 7 deals so I’m working on this discipline.

Evening is better for me though

So is it set for 12 on Wednesday?

I'd come, evening is better for me, not that I count much. My son @Derek Brown will come as well and evening is probably better for him.

Congrats Raj, I too would love to hear your story on a podcast. The beauty of real estate is that there is a lot to go around and we can play as a team.  I'm interested in the SLC/Provo and St George markets as they are still up and coming with a great base (St George is still a little small but is booming). Love to hear details on how it comes together.