All Forum Posts by: Katie Stone

Chris Potter Our next property will be in the St. George area (Washington perhaps). We will be looking for a vacation home that we can rent out when not using it. Our friends have one that is legal right off I-15 in Washington (can't think of the name of the complex but it has the fishing pond, pool, etc). I'm mad we didn't buy when they did a couple years back, but oh well. Where do you recommend for what I'm looking for? We do want it to be legal for short term vacation rentals. We won't be ready for this property this year but I'd love your two cents worth.

@Frank Chin Thanks for helping see the glass 1/2 full :)

Thanks @Jd Martin and @Jenny Bayless for the advice.  I think we will wait to list.  

Feeling better about things. Amazing how a good rant and good advice can help!

We just purchased a rental home that is in the process of renovations (paint, new counters & hardware), etc.  The place is a total mess right now as we have been stripping wallpaper etc.  The counters will not be installed for 2 weeks, the painting has not been started yet.... so we are probably still 3 weeks out.

It seems like with our other units it takes several weeks AFTER the posting to have it rented.  How do I not lose this valuable time? However, it wouldn't show great at the moment.  Any suggestions? Do I just wait until all the renovations are done, THEN take the pictures and list it? 

Also, a tenant from a different property just left and the place is TRASHED.  Any suggestions on how you prevent this from happening? This is the second time in a few months this has happened.  I am soooo tired of tenants leaving and then having to replace so much that is above normal wear and tear.  These tenants have been in the unit for 8 years (and I think they never cleaned a thing).  The deposit will not even cover the cleaning of the place, let alone everything else that now needs to be fixed or replaced.  They paid rent on time every month, and seemed to be nice people.  What do you all do as far as inspections etc? Not sure even how to screen differently! I am so done with people who don't care at all about my properties.  Rant over. Advice welcomed.

Hi Taylor, I live in SF too! Small world! I too started with a duplex, then 4plex, and SFH. Good to meet you here!

@Kathleen Leary, how much extra do you charge in rent to do the exterior yourself? I too enjoy yardwork, but honestly trying to keep my own yard tip-top, work, and other properties, I don't know if it is worth it to me to do myself.  However, we put in new landscaping (about $4000) at a duplex several years ago and the lawn is full of weeds now, with dead spots around. UGH. I hate to pay someone a bunch of money, but it may be worth it. It is absolutely the truth that renters will do the BARE MINIMUM, if anything at all.

Our sfh we purchased in a hot market before the housing crash and we probably paid too much at the time- but we were interested in building a home on the back property (it was a big lot), subdividing, and renting both. However the month after we bought it, the city changed the ordinance and we were no longer able to move forward with our plan. We kept the home this long until he market recovered and then some. So to answer your question, yes, in THIS case, multi family was better. Always? No. 

@Brian Pincus: They are doing very well. We purchased our 4plex in 2004 for 300k. It has 4 townhouse style apartments that are 3-4 bd/1.5-2 bath/1300-1500 sf each. The latest appraisal was at 730k. We net 4k per month on that property (we generally have longer term tenants and our rents are low). Our duplex we purchased for 128k 10 years ago. It is now worth 275k. It brings in $1600. We just purchased another single family home for 220k (worth 275k) and brings in $1600. Our SFH we just sold we purchased for 115k 9 years ago and just sold for 165k (super small 2 bd). We are not flippers, but generally buy and hold. Our philosophy differs from many on this forum as we don't believe in debt, so I know our returns aren't what others are getting, but everything will be paid off in 4 years. At that time we will only purchase with cash.

We do manage them ourselves. And we generally rent them out in a day or two.  I prefer to keep our rents a little low, get GREAT tenants, and not have to have them empty for a month. 

I have been following this post as I have several investment properties in Utah County. I have a 4plex in Provo, and a duplex and SFH in Spanish Fork. I prefer south Utah County because it is nearly impossible to find a good deal farther north (Lehi, etc). With the housing shortage in Utah County, rents and purchase prices are being driven up just about everywhere. With the frontrunner commuter train, many people are opting to live a bit farther South from Lehi area as it is so congested there.