All Forum Posts by: Lala Weiss

@Nate W. There are still plenty of good rental deals available in Utah, single families are easy to find, a little rehab and you can get them cash flowing well. You could do without the new development + HOA though.

@Chris Potter 5% cap isn't the worst you can do, especially if cap rates are trending down in Utah. I would just buy and hold for life or don't settle for this market and buy elsewhere. I agree with @Rob Hakes It looks like there are loads of folks in Ogden with extra cash to spare that needs to be parked outside a bank account so they may be less concerned about return rates.

@Ben Visser I have to agree somewhat with @William Hochstedler, There is no shortage of torn up MF properties in Ogden, especially below Harrison (the "rougher" parts). I did a quick search for Duplex's a few weeks ago and found some for less than 150K that need work. There are also houses that have been turned to MF with 4-5 apartments for around the 3-400k. If you're already in the area then you will know what the tenant selection pool is like, that area has a higher crime rate and transients around a fair bit, if that doesn't matter to you, make sure you're getting a good deal there. 

@John Ozoa-Sioson I have lived in the Avenues and invest in Utah. A few factors to consider: 

The Avenues is a beautiful area but many of the houses in the Avenues are heritage ($$) or just very old. Be sure to check plumbing, sewer etc, some of those houses have clay pipes going out to the sewer main, that can set you back 30-60k on a sewer replacement alone, depending on how far the property is from the street. With some of the aged houses, for example I lived in a house built in 1800 (not uncommon), everything replaced now would be custom and a pain for the contractors ($$). 

Prices in Utah have spiked over the last two years as many head quarters have moved there, tax incentives and what not. We are seeing the same thing now happen in Nevada with Amazon moving there. There still deals as in any market but also lots of cash buyers coming from the West Coast. The Greater Avenues would be one of the A class neighborhoods to invest in. Some surrounding areas have houses that are 1930-1970 + so less special work required, same or similar rent income and may be priced significantly less. Have a look around liberty park, 9th and 9th, the far end of 9th and 9th is being revived and it will do amazing things for the area. 

Many people have been priced out of SLC all together and are moving out of the city to commute in, I like area's like Cottonwood, Sandy, Bountiful, Ogden. The place I own in Ogden rents for the same (or more) as what some of my friends pay in rent in the Aves and I bought it for significantly less and in great condition. 

If you ever want to talk specifics about Ogden, let me know! Best of luck. 

awesome thanks @Chad Davies

Duh of course, thanks @Account Closed

@Jeff Valentino I noticed this is an older thread but relevant to me now. I'm getting started as an agent but with no knowledge of buying and selling. Can you elaborate more on the differences between broker choice when getting your RE License for investment reasons vs to do retail transactions? I would like to do some investing but am not sure what questions to ask, what kind of training would be good for me etc. My idea was that getting into retail transactions would give me a good lay of the land for when I want to invest down the track. I would appreciate some guidance from some more experienced professionals here. 

@Account Closed Thanks for the newbie friendly response! That doesn't sound too bad at all. Is this the situation where I've heard in a worst case scenario the bank can call the loan due? Are Banks generally ok with this scenario? 

Thanks @Mike D'Arrigo I'm going to test the theory soon.

@Leigh Talbott welcome aboard to BP! I just joined myself and have accidentally become an out of state investor after buying in Utah before moving to CA. I know that actually being in Utah and knowing my patch well has given me a lot more confidence for the next round. I'm curious to know how you chose Michigan as your next purchase market? I'm interested in purchasing out of state but haven't the foggiest about how to get started other than pick a place, go there and then buy there.. but I feel its a little like spinning the globe blindfolded and just heading to where your finger lands.. Michigan, Kansas, Arizona (various places), Indianapolis etc..  Great advice for new investors @Mike D'Arrigo. Just following the BP threads I've seen so many new investors buy out of state sight unseen and make some easy errors in the process. As a new investor myself, do you always recommend viewing the area's in person before buying there?