All Forum Posts by: Skyler Smith

@Tyler Vargha Salt Lake County issues ADU permits to owner occupants, so if you're planning on moving out and renting both units to other people it's safest to get a legal duplex.

@Talon Hawkes Congrats on getting your education, it sounds like you're off to a great start. @Cherie Orellana is right, you can do a cash out refinance after just a year of occupancy. The suggestion of getting a HELOC is also a really good idea while you're living in it, provided you have enough equity. That way you're only paying interest on the money when you're using it, and if you play your cards right you won't have to pay another round of closing costs because it's not a full refinance.

I got my start just like you, I bought a 4plex in Logan while I was attending USU. I've stayed in town and all of my own investments are still in Logan, many of my clients end up going the same route as you're thinking, buying a 2-4 unit and living almost for free while they stay in it. That first investment may be one of the best of your career, so hang on to it as long as you can. 

Mother in law apartments are strictly prohibited in Logan, so be careful that what you're getting is actually grandfathered. They are cracking down on over occupancy as well as Airbnb, etc. I like investing for cash flow and appreciation in Logan, but you need to be sure you're looking at the right asset. Best of luck on your search.

@Lincoln Selk Yeah I'd talk with Altabank. They have been awesome to work with, many of my clients have loans from them and they do my multifamily stuff as well.

Are you looking for something that is fixed for 15-30 years? You could also consider a commercial line. 

Real estate is pretty simple. There are only so many ways to invest in real estate and there is a ton of free information all over the internet on all of those strategies. Pick a strategy that you understand and go as hard as you can at it for six months or so, then take a step back and re-evaluate. I would encourage people I care about to run from anyone who sells a course telling real estate secrets for $20,000. You can send a whole lot of direct mail for $20,000, and the direct mail is way more likely to get you a deal than whichever slick strategy you're being sold in a seminar.

Hey @Michael Major welcome, sounds like you're off to a great start! Do you know what sort of property you'd like to get for your house hack? If you're looking in Logan there's actually a pretty decent opportunity emerging for a few types of asset that have up until just now seen unusual strain over the last few years.

@Duane Richards yep I mostly stick to Logan but I’ve got a few clients that invest in Ogden and I enjoy working with them down there because the returns are quite good. 

Hey guys, sounds like you're both off to a great start. Keep watching the market and look for opportunities to add value where others might not see it. I like many markets in Utah but Northern Utah is for sure my favorite - that's where I live and invest. Glad to see you both here!

I think you're on the right track. Don't get bogged down in the education component, but you at least need to understand the basics of what you're buying, so good on you for continuing your education. An agent that understands investing (not all do, unfortunately) will help you, but don't rely on them to find the deals for you. I've got a duplex on the market up in Logan that has pretty solid value add potential, would be great for a first time investor. You could take a look at that if you're interested in looking that far North

Many mobile home communities don't allow rentals. Especially in Utah it will be very common to see a restriction for owner occupants only. If you're buying a manufactured home for $45k, it's highly likely it's in a park and will have similar restrictions. Make sure to account for a ~$350 lot rent, as you won't own the land.

Your calculation has "$700/month all expenses paid." Is this advertised by the community? Or are you planning on getting financing? You can only get a 30 year fixed mortgage on real estate with an affixed home, which we're guessing is not what you're looking at. You'll need to pay cash or get some alternative financing.