All Forum Posts by: Lindsey Van

@Dakota Dalsing Dakota, I am also in the Park City area. I have a few investment properties in Park City, and one in Heber. This area is hard due to the price point of the properties. I think the best opportunities in the area now are light remodels and flips. Buyers are willing to pay for properties that are move in ready where they don't have to do anything. It is very hard to find cash flow in this market, but appreciation is strong. 

Cash flow in a ski town is hard to find! You can find some that break even, and that is winning in this market. Investors have changed their strategies, and are focusing more on appreciation vs cash flow. It's hard to find both, and the current market favors appreciation. The Park City market has appreciated about 7% a year for over 20 years.

 I don't think there are any "untapped" ski towns in Utah, but some lesser known areas. 

- Logan, Garden City UT -  ski resorts are Beaver Mountain and Cherry Peak

- Huntsville, Eden, Liberty - ski resorts Powder Mountain, Snowbasin, and Nordic Valley.

- Southern Utah - Beaver, Springdale - ski resorts Eagle Point & Brian Head

Park City is a great place for a long term investment. I think the 1031 Exchange is the way to go. The more you can put down right now the better with the economy. Nightly rental rates have not quite caught up to prices in Park City. Cash flow is really hard to find with the interest rates unless you put down quite a bit. Park City also has a lot more STR's like the rest of the country than they did 3 or 4 years ago. For a STR to work, it has to be in the right location.

You are on the right path thinking more about the equity, vs cash flow. Park City has appreciated 6.8% yearly for over the last 20 years. Buying a STR in Park City will work if you plan to hold it longer, and put a good chunk down.

I'm a agent and an investor in Park City, UT. Please reach out if you like to chat more about your options. 

Investment Info:

Condo fix & flip investment.

Purchase price: $475,000
Cash invested: $50,000

Bought it in June. Going to see in September probably around $600k. Full remodel

What made you interested in investing in this type of deal?

Got a very good deal on a FSBO

How did you find this deal and how did you negotiate it?

I was looking for this exact condo and a lady called to list it, but I bought it FSBO over the phone.

How did you finance this deal?

Conventional loan

How did you add value to the deal?

Full remodel

What was the outcome?

I will see soon.

Lessons learned? Challenges?

Finding contractors is not easy. I learned to do a lot myself.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am an agent.

Keep it. That is great cash flow! If you just need the lease to secure the next buy you're good. Take some of the cash flow and use it to fund the next remodel. 

As far as a mountain town Park City is a great location. 30 minutes from a major airport with direct flights from many cities. We have 2 ski areas in Park City and 8 other resorts within an hour and a half. In Park City I would suggest a condo given your budget. Most investment property loan products require 20-25%, but not all. Condos are easier to manage if you aren't living here. HOA's take care of major exterior maintenance and there are lots of property managers in the area.

In Park City the market has appreciated so much and rents haven't quite caught up so cash flow is not huge. There are some that will cash flow, but I would say your looking more at appreciation on the front end, and cash flow down the line. Overall the market this year has appreciated over 30%. Most condo or investment properties are sold fully furnished, and a large percentage are sold turn key.

Let me know if would like to know more about Park City. Investment properties are my focus. 

@Nicholas Libertin

Park City is a good option. 30 mins from a major airport, and the airport is a Delta hub. Delta has a lot of direct flights to SLC. 10 ski resorts within 1 hour of Park City. Great rentals in the summer too for hiking, biking, boating, etc. Prices are higher yes, but it is a resort community. Short term rentals are allowed at most properties, but there are some restrictions. Day minimums vary from subdivision to subdivision. You'll need a business license to have a short term rental, but that's not too difficult. 

@Bill Gallagher

There are lots of lenders in Park City that will lend on condo hotels. DM or email me and I can send you a list of lenders. 

I know the market of vacation rentals in Park City. Most property management companies usually plan for about 50% vacancy rate. There are not any property management companies that I know of charging less than 25%. Most are between 30% - 40%. There are a lot of management companies here and they do a good job, but you have to pay for that level of service. 

Nightly rental rates change quite a bit depending on the season. A 4x4 during peak weeks can go over $1,000 a night easily. 

@Caroline Siller There are lots of properties that could be great investments in Park City. There are also lots of great property management companies in the area. Park City is a ski town with very few properties under $400k. That being said there are properties that will cash flow, because rent prices are high and have increased quite a bit this year.