All Forum Posts by: Logan McKay Zylstra

Hello! I am a realtor in the market and specialize in working with house hackers. I  currently in my second house hack, preparing for my 3rd. Let’s connect!

I want to hop on the forums and give my quick take on what I am seeing in the market and helping with transactions.

The market for single-family homes across the Wasatch Front is still strong. While there is not as much demand compared to just a few months ago, there is still not enough inventory for buyers in the market. Houses are still moving quickly, but a large majority are not going for a massive amount over the list price. The good inventory is still moving quickly and it is competitive, but the fixer-uppers are sitting on the market for a few weeks.

Multi-family properties are sitting a bit longer and we are seeing price reductions being common. With the increase in interest, rates investors are not willing to float negative cash-flowing assets. Multi-family makes sense for a buyer who wants to negate their cost of living while enjoying the benefits of owning real estate. These properties will cashflow in the future, but rents have not caught up to the appreciation we have seen.

There is a meetup in Sandy on Thursday. PM me and I can share the details.

@Michael Lightwood

Hi Micheal. I have attached the direct website where you begin filing for your LLC. Utah makes it pretty easy and gives you a checklist of tasks to complete as you apply (they even provide a link to get a Federal EIN). It's been a few months but it is less than $100 to register.

Don't hesitate to reach out with any questions, I have created quite a few business entities recently so I am happy to help.

https://secure.utah.gov/accoun...

@Boston Taylor

Use rentler for screening, applications, and even renters browsing. Seriously the best free PM software/website out there. It is widely used here in UT and you can post the link to FB groups.

PM is actually not as difficult as most make it out to be. I can shoot you the contract that realtors in UCAR use. Shoot me a PM with your email.

@Rhet Porter

What you mentioned about only 14% of buyers being local is a big red flag for me. 

That statistic is an indicator that local industry wages can't hold up to home valuations which is a recipe for disaster in my eyes. Yes, injecting a lot of out-of-state/foreign capital is great and certainly will help boost the economy. With that being said, what happens when homes become unaffordable for everyone else in the area? Labor leaves and there is no economic development in the area. This is exactly what is happening in Idaho.

In my opinion, I wouldn't go so far as to say St George is a "bubble," but I do think it gets hit a bit harder in a downturn. To be clear, I am not saying there are no deals to be had or money to be made from STRs, but St. George doesn't lend to my personal investment strategy at this point in the market cycle.

I don't accept tenants with evictions. I will accept some medical collections or unfortunate issues. I don't have a hard credit score requirement.

I am very bullish on Utah, but I agree with your takes on St. George. I don't think the economics support those higher prices. I think money can still be made however, I wouldn't be willing to invest there currently.

Steve DeYoung is the man. PM me and I will shoot you his contact information.

If you haven't found anyone yet. Please send me a PM, happy to connect you with someone there.