All Forum Posts by: Logan McKay Zylstra

@David B.

As a realtor in the area, I would say to wait until you are ready to sell to do an improvement, styles have the ability to change rapidly. It won't help you lease the property after you move out.

If you were selling today, I would likely recommend such an improvement at your price point.

STR's in SLC are technically banned. However the state does not allow Airbnb listings on their website to be sufficient "proof" of an STR. However if you look in SLC there are hundreds of airbnbs. I have only heard of the city enforcing if their is a neighborhood complaint or major parking issue.

Definitely a pass in that case. Look at your cash on cash return.

I don’t know what rents are at, but 278k per door is VERY high for this market and a complex of that size. Doesn’t pass the sniff test just based on that for me.

My lender Steve DeYoung is an excellent resource. I would reach out to him.

If you don’t know what you’re looking at as far as maintenance/renovations go really no need to come out. Might be a good idea to check out the area and make a trip out of it if you have the time and resources. Coming just to look at the property doesn’t make sense though.

HOA's sometimes change rental caps etc. I can think of a specific building in downtown SLC that recently had a reduction in units able to be rented. However, you are likely to be grandfathered in if a change does occur in the future.

If you can’t find any professional services, I know a couple of local people who would likely be interested.

I would look into equity RE. 

I would recommend option 4. However if you won’t be in WA long, could be a good idea to keep the property and rent it out. (You could likely rent that for 1750 or 1800). Then when you move back from WA, move back into the property. As the two years doesn’t need to consecutive to avoid capital gains tax.

Bonus: Im not sure what your DTI looks like but you only need to put down 3.5% in WA using an FHA loan or 5% for a conventional loan.

Just sent you a PM