All Forum Posts by: Logan McKay Zylstra

Congrats! Big win so early in your career. If you rent by the room, I would recommend using rentler as a PM and advertising software.

@Andrew Jensen 

Correct, you can use FHA loans for job changes, marital status changes, kids being born, etc. There are specific guidelines and exceptions to using FHA. In personally used an FHA loan on my second house hack.

Keep in mind that there is FHA insurance that is different from PMI and cannot be removed for the life of the loan. On my 525k purchase price it is costing me about $300 per month.

@Andrew Jensen

"Regarding down payments, theoretically a cosigner can help with a down payment for a homebuyer. However, most loan programs allow for gift funds from family so there’s really no reason to go through the trouble of having the family member cosign if they’re not required to."

https://www.swansonhomeloans.c....

You should be okay given the recent increases but FHA loan limits for Salt Lake and Utah County sit right around a million.

Salt Lake- $1,006,250

Utah- $977,500

Let me know if you have any more specific questions. I love talking real estate.

Just PM’d you!

Jayden. Just PM’d you. I am in my second house hack currently

I would recommend selling or renting out spaces on Neighbor. Seems like a pretty small lot to try to build on

A lot of investors are uneasy as our current market is shifting and rightfully so. I understand how the uncertainty of where the market is headed can make you feel. 

With that being said, sellers are feeling the same way. They feel like they missed the "peak" of the market and are eager to sell. 

Although Utah has seen quite a few price reductions, these price reductions are coming after only a week or two (which is not concerning to me, just shows how eager sellers are to sell their properties). The state still has below what is considered a "healthy" amount of homes on market. Meaning that supply is still below the demand we have.

Use this to your advantage! Buyers have negotiating power again (not total power but much more compared to the past couple of years). Offer at numbers that make sense for you as an investor, ask for seller credits, or terms that favor you. Submit offers and make this a numbers game.

For those of you who have been waiting for the market to slow down, this is your time! Make some offers and get property under contract.

Hey Emma. Sure you will get a ton of realtors reaching out but happy to help answer any questions you may have about the market.

Agreed. Look at nearby properties and see their nightly rates and how many nights are already booked. This will give you an idea for STR income. For MTR look at furnished finder or I know STR platforms have the optionality for longer stays.

Coming from someone who makes a living off of helping people buy and sell properties, I would recommend holding onto the property for the time being. 

With where interest rates are at, your purchasing power is much less than where you bought. In addition, if you are in a good location in SLC, let the property continue to appreciate and then roll that equity into something even bigger. You also have to consider the capital gains tax which would eat a substantial chunk of your equity.

Bonus-

I recommend rolling the equity into one bigger property. I like to trade up and get as much revenue under one roof as possible (a simpler business model in my opinion).