All Forum Posts by: Logan McKay Zylstra

SLC has banned STR's. However, the state of Utah has passed legislation saying that a listing on Airbnb is not sufficient evidence that a property is an STR. I have never seen this regulation enforced by SLC personally.

I have heard from others that the city can take action when a neighbor complains. Typically noise or parking issues.

No license needed. No real regulation here in UT regarding wholesaling.

You already learned, but be careful sharing info before getting properties under contract.

@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.