All Forum Posts by: Miguel Lopez

Huyen Mai,

I also got offer for my rental unit in SLC, Utah that has the same clause "At any time prior to the close of escrow, Buyer may unilaterally assign its right, title and interest in and to the Agreement without requiring acceptance or agreement of the Seller.". I am writing a counter offer to have this clause removed.

The type of property you purchase may be influenced by your overall long term goals. Most cities in the Salt Lake and surrounding counties allow renting a MIL when it's owner occupied. However if your plan is to purchase a second home in the future owner occupied, and plan to keep the last one as you build a portfolio.. Make sure Each property you purchase makes sense legally and financially whether owner occupied or strictly an investment property. Duplexes do come at a premium and may have to use FHA financing for minimal down payment. However the premium you pay may be worth including a multi unit in your portfolio within your first few properties. If you simply intend to buy a home to offset your mortgage then a Mother in law makes the most sense. You could always sell it in a couple years and use the equity to purchase 2 homes. An owner occupied with 3-5% down and an investment with 20-25% down.

There are some homes that can be grandfathered in as legal nonconforming if they meet the city requirements.  Others that are listed as single family but have a duplex overlay could legally rent to 2 families.    Some cities you could also rent to individuals on a lease with a MIL property as well.  For instance in Salt Lake City, 3 unrelated individuals can live in the same single family zoned home. Or one side of a multi unit I suppose.    Where West Jordan you can have up to 5 unrelated individuals.  Always research and verify all info during your due diligence on a property.  As sometimes zoning and planning rules may change, landlord tenant laws, building requirements etc are subject to change from time to time.