All Forum Posts by: Nik Krohn

@Jake Jensen cash flow exists. Don't let others tell you it doesn't. Even on new construction it does. Just look at 5 deals per day. Make it a mandatory part of your day. Purchase price doesn't matter when you can get $500/cash flow IMO.

Make sure you have enough savings and then buy a house hack and go from there

@Nicolle Rowley welcome to BP. The podcast is a must.

Utah is still a really great market and the appriciation is better than most markets. I think it's still buying time. In 10 years these prices will look cheap.

Buy now, buy tomorrow and buy the day after. Doesn't matter when so long as you continually buy

@Kathryn Smith welcome to BP

The magic of utah and salt lake counties is the appreciation. You will make incredible cash flow (600-900/mo) and appreciation (2000-3000/mo). At the end of the day, it's better than out of state and cheaper properties.

If you are willing to buy a house hack in the valley then sales price is irrelevant. You will always get ahead faster if you buy a house hack. So don't worry about sales price. You can find lots of them for under $500k

We are leaving our primary house for 3-4 months for the rest of winter. It is fully furnished and I want to rent the house while we are gone. How do we protect the house, it's furnishings etc while we are gone?

ive been a landlord for a decade and have great experience with tenants. Ive never rented a house fully furnished tho. 

ahould I get special insurance? Should I require renters insurance? Anything else I'm missing?

im mostly concerned about potential damage and theft

There are many agents willing to list your home for .5% commission and you cave the buyer agent get 2.5% and your still at 3% and fully represented. No need to pay a full 6%

@Patrick Sivets

Calling the cities and talking to with several realtors. I think anywhere up near there will be more flexible than SLC and Utah counties.

I find that the best way tho is to look at lots of properties on the mls. If you look long enough, you will begin to notice neighborhoods.

 The right setup for me looks like this: Upstairs 3 bed 2 bath with 2 car garage minimum; downstairs 3 bed, 1 bath separate entrance. There is usually a staircase to the basement. There either needs to be a door at the top or bottom that you have a 2 way lock on.

i look for cities here in Utah that have a surplus of MIL homes and then find the neighborhood with the highest density. Then I don't worry about it being a legal accessory apartment or formal duplex.

Some cities are brutal and you just stay out of them.

Heck, I have 2 houses on the same street because I know the sub set within the neighborhood haha

We've done this for over a decade. Steer clear of legit duplexes as those have a higher price tag. You can easily find SFR with MIL basements fully finished but if you are not afraid of extra work, you can save even more by simply finding the right setup without the kitchen and then spending about $6000 to add one easily. Instant value add and you can offset a good chunk of your mortgage

Fantastic stats. I remember when price per square foot was $100 lolol

For me personally, I'd rather wait for a home that has a finished basement/MIL setup already so there is no construction project. If you are willing to wait 3-4 weeks I wouldn't be surprised if another opportunity pops up and you can save a ton of time and money just buying another one.