All Forum Posts by: Paul Park

@Kevin Wilson this is awesome. I was just living in Pittsburgh and couldn’t find a deal like this. Is your property in the burbs?

What’s a good cap rate on a rental? What should I be shooting for?

I’m looking into doing a cash out refinance to use my equity to purchase a 2nd rental property. However, after crunching the numbers on a potential 2nd unit, there’s a risk that my cash flow remains flat. Do you think it’s still a good idea to do a cash out refinance, purchase a 2nd property, but have the same cash flow?

The reason for this is two fold. I lived in my current property so I was able to pay just 10% down. I now have just shy of 20% down. I’d have to maintain 25% equity on the cash out refinance. Naturally my monthly payments increase. In addition, the property I’m looking to buy is pricey and I’m anticipating lower than usual rent because of COVID.

Please let me know your thoughts!

Originally posted by @Cherie Orellana:

Those are all great areas to invest. I personally manage my own properties because I have a hard time finding property management that handle things the way I would. I wish I had a great Refferal for you. As far as investment properties I can only speak for Utah and salt lake county.  
I think you should watch the market closely. Don’t just go out a few weekends and pick from what’s on the market. Watch, study and then make a move when a great deal hits. The good ones go fast but they are still out there. 
Despite the many opinions of a coming recession , I personally think we have a few years of continual growth and then it level out or possibly a very slight correction in the housing market.  If you are buying for long term hold (more than 5 years) it shouldn’t affect you regardless. 

Welcome back 

thanks for your reply! Are you local to salt lake county? My issue is that I would be an out of state investor at this point. I’ve been following it closely, but I think it would just be helpful from a stress management standpoint to have a property manager.

How have you managed not having a property manager?  

Hello all! 

I’m looking to get back into the game (I currently have one rental) and was wondering what I should do when looking for a property manager as well as an agent to find more rental properties (both residential and commercial). Does anyone have any recommendations specifically for the Salt Lake County, Utah county, AZ and TX areas? 

Thanks!

Paul

Could someone explain to me why a seller would want a 50% down payment? Also, any quick tips about investing in a place you are not familiar with? What to look out for in the house and the area? Thanks, Paul

Could someone explain to me why a seller would want a 50% down payment? Also, any quick tips about investing in a place you are not familiar with? What to look out for in the house and the area? Thanks, Paul

Thanks for the responses.

To clarify, I am looking for a place for myself to live in and possible rent out a room or get something like a duplex to lower the hit of a mortgage. 

Any thought on whether to I buy a home/apt or rent? Is the market in SLC growing?

Hi all,

I am new to this forum and I was wondering if I could receive any advice from an experienced real estate investor. 

Currently, my situation is as follows:

- moved from CA to UT for work.

- I have 4 months left on my apartment lease.

- I am looking to move closer to Salt Lake City. (currently 15 miles out)

My question is, should I invest in a city apartment? Is that a terrible idea..? Mortgage would be slightly higher than rent, but I would be investing the money rather than losing it. Also, there is a huge HOA fee in city apartments upwards of $300-$400/month.

I am torn between the convenience of living across the street from work with amazing views of the mountains and actually making a smart investment.