All Forum Posts by: Porter Rappleye

@Douglas Larson Thanks.  I'll check out KSL and see what I can find.  

Anyone know of any good/affordable contractors in Davis Count/North Salt Lake area in Utah? 

I have some work needing to be done to a house in Bountiful and my contractor just got called to for the next month so I'm stuck.  The biggest thing I need done right now is a load bearing wall with a chimney torn out and braced with a Glue Lam Beam.  

Thanks in advance!

I'm looking to purchase a live in flip in Salt Lake City and am having a hard time determining the best area to receive a decent return.  I'm thinking about Sugar House area but the numbers don't seem to be working.  I'm moving from Phoenix where I was able to purchase a home two years ago for $140k, I put appx $25k into it and the home is now under contract for $240k. I would like to find a similar type of deal but am thinking maybe my expectations are too high for the SLC market right now.  

If anyone has any recommendations on areas I should look, please let me know.  Please note that, quality of life is very important as well as we will be living in the home for the next 2-3 years and we would like a very family friendly neighborhood.  

Your help is much appreciated!

Thank you for your insight @marciamaynard  and yes I did mean casita.  oops!!  I think the first step is to check the zoning requirements as you mentioned to see if it's even an option and then go from there.  Thanks!

I've got a detached garage I recently converted to a second living room. It cost me appx $5k to dry wall, carpet and tile the room.  Prior to beginning construction I had a vision of the ultimate "MAN CAVE". Endless parties, intense ping pong tournaments, and 24/7 football.  Unfortunately my vision of the "Man Cave" has fizzled into nothing more that a cluttered storage room.  

Since finalizing construction  of said "Man Cave", I've recently learned about a lot of other people in my neighborhood converting their garages into Casidas, which typically rent for appx $400-$500/month.  In order for me to do this I would need to drop another appx $7k into plumbing, shower, kitchen, etc..  So my total investment at that point would be $12k which at $450/month (average)  = $5,400/year which is a $5,400/$12,000 = 45% return on my investment (not including expenses). Since I live in the main house and will charge the tenant for all utilities I'm not expecting too many expenses (maybe i should??).  

My question is, do I keep the "Man Cave" (storage space) or do I convert it into a rental unit??

I'm not a stock expert from from the sounds of it, an average investor can expect appx 8%-10% return on their investment year to year. I recently went in on a flip where I put $50k into a deal, never touched a hammer or made a single phone call and made $7k in appx 4 months which is a 14% ROI which equates to an annual 42% Return. I know this example isn't always the case and flipping homes is typically much more involved than my above example, but with my limited REI experience, it definitely made me raise an eye brow to the possibilities of the real estate industry.

@Shane Foster Thank you so much.  That information was extremely valuable. 

@shaun Caldwell I couldn't agree more.  I will definitely revise my search criteria to focus on motivated sellers.

I read a lot of these forum posts mentioning people sending out yellow letters. What is the best way to generate affective lists for yellow letters? In particular I'm looking for a list of absentee owners but I'm not sure how to come up with that list. Any help is appreciated!

Thanks Jack!

Hello Friends!

Anyone know of a good property manager for single family or duplex units in the Phoenix Arizona market?