All Forum Posts by: R Trevor Dowdle

Thanks to my real estate agent that did some investigation for me I found out that South Jordan does have a provision for renting out single family homes.  As long as you don't rent out more than 30% of your space and a maximum of 1,500 sq/ft (I think).  You need off street parking for the rental and a separate entrance.

We ended up buying a home in South Jordan that fit the criteria and submitted the application as directed by the city and we were approved within a week, it was an easy process for us.  Luckily we found one that was already setup with a separate entrance and a qualifying rental layout in place.

Travis thanks for your insight and for sharing a little about your situation.  I had noticed that a lot of people are renting out basement spaces in the cities that don't allow for it.  So i'm sure as long as you are careful and responsible you can pull it off.

I actually wrote a little piece about my experience... Hopefully it will provide some helpful insight as well. @Travis Fisher @Andrew McFarlane

Let me know if you have any questions for me.

@Andrew McFarlane

@Andrew McFarlane

@Andrew McFarlane

Hey Travis, thanks for reaching out to me, I do have a realtor agent but I wouldn't mind learning more about the investment-centered mortgage team if you don't mind passing me their contact info.

Thanks Travis!

Thank you for sharing your research with me Travis, that was very helpful and gave me some good direction about what cities I should focus on.  Greatly appreciated

I wonder if there are cases where you are not allowed a basement rental, but you could rent it out short term on airbnb and be legal.  I will call and ask these cities but am afraid of what they will tell me. lol

I am looking to purchase a single family home with a 2nd entrance and kitchen downstairs so that I can rent it out as a standard or vacation rental.  This would be in the Riverton, Herriman, South Jordan, or West Jordan area.

Does anyone have experience with doing something like this in these areas?  I am looking to find out what kind of properties to look for and or strategies available to do this legally.  

I worry that I am going to invest in a property for the purpose of renting out the basement just to find that the city is now stopping me from doing so.

Thank you kindly,

Trevor

William, one of the biggest obstacles for me is finding leads, I am currently working a 9-5 job and love my work.  I don't feel like I would be very successful knocking on doors and finding golden opportunities, it just doesn't feel like a great fit for me.

I am however very interested in investing my money in Real Estate and analyzing deals, As long as I can find a home in my target area and price range (140k -190k) that is 10% below market value and cash flows $100-$200 a month, after accounting for holding costs, repairs, a 5% or so vacancy rate etc.. 

Lets say I was trying to accomplish this via a 15 year mortgage 20-25% down.  From your experience would it be viable to find such deals through a Investor friendly real estate agent?

I sure hope I don't have to analyze 80 properties just to find one which meets my criteria, I just don't have the experience to know how likely these deals are to be found through a Real Estate agent.  But I do want to make sure I am working with a Real Estate Agent who will give me the best chance to meet my goals.

Your business or company sounds interesting and I would like to know more.  Namely you mention that investors make an offer before even visiting the property?  Sounds like they would have to be pretty confident in the leads they are getting.  Do you feel like your company or organization would be a good fit for a newbie like me with my current investment goals?  

Thank you everyone for your advice. Finding an investor friendly real estate agent is something I feel strongly about.  @Lync Jones , @William Hochstedler , @Jim Wilson  Thanks the advice and for letting me know about some trusted sources in the area I will definitely check them out.

@Jenny Gundersen, thank you for offering your services, lets keep in touch.  I am still in the process of vetting out my target areas but i'm sticking pretty close to my current residence. Namely Bluffdale/Riverton/Herriman areas.  I have yet to narrow down my search to neighborhoods but will be working on that.

 No sir, 

What are you getting at with your comment?

I am a new Real Estate investor and I am currently looking for an investor friendly Real Estate Agent to help with generating leads in my target neighborhoods. I am concerned about finding an experienced Real Estate investor friendly agent who understands the mentality of an investor.  One where we can create a win/win situation where both the Investor and Agent profit and our goals are aligned.

Ideally it would be in the Real Estate Agents best interest for the investor to purchase a property at the lowest price possible because this would enable the investor to build up cash reserves more quickly and in turn purchase more properties which would lead to more business for the agent.

It makes sense that a Real Estate Agents loyalty would lie with the seller because they may have a good reputation around the neighborhood for getting houses sold at a good price and they also earn a commission which increases the higher sale price goes. 

On the flip side reasons I can think of which could incentivize a Real Estate agent to work for, instead of against an Investor are firstly the potential for continued business e.g. multiple houses purchased by the real estate investor through the agent over time.  The investor could also offer the agent a finders commission when a lead generated by the agent results in an acquired investment property.  

In your experience how easy is it to find a Real Estate Agent who is on the side of the investor?  What kind of incentives do you offer to the Agent?  And how do you find an Agent that is experienced enough to identify potential investment properties that fit your criteria?

How willing is such an agent to work with beginner investors?  Have you ever had any problems with agents losing incentive to work with you?  For example lets say the average home buyer buys a house after looking at 8-12 properties, whereas an investor might look at 80-100 properties before finding a deal that meets his/her investment criteria.  Have you ever had Real Estate Agents get frustrated when the leads they send you don't pan out?  How do you keep them willing to send you new leads?

As a new investor, I am currently looking to buy one investment property, but then plan on saving up another 20-25% downpayment for the next investment. Which could take a year and a half or so to be financially ready for my next investment property.  Is this something that would deter a Real Estate agent from building a long term relationship with me knowing that in the short term future business transactions would likely be two years in between?  Or is that incentive enough?

I would appreciate hearing from those of you who have had success and experience working with Investor friendly Real Estate Agents.  What does it take to get an Agent on your side one who is motivated to find you the best investment deals?

And also for you experienced Investor Friendly Real Estate agents, what is it that you look for in a good Investor partnership?  What is it that motivates you to find the best deals for your investors?  What turns you off from investors?  And what is the best way to find you?

Thank you