All Forum Posts by: Ruairi Keane

Hey Nick, I want to start by saying that I think there are always very good deals to be found, it just takes a lot of diligence and often patience to get the right one.

That said, it is tough to cash flow on the majority of properties hitting the market in Salt Lake right now because interest rates are so high and property prices haven't really changed in line with that. The downside to having less down as you are aware is that the monthly payment will be significantly higher, so I do think that putting down 15-20% if you can as opposed to 5% would certainly help make the numbers line up better; however, if you are looking to house hack then the expectation of having your mortgage fully covered without renting out both units would be a challenge either way. 

I am very in line with you on wanting to focus on better locations even if it compromises the ROI to some degree. I think long term you will be much happier with the property you buy if it is in an area that you like, especially if you intend to live in it. I've had some in worse areas that I sold because I just didn't like the property itself even though the numbers made sense. The nicer areas will also likely see the most appreciation. I think there is definitely something out there for you that you will find, just stay diligent and keep looking every day.

I'd be happy to hop on a call with you or even text if you have any questions or just need help in general. 

Hey @Preston Loveland I've had a similar issue around this time. Renting during the winter is always a little bit more difficult because less people are looking to move during this time. Things pick up a lot during summer. That said, generally I try to have leases end in the summer so that I can raise rents to market value at that time. It may be worth considering dropping the price as it currently stands just to get it rented quickly and have it end during that time, then you can re-evaluate the rent amount at that point. 

As @Nicholas L. said, it's far better to have it renting consistently at a lower amount than to miss a month waiting on a higher price!

Hey Roni,

I personally have done all of my investing from out of state. Not necessarily always overseas, but same concept. It is definitely feasible, but as Doug mentioned, it is key to have a good team you can trust on the ground. That said, the main things you really need are just an agent and a property manager. If you have someone to manage the property for you there that you trust then you shouldn't have issues. My personal recommendation would be to hire a property manager instead of self managing if you are far away, and then you should be golden!

Hi @Cathryn Provines,

You're going to love this new path! I got started not too long ago and it is addicting. I invest primarily in Salt Lake and also a bit in Denver where I am originally from, and I'm a recently licensed realtor in Utah as well. I'd love to talk anything regarding Utah or Colorado whether you need help or just want someone to bounce ideas off of.

Have a great day,

Ruairi

Hey @Sundone Boutvyseth,

Similar to what @Brad Jacobson said, your best option might be a secondary residence loan if you want to STR. This requires 10% down and you typically just have to live in the property for 14 days out of the year. Rates are also better with these than with an investment loan.

There are a couple of investment loan programs available that offer 10% down as well with no PMI, but they have slightly higher rates. Based on what my mortgage broker told me a couple of days ago, these rates are in the low 7%'s, whereas the secondary home loan is low 6's. I would be happy to connect you with him if you wanted to inquire further.

I think 10% is as low as you will find for investment property, unless you purchase an SFR with an ADU or mother-in-law and house hack with a primary home loan.

I hope that helps!