All Forum Posts by: Ryan E.

You can absolutely have success with short term rentals in the valley. Just download the app and do a search and see how many are available. A friend of a friend is having a lot of success doing it close to Liberty Park in SLC. Cross checking to make sure short term rentals are ok with the city would be important though. 

@James Taylor this is something I'd like to do as well. I think one problem you may run into is rent to value ratios once your rehab is complete. That being said, I'll bet you can still do it. You may have to get creative...find a duplex in a good area and Airbnb the units or find an SFR with a legal accessory dwelling unit and live in the smaller unit while renting out the main etc.

@Kali B. I would classify the entire market as basically A and B neighborhoods. I would say there are C areas in West Valley City, Magna, and some parts of Salt Lake and South Salt Lake. D areas for or market might be certain areas of Ogden. Compared to other larger cities we don’t have straight “war zones”. Even those parts of Ogden I would classify as D (as compared to the rest of the market) will look decent when you drive through. 

There are a bunch of “A” and “B” areas that will have older properties: Sugar House, Cottonwood Heights, Salt Lake City (from downtown: generally the farther East you get of State St. the nicer it gets), Sandy, Murray. Areas that are really growing fast are South Jordan, Riverton, Herriman, West Jordan, and Tooele (Two-illa). Those are all in Salt Lake County except Tooele. A few months ago I read an article that said Salt Lake County has an estimated 30,000 buildable acres, most of which is near Herriman and South Jordan and West of SLC by the airport.  Utah County (Lehi, Provo, Saratoga Springs, American Fork, Provo, etc all growing rapidly as well) has an estimate 230,000. So there’s a couple of things there: 1. In my opinion Salt Lake County values will really go up in the long term as there is high desirability to live in some of these areas and limited land supply with two giant mountain ranges on east and west side of the valley. 2. There’s going to be continued massive growth in UT County. UT County is expected to rival SLC as the economic powerhouse in the State. 

Again, I’m not as familiar with the areas north of SLC by they are also full of good areas. Im also less familiar with UT County but If I was you I would spend at least two of your days driving through the neighborhoods of the worst areas and the awesome neighborhoods of a few main Cities you are most interested in. Feel free to PM me if you’d like and I’d be happy to tell you what some of those areas are for Salt Lake County. To drive from Ogden to Provo you are looking at about an hour and half and those two cities are sort of the “bookends” for the majority of the population. 

One of the big things to do in the area is to go to Temple Square. I would say it’s probabky a bit quirky if you aren’t too familiar with the Mormon church but it’s a decent tourist attraction that will help you understand the history of UT and a bit of the culture as the LDS population is probably at least half of the whole state’s pop. Besides that, go check out Park City. It’s beautiful! 

Link to article I referenced: https://www.deseretnews.com/article/865691300/The-next-50-years-will-be-a-test-of-community-leadership-for-a-growing-Utah-County.html

Taylor Cochran keep in mind that if you are going to have a bunch of equity in the house after you purchase you could possibly tap some of that equity through a Home Equity Line of Credit. On the surface it sounds like you could get a great house with a good chunk of equity built in. I’d want to know what the house would be worth if it was fixed up. Is the bottom floor like a mother in law suite? You could possibly AirBnB the bottom floor and increase the monthly income. What would the top floor rent for? Could you live in the bottom and rent the top for more? Could you live there for a year and then move out and rent both top and bottom? AirBnB both? Potentially lots of options. Personally, I am looking to implement a similar strategy on a new build within a couple of years. It would be a long term play for me...building in a highly desirable and rapidly growing area. Rents and values would both increase over the long term.

@Aaron Millis I didn’t realize you were also in school. You are already so far ahead of the game and that’s awesome! You definitely will have a lot of options moving forward. Congrats and good luck! 

I enjoyed the post! Congrats on going after something and making it work! 

Just a thought...if you've already lived there a year why not move out, rent the fourth bedroom and take advantage of the VA loan and do the same thing? Or house hack a multi unit?

Thank you for your service. 

Ben Visser many of the people posting on your thread don’t understand the UT market so maybe take what they tell you with a grain of salt. William Hochstedler probably knows that Ogden market better than anyone else on BP so I’d recommend reaching out to him. Unrelated but I’m not sure why you are making so many blank posts. If you want to acknowledge someone’s post you can just “like” it.

I also thought this episode and format were fantastic. David Greene is really really good on these podcasts. I vote more podcasts in this format and more David Greene!

Mayer M. I would definitely rent it. Especially if it will be worth more in a year (as long as the law suit is really only going to take a year...as I’m sure you are well aware law suits can get drug out with continuances). Your rent to value is solid and your rent to cash invested looks really good to me. How bad do you need the cash? If you keep it as a rental would a local credit union or something do a HELOC on it? Non owner occupied HELOCs are very possible. Is this an area that is typically appreciating? Is it an A or B neighborhood? How are the schools in the area? These are all questions I would ask myself before deciding one way or the other. But if the law suit will truly be settled in a year and if the home will truly be worth more in a year than its current value then it seems like renting is a no brainer.

Would the neighbors be open to some kind of joint venture agreement? They could sign the land over and then maybe you could get a construction loan and use the land as collateral for the loan. Hopefully no money out of pocket. My friend is a builder and that’s sort of what they do except they buy the land then use it as collateral for the construction loan.