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All Forum Posts by: Ryan Tall

Ryan Tall has started 3 posts and replied 9 times.

Post: Pros & Cons of MTR in Downtown SLC? 1bd 1bth & Den/Office room

Ryan TallPosted
  • Lender
  • Salt Lake City
  • Posts 9
  • Votes 7

Thanks for the insight/inspo!

Post: Pros & Cons of MTR in Downtown SLC? 1bd 1bth & Den/Office room

Ryan TallPosted
  • Lender
  • Salt Lake City
  • Posts 9
  • Votes 7

Can anyone with MTR experience in downtown Salt Lake City give me their pros/cons? Insights/advice or thoughts? I am considering going this route with my unit and would love to hear about others experience.  

Post: Applicant meets all requirements but has HORRIBLE past reviews

Ryan TallPosted
  • Lender
  • Salt Lake City
  • Posts 9
  • Votes 7

Thanks for the replies!

She received her notice of tenancy denial this morning and took it well (I think). In the notice I kept it short and brief, nothing much more than informing her she has been denied and wishing her the best in finding a place to live. 

Post: Applicant meets all requirements but has HORRIBLE past reviews

Ryan TallPosted
  • Lender
  • Salt Lake City
  • Posts 9
  • Votes 7

Hey BP, I'm fairly new to the RE investing and landlord business. I recently closed on my 2nd property and am in the process of screening potential tenants. I have an applicant who is the most qualified by means of credit score, income, no evictions, no criminal history, no pets, no smoking etc. She has communicated over the phone and via e-mail very professionally with me. In my application I require two previous landlords contact information. I reached out for information on this person and found out she is a nightmare tenant/ person to get along with. Her current and previous landlords had very little good to say and also informed me she is currently in a lawsuit against her current place, which is why is she moving out. Both parties said she had threatened multiple lawsuits against them over small and very manageable problems that could be resolved without a lawsuit. On top of that there was more negative information shared about this applicant. 

This is a concern to me and I do not want to rent to this person after her horrible reviews. As she seems like the type just looking for a way to sue, I want to be sure I deny her application legally. I'm thinking the less information the better in the denial letter? A simple document stating she has been denied and a more qualified tenant will be selected? Reimburse her application fee?

Just want to make sure I navigate this situation the correct and legal way so I don't end up as one of her lawsuit victims. Any tips, tricks, do's/do not's are appreciated!  

Post: Invest local or out of state?

Ryan TallPosted
  • Lender
  • Salt Lake City
  • Posts 9
  • Votes 7

Thank you for all the replies! Great to hear others thoughts/advise. 

Post: Invest local or out of state?

Ryan TallPosted
  • Lender
  • Salt Lake City
  • Posts 9
  • Votes 7

Hey BP community, I'm a fairly new investor and have been eating up as much information as possible. Heres my situation. I'm looking for advise, tips, opinions, experiences anything helpful regarding investing in my local market vs out of state. I'm located in Salt Lake City and have had my first and only rental property here for almost 2yr. It wasn't a "home run deal" but it cash flows a little over $100 a month and has appreciated well in the short time I've owned it. I'm ready to purchase my 2nd property but as I've been listening to BP podcasts,reading books and the forums, I'm thinking I might want to invest else where. I run the numbers on properties outside of UT and find greater returns on a property that is less than the properties I'm looking at locally. I just don't know what the best way to go about investing somewhere I'm not totally familiar with or have reliable/trusted connections? I work full time but manage my one local property just fine without a management company. If I were to purchase my 2nd property local I would do the same and continue to self manage.  I know at the end of the day it comes down to me taking that leap on a property out of state if I choose to. If I were to choose to invest out of state, what are the critical things I need to be aware of? How would I make the proper trusted connections? Should I just stay local and wait to find a "home run deal"? Thoughts, opinions, personal experiences, anything helpful please share! I'm young and hungry to continue to invest in real estate, just wanting to make sure I make the right decisions. Thanks in advance for the help/insight!

I reached out to my tenants as this situation was ramping up ( 2/3 weeks ago) making sure if there was an issue on their end we could come up with a solution. Neither of them have been laid off and made their rent payment on time. They were also thankful I reached out in a kind/helpful manor. 

Post: Moving into a house hack, in another state...

Ryan TallPosted
  • Lender
  • Salt Lake City
  • Posts 9
  • Votes 7

From what I know of the area, your rent comp numbers are in the correct ballpark. I wish I was of more help to you. 

All the best! Let me know how it ends up shaking out. 

Post: Moving into a house hack, in another state...

Ryan TallPosted
  • Lender
  • Salt Lake City
  • Posts 9
  • Votes 7

Hi Gavin, sounds like an awesome opportunity for you. Congratulations on that! 
Not sure of all the specifics on your UT property, but holding onto it and making it a rental sounds ideal to me. I currently own and rent a condo in the Davis County area that cash flows. 
With mortgage rates recently declining maybe it would make sense for you to refi? Like I said, I don’t know your specifics but just a thought. 
All the best to you. 
-Ryan