All Forum Posts by: Steve Theobald

"SuperRentals!" My wife said I am no Henry Cavill or Christopher Reeve, so my head is chopped off, but it's really me in this awesome picture. I just wanted to give you a visual to go with the kind of service I give as a Realtor to the investors I work with. For example, l regularly send out a list of the very best Salt Lake City area "SuperRentals" to anyone who wants. (All I ask is that you use me to make offers on them.) Please fill out my short questionnaire to be added to the list:  http://tinyurl.com/SUPERSteveHomes

@Hadar Orkibi, each day I look at all the the listings in six counties around Salt Lake City. I am on a hunt to find the best SFR's and Multi rental deals based on the following: Cash on Cash Return, Gross Rents Multiplier, Gross Yield, Cap Rate, Debt Coverage Service Ratio, and Internal Rate of Return (10 year). I factor in taxes, insurance, 5% maintenance, 10% PM. For the 10-year IRR calculation, I use 3% appreciation, the principal pay down, and reasonable depreciation (with 25% recapture) assuming a sale in 10 years. I will be happy to send you the daily list. I have been working with investors for 6 years now. Please drop me a line and fill out my short questionnaire. http://tinyurl.com/SUPERSteveHomes

Lots of wisdom in the many replies. My current broker who is also a property manager has specifically asked me to "try" to not bring him clients with multi's to manage. This was an eye opener to me. While I see his point of view that SFRs with slightly higher rents have more stable and upwardly mobile tenants who give a crap about where they live, I know there are many exceptions. Multi's can be a great way to go as long as the investor is aware of the pitfalls and is not afraid to fix up, screen well, and maintain. I didn't know what a "slum lord" really was until dealing with a multifamily owner in -you guessed it - Ogden. He was actually rude and overtly mean to his tenants in front of us, and he publicly defended all the deferred maintenance. "Dude!" I wanted to scream at him, "Don't you realize that you have to spend the same amount of money anyway, or lower the price by even more than that for me to be interested???" But I guess it's all about the cash flow, and that 10% Maintenance/CapEx reserve is probably blown on his own brand of fun. Keep the property in good repair and people will want to stay! You won't have the turnover, and your property will maintain its value, and you will be able to command a premium in rent! Based on my experience and what I am hearing, it shouldn't be too hard to have a great multi-family Ogden rental if you (1) Buy Beautifully, (2) Rehab Realistically, (3) Screen Seriously, and (4) Maintain Magnificently.

This sounds amazing.  Great work.  Let me see if I can find someone for you.  Please post or PM me with the price.

Hi  @Matias Pereyra , West Jordan will allow up to 5 unrelated individuals to live in the same house.  It is the only city in Utah (that I am aware of) that allows this.  Nevertheless, getting all the permits is certainly good advice.

I am currently working with an agent in Texas who has a client who also wants to buy in Utah.  

To my knowledge, to get the full commission as a buyer's representative in Utah, you need to be licensed in Utah.

Therefore, this Texas agent and I have a referral agreement in place.

I'd love to also have a referral agreement with SuperAgent Matthew Kelly from Colorado!

Steve Theobald, Realtypath-Solutions

Nothing has changed in Utah in 11 months except the market is up another 8% and there are 3 buyers for each listing.   Call me to chat about your investments or personal real estate needs.

@Janette Richan

Janette, Congrats on getting your license.  I know it was a long road.  

Do you have some of your own investing experience?  If so, you might begin to work with investors.  If not, I recommend staying away from investors for a bit and getting a few "Retail" buyer and listing deals under your belt first.  Investors are a different breed!  (80% of my deals are with investors.)

Realtypath is a great brokerage with the perfect balance of training and commission split.  They are now the second largest brokerage in Utah for a reason.  Please PM me.

On Tuesday I went to an auction in Utah.

I verified with the neighbor that the home was vacant, but unable to verify inside condition.

I calculated the ARV of the home at $205k.

15 people showed up to bid on this one property.

I was prepared to pay $165k.

The final sales price was $181k.

This market is a little hot right now.

But don't give up!  Always keep doing your own marketing.

A 3 day inspection period is almost impossible if you don't have an inspector or General Contractor ready to go.  But it is doable.  Are you ready to pay $250 to $350 for an inspection?  Are you confident in your rehab costs, or do you need the contractor too?

The Utah market is so hot that the seller doesn't want the home off the market very long. I work mainly with investors in the Salt Lake area, and I'd be happy to review all your numbers at no obligation.