All Forum Posts by: Thomas Taylor III

Education. Go ahead and finish your degree, get a high paying job, and then start investing. Utah County is a great place to start, but it is also very expensive and you will have a hard time staying afloat without income that isn’t rent dependent.

Originally posted by @Jonathan Escobar:

Originally posted by @Thomas Taylor III:

This is not a good time for you to buy a home, unless your Pop’s is willing to cover the down payment, 6 months of expenses, reserves for repairs, etc(aka $60k-$80k). Not trying to rain on your picnic, Utah county is booming and needs more rentals. Sounds like your heads in the right place, but your pocketbook is somewhere else.

Originally posted by @Jonathan Escobar:

So I'm currently not working. I'm a full time student but I rent out my car and have done so for about a month which has given me around $350 using the app TURO. (Like air BNB). I'm saving that money and walking to school instead of driving.

Because this is my first house, and it probably won't cash flow very much, if there is a correction, that would lower the rent and lower my passive income causing me to pay more on my mortgage. Then I would have to get a job and sacrifice some of my study time (I'm wanting to go into dental school) so should I just make sure that it cash flows once I move out and buy another house that hopefully cash flows more the next year?

So what should I do in order to start investing if Utah county is not a good place to start an investment?

0 Votes

Almost every answer on here is wrong. Not a question for Bigger Pockets.

Please go consult with a real attorney.

2 Votes

In my perfect utopia, dogs would never be in my investment properties. A good rule of thumb regardless of breed is to meet them. Some breeds can’t be allowed for insurance reasons, but at the same time I don’t want a Chihuahua that barks all day and annoys the neighbors.

4 Votes

@Stacey Mollinet, if you don’t mind me asking, how much was the price and rent on that? The duplex’s I’ve seen here are around $500,000, and get entered for $1,000-$1,200 a side.

0 Votes

@Rhett Dean, I’d love to meet you for lunch sometime and pick your brain about Vernal rentals.

I’ve bought some properties at the foreclosure auctions down there, but never messed around with rentals.

0 Votes

Has anyone purchased rental properties in rural parts of Utah, like Duchesne, Vernal, etc? They are a 1/3 of the price that most homes are selling for in Salt Lake, Utah, and Weber counties, but I wonder if they are worth the hassle.

0 Votes

Originally posted by @Jonathan Escobar:

2 Votes

I evict at least two or three families/households every month, and I feel terrible about it each time. As a Flipper, I probably have not developed the tenant- landlord relationship you guys have developed, but it is never fun for anybody. everyone knows the occupants are getting evicted, even the renters, the best thing we can do in this situation is show empathy and understanding while sticking to your financial guns. Every bad situation has a win-win, you just need to look for it.

1 Vote

https://luau.utah.gov/wp-content/uploads/sites/28/2018/09/ADU-Presentation-for-ULCT-sept-13-2018.pdf

To anyone still wondering if you can rent out your basement in Salt Lake City, because of recent local laws passed the simple answer is yes.

2 Votes

All Forum Posts by: Thomas Taylor III

Thomas Taylor III has started 3 posts and replied 15 times.

Post: Finding Deals in Utah

Post: House hacking when the market is high/peak? Risky or not?

Post: Being sued over security deposit by tenant who never moved in.

Post: Explain the hatred of pitbulls

Post: Rural Utah Rentals- Worth It?

Post: Rural Utah Rentals- Worth It?

Post: Rural Utah Rentals- Worth It?

Post: House hacking when the market is high/peak? Risky or not?

Post: Do you Ever Feel “ Landlords guilt “ Evicting Someone?

Post: Renting Out Basement Single Family Homes - Salt Lake County