All Forum Posts by: Tony Tai

@Priyaa Kalyanaraman, I relocated from SF Bay Area to SLC last year; I have two SFH investment prosperities in the Bay Area and I just purchased my first rental property in the SLC area earlier this year so I can give you my perspective of the rental/investment market here in SLC.

It's going to be very difficult to buy a turnkey ready investment property in the SLC area and expect a good cap rate, same thing goes to multi-family units in this area. Houses priced reasonable (turnkey and/or require renovation) are snatched up within a few days and there are quite a bit of cash buyers. I agree with Amy Kendall, there are a lot of positives to the market here. My goal is to get one more investment property here this year (I am in the process of refinancing my recent purchase here), and 1031 one of my high-maintenance rentals in the Bay Area for 2 SFHs here next year.  

Feel free to PM me if you want to talk more about the rental market here with someone that came from the Bay Area. 

I actually live here in the Traverse Mountain neighbor so I can shed some insights. The HOA will charge you $300 per month for non-compliant rentals, and the HOA is extremely strict. This plus the HOA fee will set you back almost $400 per month.

Received a 4.625% 30 years fixed (60% LTV) quote. Not the best time to refinance investment prosperities right now..

+1 on Pen Fed. In the process of taking out HELOC on an out of state, none owner occupied house with Pen Fed.

If you are taking on HELOC on your primary residence you should have more options.

Hi there! I have been debating between purchasing a SFH with ADU versus Multi Family Home. I am finding SFH w/ADU more attractive than MFH in terms of cash flow but I think all the cities around here require the primary dwelling to be owner occupied.

Let's say 3-4 years from now I am going to move to another house I will have these three options:

a) Sell the house (I am Buy & Hold type so this is the least favorable option)

b) Convert and rent the house as SFH w/o ADU (will yield less money than the next option)

c) Try my luck and rent the house out as non-conforming 'duplex' (i.e. upper and lower unit)

Curious to get some feedback on what would you do if you find yourself in this position. I find most of the MFHs within my budget range are in the sketchy part the town and I am finding it not so desirable to house-hack with MFH because of this reason. 

Thanks