All Forum Posts by: Ingrid B.

Curious to know if there is any advice on investing in any of these areas: Brentwood, Franklin, Inglewood and East Nashville. What’s the rental market look like for a single family residential house there a d how much rent goes as far as 3 bd/2 ba and 4bd/2ba homes? Thanks.

@Alan Walker - mind to share effective ways most buyers do to win the bid for house purchase in Salt Lake City? I’m curious to know: Is it the highest? The most down payment? The shortest closing time? No contingencies? No refundable earnest money? Or seller sentiment of selling to homeowners vs investors? Which one(s) drive more results from any of these combinations? I’m mostly interested to know the trend/statistics for homes in the Salt Lake east side/Sugar House/Aves/Millcreek/Holladay. Thank you.

I, too, am curious what others who don’t have a W2 job would do with health insurance coverage. I enrolled in the health sharing ministry (CHM) for 2 months last year and 1 month w/ Marketplace while working on activating my RE agent. I decided to get back at corporate world soon afterwards. Obamacare was too expensive for the whole family coverage (mind you, my W2 job didn’t qualify me for a discount rate) and although CHM was cheaper it only covers major medical (without guarantee either), and no coverage for pharmacy, annual physical or instacare clinic. With a disable husband and young teenager in the family, it would be too risky to rely on health sharing ministry. Bottom line, I needed health benefits coverage for the family with good coverage and reasonable cost, and the only way to get to that is by going back to 40hr office job. You only need one spouse to cover for the whole family while the other work as an entrepreneur. One big accident could wipe your entire wealth if you don’t have health insurance. Why risk it?

Time is your only ally. It will go by with or without your Real Estate investment.

Thanks for the feedback everyone. This property has positive cash flow and we aren’t urged to sell. You are right, remove the emotion and think realistically as investor. If I can’t find comparable exchange or spending more on higher interest rate if I do find an exchange than what my mortgage now is, there is no sense of selling it just to help the tenant. Cheers.

Hello BP members, my tenant who lives in the duplex rental I own has been offering us to purchase the property since end of last year. I ran some comps and came up with a number, twice. Last year price and last month price which is 10% up than last year. No purchase contract has been signed and he is still waiting for his own house to close in another state in another week and use the proceeds for down payment. Here, in Salt Lake City properties have gone up 10-15% appreciation every year for the past few years. Nothing is cheap anymore, inventories are very low and anywhere in the valley below $350-400k are almost guaranteed gone within hours or going through bidding war, especially in the neighborhood like where this property is. Duplexes are even more hot, expensive and hard to get. I had been watching the MLS daily lately and I realized I can’t get anything near the price range I mentioned to him if I want to do 1031 Exchange. Or I have to go to B and C neighborhood, which I am not particularly interested to invest in. The price I mentioned to him would waive the buyer/seller agent fee, but it is still much lower than others that I saw popping up recently after agent fees. Plus, the interest rate has gone up above the current rate we are paying for the house. I have an RE agent license even though I don’t work actively as an agent, hence I know what overall prices are in the neighborhood. I felt bad for him because he can’t afford going above the last price I mentioned in a fair market value, but I really can’t let go of this property if I can’t find something of equal value and interest rate. Why would I want to extend myself buying another 1031 exchange property when I can’t find something comparable, nor pay the hefty tax bill since we own the house for 14 years if we decide to cash out. I’m not urged to sell, but as an investor, realistically, I would sell if I can find a good deal to avoid cap gain tax and better investment properties. I have thought to perhaps tell him to wait until I find something first, then continue with the deal. Usually by summer and winter prices would slightly go down. But, I am worried that the interest rate will get worse as it has already surpassed the rate of my current mortgage. Will the high interest rate discourage you to make new RE investments? Have you experienced a situation like this, and what decision did you make. Why and what would you do? Thank you.

I own a legal side by side duplex in Upper Sugarhouse. Lowest price listed in the MLS for zip 84108. PM me if you are interested. Thanks.

@andrew morales @curtis fergus We rented the house. Rental market here is strong. We usually rented our properties less than 7 days after the posting, sometimes within the same day. I may try to sell the house again next spring. Just curious, are you also a landlord or flipper?

We bought a property in June 2017 this year for a reasonable price with the intention to flip it. We did not go cheap on the house, and we got a lot of compliments on how nice the house is from people who came during open houses. It's practically a brand new house inside. My spouse and I have been in the rental business since 2009. The flip project would be the first though starting with this house. 

To save commission cost with the intention of potentially selling other rentals we own, I just recently activated my license to become an RE agent. On Aug 20th I listed the house in the MLS but haven't got any offer yet. I have brought the price 15K lowered than the original listing price. When I listed it originally I had it on par with other comps in the area. But during the past month I have seen many other homes drop in prices and they went under contract soon after. Some of the comments people have said is the house is next to a busy street. The drive way is on a small street and there isn't much of noise issue when all windows/doors are closed (triple windows, insulation helped). We are in Salt Lake City and homes in Sugar House area usually sell quick as inventory is low and it's a desirable area. The only thing is as we are heading to winter, home sales will be slower and it usually picks up again in the Spring time.

I am trying to post the for rent in Zillow and I think it contradicts the fact that the house is also for sale in the MLS. I can drop the sale price a little bit more, but at one point I might as well wait until Spring rather than loosing money on the deal. If I rent it out I am worried that (1) I loose tenants who want 1 yr lease and don't want to stay in a short term rental (2) the house won't look the same as it's now (it's literally a brand new remodel). I felt like we made the wrong investment with this Property. The lessons learned is for us to not overspend on nice remodel, we could have spent less and hold it for rental investment and sell it in a couple years instead of flipping it now.

My question is: Should I keep both for sale and for rent listing, drop more on the sales price, or do one but not the other? Lack of marketing? For example, my broker does not want to work with Zillow, and the MLS here does not auto feed to Zillow. For a few weeks I had the house listed in Zillow as owner agent but it's now has changed to for rent. The MLS is still there, but I am worried that alone is not enough. What would you suggest if you were in this situation? Thank you.

Jeff Rappaport I'm interested to attend the investor meeting. What's the schedule for August and where? Thank you.