Shanecc, Home Buyer in Salt Lake City, UT

I am from Canada. How is the rental market over there? I want to buy properties in Salt Lake City and West Valley City and rent them out. Any advice?

Asked by Shanecc, Salt Lake City, UT Wed Apr 20, 2011

1. Is there any good property management company?
2. Do you know the communities that allow to rent properties out for long term and it is easier to rent them out?

Thanks a lot.

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Answers

19
Shanecc,

I have a written on a blog on renting . Gabe’s Blog and would be interested in your comments.
As a Canadian it would be important to review your tax laws and how they would apply to you directly.
Property management is a method when you are unable to do it on your own. Charges vary but will definitely have a influence on your NOI
I recommend properties that were designed for rental and to be found in communities that compliment them.
For less headaches with vacancies single family home is a good choice in a good school district.
Residential income units up to 4 units can apply for conventional mortgage. These are described as Duplex. Triplex, Fourplex. These require the minimum of management and are a conservative investors choice in a down market. As a commercial realtor I would also recommend the investment in small Motels in strategical locations providing a good source of income with an upside to weekly or monthly rentals without the concerns of lease violations and evictions.
0 votes Thank Flag Link Sat Sep 3, 2011
The Rental market around Ft Benning GA is booming right now. Great area to buy rentals.
0 votes Thank Flag Link Sat Sep 3, 2011
1. Yes there are a number of good property management companies, there is one in particular that I personally use on my apartment properties. One of the big pitfalls. especially when re-selling is proper bookkeeping, my guy keeps professional, well done financials which is a huge help.
2. My expertise is in apartment rentals, more than 6 units, usually a lot more like 15+. The cap rates and ability to easily manage these properties is much better than on single family homes or duplexes. Like with all properties, well maintained buildings with a good track record and good previous owners that haven't had a ton of differed maintenance is the way to go. There are a lot of people out there buying bank owned homes and then renting them which is fine if the ultimate goal is to hope for appreciation and sell later, if you are looking to be a long term investor go with a good apartment building and an agent that can see through the often sloppy financials.
Feel free to get in touch with me and I can help you understand the apartment market in Salt Lake.
Web Reference: http://velox-realty.com
0 votes Thank Flag Link Tue Aug 30, 2011
Hi Shanecc,
I'm a Realtor in SLC since 1993, and I also have been a landlord since 1980, your best bet will be buy a cheap
house in good condition with 3-4 bed rooms, lease it to Section 8, section 8 pay by the # of bed rooms, not the size of the house,and made sure that you check the court record on all the tenants ( sex offender , drug & evictions ) over 18 year of age. Section 8 will only pay rent , if tenant damage the house , section 8 will not pay for the repairs.
Frank K Woo 801-808-2992
Equity Real Estate-Solid
Murray, Ut 84047
0 votes Thank Flag Link Thu Jun 23, 2011
Shane,
I see you now have information regarding the strength of the rental market here in utah. I have found, for certain investors, Section 8 rental units are a great option. I recently had a rental property available in West Valley and had 6 Section 8 information requests within 24 hours. Let me know if you need more information on this. I would be happy to help!
0 votes Thank Flag Link Mon Jun 13, 2011
Hi Shane,

The rental market in Utah is much stronger than most areas in Canada. In Canada it's still pretty easy to get financing (compared to the US) so residential properties are still flying off the shelves in many areas OR the sellers of multi-units are not willing to sell at reasonable prices to net you any type of cash flow. In the US and Utah in particular, there are a number of foreclosures. When a home forecloses that homeowner has to live somewhere so that drives up the demand on the rental market and rent prices. When buying a multi-unit it is competitive, especially for the cash flowing deal, but if you act quickly with an offer, you can win.

There are a number of good property management companies in the area - the rates are similar to Canada usually ranging anywhere from 8% to 10% of monthly rents. Give me a call and I can point you to some good ones.

Most locations are long-term rentals with lease terms of a year or more. It is rare to find properties that are short-term, month-to-month rentals. Gaining security with long-term rents/cash flow shouldn't be an obstacle here with the purchase of the right property.

Feel free to contact me for more information. I am very familiar with the Canadian real estate market in most areas and would be happy to assist you in understanding the comparisons of US and Canada real estate markets and opportunities.

Kind Regards,
Jenny D Johnson
0 votes Thank Flag Link Sat Apr 30, 2011
The Salt Lake rental market is strong. There are multiple bids going on with almost every investor property. Our team is very aggressive but you must be mentally prepared to compete for the good properties! Visit our website at http://www.williambustos.com to search for properties and feel free to contact us for more information and a good solid team to help you with your real estate needs.

William Bustos Team
801-824-7244 or 801-879-8895
0 votes Thank Flag Link Wed Apr 27, 2011
Hi Shanecc,

I know your post said you were interested in Salt Lake City and West Valley City, but have you considered the Dallas, Texas market?

Depending on your circumstances and finances, it is possible to get properties that can be leased long term (12-24 months) that will generate 10% or more annual return on investment. I work with a number of property managers who will be able to provide you a "hands off" investment or get you involved as you want to be. It's up to you.

If you are interested, give me a ring. If you would like more information, go to http://www.TiredOfOnePercent.com for a free PDF on what I offer.

Best of luck to you,

Brian Rayl, REALTOR®, e-PRO, SFR
Keller Williams Elite Dallas Park Cities
972-949-4222
Brian@Rayl-Estate.com
http://BrianRayl.com
Web Reference: http://brianrayl.com
0 votes Thank Flag Link Wed Apr 27, 2011
If you have any interest in buying a great rental property next to Brigham Young University in Provo, let me know. I own a condo that I recently remodled and am planning on selling this spring. It is a 3bed 2bath located at 2244N Canyon Road, Provo Ut.

Good Luck,

Sam

uncle.sammer@gmail.com
0 votes Thank Flag Link Fri Apr 22, 2011
Rental market in Salt Lake/West Valley is better than most.

There are so many good deals out there, especially in the West Valley area. I can also recommend property management companies that I use for my own rental properties as well as handymen that I use that do great work for a fair price.

In regards to your question about communities that rent out for longer terms. You can find long term tenants in any community and as someone else mentioned, incentives go a long way with prospective tenants. One thing I've done for my tenants is offer free credit repair if they sign a 2-3 year lease. These tenants want to buy in the future and tend to keep better care of my properties. I've been able to net a higher rent than comparables and sometimes end up selling my rental to the tenants after a few years.

Also I wanted to let you know about a product that I have that I offer all of my investor clients. It's called Hot Deals Alert. It's an exclusive program that I own that after you setup a profile on what someone is looking for, it will text message me/you/whomever within 3 minutes of the listing be added to the MLS. This is a great tool and allows my clients to be the first to know about new listings. I can filter it by numerous things including PPSF.

Contact me to learn more!
Kristopher Bowen
Realtor / Associate Broker
Everest Realty Group
801-683-9666
http://www.krisbowen.com
Web Reference: http://www.krisbowen.com
0 votes Thank Flag Link Thu Apr 21, 2011
There are several good property management companies, I have two that I trust for you to choose from. West Valley has some good deals but their ordinances are prohibitive and some landlords feel burdened by the rules. Salt Lake City and the suburbs all have smart deals but each property is unique. Utah is a landlord friendly state. You can rent the property you choose out for as long a term as you like. Most tenants won't sign for longer than a year but you can offer them incentives to get longer than a year. It's easy to rent if your rent at or slightly below market!

With every client that seeks my advice I provide a custom 5 page analysis that includes, 1) Cash Flow with current rents and expenses provided by the owner, 2) An analysis based on fair market rents if they should be higher or lower than current leases, 3) A conservative exit strategy to maximize your investment ensuring you can get the best Return on Investment (ROI) over a certain period of time.

Let me know how I can help you identify and buy right.

Ciao
Darrell Catmull
Destiny Real Estate
801-810-7325
0 votes Thank Flag Link Wed Apr 20, 2011
Sorry, I answered the question under the wrong profile before, that's an old account.

Contact anyone on my team and we can help you with all of your investing needs and questions.
0 votes Thank Flag Link Wed Apr 20, 2011
It's an investor feeding frenzy right now! Great prices on bank owned listings are hitting the market almost daily in Salt Lake County and everything has multiple offers. I have a lot of clients that are cash buyes and get outbid on a regular basis due to the competition. I'd be happy to assist you find a great deal on a sound investment, but be patient and prepared to compete.

Thanks
0 votes Thank Flag Link Wed Apr 20, 2011
Hi,

The rental market in the west valley around Surprise and Peoria, AZ is very active. I work with investors for both family and active adult communities and several property managemeny firms which will assist you in the rental and care of your property. Our market has been very good because of the prices which have fallen considerably since the peak in 2005. My clients include both US and Canadian buyers. We work together to find the best and most affordable homes for their portfolio. With more families facing forclosures the rental markets are becoming very important in our area. If you would like more information on the area and rental companies please feel free to contact me. Have a Wonderful Week.

Jack
0 votes Thank Flag Link Wed Apr 20, 2011
The rental market in Salt Lake & West Valley are very good and projected to get even better. I own multiple properties in Salt Lake county and my team works with many investors. We also list REO's and know about the good deals before they hit the market. Let me know if we can help you find a great deal!
0 votes Thank Flag Link Wed Apr 20, 2011
BTW. There are lots of good areas to have rentals. We can talk about the different areas based on your needs.
0 votes Thank Flag Link Wed Apr 20, 2011
The rental market is good int Utah. I work with a lot of investors here.

People are really doing well buying properties that need some work to fix up, and then turning them over as rentals, or lease options.

I have a property management company that I refer people to. Give me a call at 801.805 4900. or email me at info at effectiveagent dot com.
0 votes Thank Flag Link Wed Apr 20, 2011
Rental properties have been profitable in the West Valley. I have worked with several investors. However most of them (Canadian) are investing in Arizona market because home values have fallen so low the Rental cap rates have been consistanly above 15% with a lot more growth potential on the value of the home incresing.
0 votes Thank Flag Link Wed Apr 20, 2011
How about Florida - on the beach - prices are awesome!
0 votes Thank Flag Link Wed Apr 20, 2011
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