I have a written on a blog on renting . Gabeâ€™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.
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.
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
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!
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.
Jenny D Johnson
William Bustos Team
801-824-7244 or 801-879-8895
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, REALTORÂ®, e-PRO, SFR
Keller Williams Elite Dallas Park Cities
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!
Realtor / Associate Broker
Everest Realty Group
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.
Destiny Real Estate
Contact anyone on my team and we can help you with all of your investing needs and questions.
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.
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.