Choosing Investment Properties in Utah

Don’t let the fear of being a landlord keep you from looking into purchasing investment properties. In fact, investment properties can generate great passive income and there are several options to managing the property that can make you a passive participant.

 

If you do not think you can manage your investment by yourself, be sure to calculate property management fees into your strategy. Be sure you learn about fair housing laws and other laws that pertain to the property you are considering purchasing.

Consider taking a landlord or Property Management class to learn how to select tenants, screen them to be sure they qualify, etc.

 

Be aware that many condo complexes have rental restrictions. You will make sure you have covered all these before proceeding.

 

If you choose a home that needs a lot of repairs you will get more phone calls from the tenants, and you may have more liability if protections like smoke detectors, safe electrical systems, etc are not in the home.

 

Choose your strategy. Generally, you get good cash flow or better appreciation. Homes in suburbs of SLC tend to cash flow better because of lower price points but do not go up in value as much as areas like downtown, sugar house, near universities, etc.

If you limit or deny pets, you will limit your pool of potential renters. If you allow pets, be sure to get pet deposits and pet rent.

Where to take you dog in Salt Lake in the summer

The dog days of summer are upon us! We know how much your four-legged friend enjoys hanging with you, wherever you go. Summer in Salt Lake is bursting with options for you and your pooch to get out and enjoy the sunshine. Here are a few of our top picks.

Parks to take your dogs

  • Tanner Park –Plenty of space and great trails for your four-legged friend to run off leash and even enjoy a running creek (stay clear if water is running fast).

2760 Heritage Way

  • Herman Franks Park-Large gravel area for your dog to run and play. Two entrances are well stocked with bags so you can clean up after your pooch.

1300 South 700 East

Hikes for you and your dog

  • Neff’s Canyon-Beautiful scenery and well-groomed trails with a lovely stream. The hike is 6.2 miles and steep in some areas.

4326 White Way

  • Millcreek Canyon-Anther great option to hike with the your four-legged kid. Fairley easy trails with stream and places to stop for a picnic. Depending on the day, your dog may or may not have to be on-leash. Even numbered days they are required to be on-leash.

3800 Millcreek Canyon Road

Patio Friendly Spots

  • Campfire Lounge– with a cool vibe and a great pet-friendly patio, Campfire Lounge serves brunch, drinks and all your favorite snacks like tater tots and mac ‘n cheese bites. With three firepits to gather around, plan on spending a few hours.

837 E. 2100 South

  • Flatbread-Serving pizza, flatbreads and pastas, this sugar house haunt is a fun gathering place to bring all the kiddos, including your hound.

2121 S. McClelland Street, Suite 109

Summer Housing Trends

The climate of the current housing market it still a positive one. Housing trends that we have seen in the past year will continue for the most part especially these highlighted trends. According to reports, unemployment is low and the overall economy is in good shape, making home ownership still a viable option.

 

Home Prices Are Rising Slowly: Part of the reason is due to increased mortgage rates and the overall economy. Uncertainty tends to discourage buyers who may already been on the fence. In addition, over the past few years, home prices increased as buyers competed for fewer homes.

Interest Rates May Be on the Rise: After years at a standstill, interest rates are forecasted to increase an average of 5% on a 30-year mortgage. The Federal Reserve raises the rates to help stabilize the economy and controlling inflation. Rising rates make homes less affordable.

Majority of Home Buyers Are Millennials: Most are in stable careers and with getting older, they are looking to buy their first homes in middle to upper-middle class neighborhoods. Baby boomers are retiring and downsizing, thrusting the millennials into leading the market.

Home Equity Will Still Increase-In 2018 the estimated equity increase was 2-6%, that is predicted to continue into 2020.

Urban Centers & Main Metro Areas are Getting Expensive: Cities that adjourn or are within easy commuting distance of main urban areas are suddenly seeing HUGE growth on the market. Here in Salt Lake, that means we are seeing areas like Murray, Millcreek, Holladay, Rose Park and Sandy explode!