One of the best long term invesment opportunities in the Real Estate market has always been Rental Properties. If you are looking for a Duplex, Tri-plex, 4-plex etc in Salt Lake City UTAH.. Check out these deals. We are seeing some good cap rates come back, especially with rents on the rise.
Let us know if you have any questions about these. Also the number one question we get on a daily basis is, do you have lists of bank owned homes..
FREE BANK FORECLOSURE LISTS FOR UTAH
ksl.com – Exclusive look at FrontRunner South rail through Jordan Narrows.
This is great news, you have to love it when you hear about our wonderful state expanding and bcoming better.
This is a huge step for the state of UTAH. A commuter rail system in UTAH, basically you will be able to get on the train in Provo and get off in Ogden.. This will be wonderful for our economic future.
So often we don’t realize how much our city officials are doing for the development of our city for the futre. This is a huge step in becoming a major metroplitan city in the United States, The only way to sustain the growth that is predicted is to have form of public transportation for the commuting to work..
So my wife and I have been trying to change up our nightly routine every weekend, and experience something new in SLC.. So I am going to continue to post my weekly adventures here so you all can experience this deverse city we live in! Yes, I used the word Diverse.. Salt Lake City, UTAH has a lot to offer. Just to often us locals don’t get out and get invovled in what’s going on.
Utah, has many concert halls, Theaters, Art Galleries, Bars, Clubs, and many more. The difficulty is how to find all of them? So if you have an event that you would like to get out to the public, let me know and I will post it in my weekly update..
Here are a few of my favorite websites to find events in Salt Lake City, UTAH..
http://www.saltlakemagazine.com/
http://www.cityweekly.net/utah/events
http://eventful.com/my
http://www.visitsaltlake.com/events/
http://www.nowplayingutah.com/
These are just a few of the great places to check out to find your next activity on your friday night. Don’t let another friday night go wasted at the Megaplex theaters:)
New Bank REO listings in Salt Lake City UTAH. We are seeing alot of them coming out the last couple of days.. So you need to act fast to get the best deals.
FREE Bank Foreclosure listings in UTAH
I have a client who has been looking in Lehi, Draper, South Jordan, and Riverton. Lately we’ve been focusing on Lehi because there are some good buys there for a home built after 2004 with a 2 car garage, from 2,500 to 3,100 sq feet. There are a lot of bank repos and short sales and if buyers are patient with the shorts and are willing to jump on the REO properties, then they have a good chance at getting a good, solid buy. Inevitably the question for some of these buyers becomes, do I buy a home with an unfinished basement for around $212K-$220K, or do I just pay a bit more up to $230K range and get one with a finished basment? Even if you’re price range is more than this, the following example will still give you a good idea of what to do with your great buy you want to pick up. This is similar to the email I sent my client:
Here’s the things I would look at when considering an unfinished basement or a finished one.
1) Payment. Let’s just say you paid $228,000 for a bank owned listing with a finished basement and did an FHA loan with a 5.25% mortgage rate. Your monthly payment would be $1,215. Add taxes of $105/ month, HOA of $57, and mortgage insurance of roughly $100, and you’ll be looking at about $1,477 total. Now say you buy this other short sale listing with an unfinished basement for $211,800 with the same terms. Your monthly payment is $1,128, property taxes of $105, then an HOA of $57, and the mortgage insurance of roughly $100 as well, leaving you with an out the door monthly total of $1,390. The difference between the two scenarios is roughly $87 per month.
2) Are you going to finish the basement? I called a builder we have worked with and asked him what he can finish a basement for these days. He said a good number to start with is $20/sq foot for this grade of house. Granite countertops, knotty alder cabinets, upgraded carpet, tile and or wood floors, etc. Obviously this number can go up or down depending on how nice you decide to finish it, but this will get you started. Meaning, if you buy the unfinished basement house, you should plan on spending about $23,000 to finish it, effectively putting you INTO the house about $234,800 (more than the house with a finished basement), and a lot more cash out of pocket. (about $30,000 with your down-payment for the FHA loan AND the remodel, assuming the seller pays your closing costs. Compare that to roughly $8,000 down-payment ONLY if you buy the finished basement and do an FHA loan with seller paying closing costs ).
The biggest reason I bring this up is resale value. If you don’t plan on finishing the basement, then I think you will probably be better off buying one that is finished. Let’s say the properties appreciate to be $270K-$280K properties a few years down the road. Your demographic of potential buyers is still probably a younger couple with a couple children, and they tend to be more strapped for cash, meaning they probably won’t have the funds to come in and finish a basement even if the house is priced $15K-$20K lower. They’d rather just buy a finished product and have little bit higher monthly payment as shown in example #1 because they need and want the finished sq footage. There is always the couple where the husband is a handyman and can do some work himself, but if you’re playing the odds, I personally wouldn’t bet on that.
To sum up, I wouldn’t completely rule out an unfinished basement, but I would make sure you are getting a really, really good deal on it or else I would rather finance more and have a house that is ready to be lived in after some touch up paint and maybe some carpet. I would want to make sure that by the time I pay all the cash out of pocket to finish the basement, that it is still in line with other comparables with finished basements.
Free Bank Foreclosure list in UTAH
Here are the best deals for the week. I went through all of the new Bank foreclosures this week, and narrowed it down to the best one’s.. Let me know if you want any more info.. If you want a free list of the newest foreclosures, click on the link above..
Interest Rate Update..What will happend to interest rates this year?
February 10, 2010 utahcribs
Utah News
Think 2011 for commercial sector recovery – Salt Lake Tribune.
This is an interesting article for those of you interested in the overal market conditions for Salt Lake City, UTAH. Everyone knows commercial follows the residential swings in Real Estate. So the experts in Utah seem to think Commercial Real Estate will see its rebound in 2011?? That is pretty good if you ask me. Considering Residential properties need to have a big swing and rebound for the commercial to follow.
Now, having said that I am going to be an optomist in regards to this article and choose to beleive it whole heartedly.. Real Estae on the Rebound in Salt Lake City UTAH 
ha ha.
Fannie, Freddie to start buying back bad loans – Yahoo! News.
So more news on the Freddie and Fannie front.. How will this effect the market? They are going to buy back some of the mortgages they sold on the secondary market.
What does this mean? Well most likely more short Sales in Utah, and More Foreclosures in Utah..
Free Bank Foreclosure List Salt Lake City Utah
The other effect that is still yet to be determined will be on the Interest rate front. What will happend to Interest Rates? Many individuals argue over the reality of this issue. If you want more information on the outlook for interest rates in 2010 I would check out this article
Interest Rates in 2010
Here are the best Bank deals in Utah for the day.. If you are looking for some bank deal, here they are..
Free Utah Bank Foreclosure List
US Could Extend Bank Fee Beyond 10 Years – FOXBusiness.com.
The above article is just good information for those of you interested on how things are going to work out in the near future. We keep getting a lot of people asking questions about the incentives, tax credits etc.. Take a look at this website and let me know if you have any questions,
Home buyer tax credit
Everyone needs to hurry to take advantage of these special deals that our wonderful govt. has provided us with. You need to be under contract for your new home no later than April 30, 2010. The property needs to close before June 30,2010. So time is against us, act now and take advantage of your home buyer tax credit. Utah realestate is at a low for affordable housing, better take advantage of what you can while it lasts..
Also for those of you who are in the market, make sure you check out our free up to date list of bank foreclosures! We have a free list that will email you weekly updates..
Bank foreclosures in utah.
Let me know if you have any questions.
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