Tag: land trusts (4 articles found)

New Location Announced for Networking Luncheons

by  Rebecca Dearing  on  Wednesday, November 22, 2017
As the success of the Utah REIA Networking Luncheons has exceeded the capacity at the Red Robin in Murray, starting December 12, 2017, the Utah REIA will be hosting the Networking Luncheons at the Salt Lake Community College, Miller Campus, Miller Free Enterprise Center (MFEC), Room #203 located at --9750 South 300 West, Sandy, UT 84070. 

What is so great about this facility is not only does it have room for growth, but it also provides more flexibility when it comes to lunch.  Not only will you have the opportunity to bring your own lunch, but there is also a full blown cafeteria (that opens as early as 6:30 a.m.and starts serving lunch at 11:00 a.m.) complete with hot food, a grill special, a salad bar, sandwiches, and a convenient store at the Culinary Institute building just down the parking lot.

Click here for a map of the Miller Campus.  


Feel free to grab your food early and join us at the MFEC in room #203 for networking beginning at 11:30 a.m.

The presentation will then begin at 12:00 p.m. and go until just about 1:00 p.m.leaving enough time for questions and prize give-aways.

If you have any questions regarding this change, feel free to contact Rebecca Dearing personally by calling or texting (801) 647-8862 or by sending an e-mail to rebecca@utahreia.org.
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Must Do, Should Do, Could Do

by  Randy King  on  Monday, November 06, 2017

When you’re rehabbing a house for re-sale, you’re faced with deciding which approach to take to make that house sellable without overbuilding.  How do you do that?  Well, largely, it comes from experience and mentorship, but there are some general “rules-of-thumb” that you can employ to help you choose.

We break our rehab lists into three categories; the “Must Do” list are those things that would prevent a retail buyer from obtaining a loan (FHA restrictions), or something that will surely be caught on a house inspection that we would have to fix anyway.

These things include an old (15+ years) furnace, an old (10+ years) water heater, a fuse box or a breaker panel manufactured by Federal Pacific Electric (FPE) or Wadsworth, a decaying or “frito-ing” roof, broken or damaged components such as doors, walls, windows, flooring, cabinets, or countertops, or certain “handyman special enhancements” that are clearly code violations, just to name a few.

The next list is the “Should Do”, and it includes things that are likely to sway buyers into the “buy it” camp.  Since kitchens and bathrooms are the biggest factors in house-buying decisions, these are things like updating the kitchen and bathroom cabinets and countertops, faucets, sinks, and lighting.

This is where things get a little fuzzy.  Depending on the current market, some of these things can slide between the “Should Do” and “Could Do” list.  If the market is strong and houses are flying off the shelf, you don’t have to do quite as much, although doing so can cause a house to move fast.

This is, of course, where your mentors and REALTOR partners come in – they can help advise you on what is appropriate in the current market in the neighborhood where you are working.  Keep in mind that you’re not trying to do the least amount of work to get by; you’re trying to do the appropriate amount of work to have a good product without overbuilding.

The final category, the “Could Do” list is reserved for markets with high competition and/or low retail sales.  These are the things that, when done, make a huge difference in the property.  And, like I talked about above, some of these could slide into the “Should Do” list in certain situations.

For example, removing a wall to create an open floor plan is potentially a pricier option that has the possibility of creating a big “wow” factor and thus selling the house quickly.  Or you could use higher-end finishes in the kitchen and/or baths, adding unexpected features like a steam shower or a beautiful backsplash in the kitchen.

All of this, of course, is subjective.  Each investor needs to analyze the situation to determine what is necessary for the rehab, and considering the time of year that the property will be entering the market.  But how can you be sure of any of this?

Until you’ve gotten the experience under your belt to just “know” the answer, you must rely on your REALTOR partner and your mentors or colleagues to help you understand.  Even more accomplished investors are always checking-in with others on this point, just to remain neutral.

The final word on this is to make sure that YOU are the one ultimately calling the shots on what’s needed for your rehab.  While builders can be awesome assets in the design department, remember that their price goes up right along with features.  So don’t let “feature-creep” crater your budget.

 

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Avoiding Bad Tenants

by  Jonathan Kirk  on  Saturday, November 04, 2017

Minimize your risk of getting a bad tenant by following these important pointers:

 

Screen Every Applicant

Background checks should include five steps:

  1. Credit

  2. Criminal

  3. Financial (income, employment, overall stability)

  4. Current landlord reference

  5. Previous landlord references

 

Verify these five areas to increase the likelihood of successfully weeding out applicants who lie or misrepresent information to try to hide their bad history. A good screening process will help save you the hassle and headache repairing damage, collecting lost rent, and paying an attorney, like Jonathan Kirk at Kirk Law, to collect lost rent and the cost to repair any property damage.

 

Kirk Law recommends that you use Western Reporting for tenant background checks because they check the “blind spots” that other background screening companies don’t check. Quite frankly, they are the best. Don’t cut corners. Use Western Reporting.

 

Follow Rental Criteria

Verify that each applicant meets certain criteria, which may include things like:

  • photo identification

  • employment (minimum time at current employer)

  • income (a maximum percentage of the household income for rent payments)

  • rental history (addresses and names/contact info of landlords from past 5 years)

  • credit history (no collection accounts or no bankruptcies within 2 years)

  • criminal history (sex-offenders or criminal convictions suggesting a present threat to the owners, neighbors, or property)

 

Immediately notify an applicant who qualifies, and get them to sign the lease within 24 hours or move on to the next applicant. Don’t try to pick the “best” applicant. If you use your gut feeling, you may accidentally discriminate against a protected class, like familial status. But remember, Utah law requires you to disclose rental criteria before accepting an application fee.

 

Contact Kirk Law at 801-980-0388 to evict a bad tenant, collect money for rent or damages, or to defend you against allegations that you discriminated or violated Fair Housing laws. Kirk Law will provide superior legal services at reasonable rates. With over 60+ years of experience, you can count on the attorneys at Kirk Law to take care of you! Visit our website: www.kirklawutah.com.

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Market Condition

by  Randy King  on  Friday, October 27, 2017

I was talking with a friend the other day, and she said something I hear a lot: “oh, you must be having a tough time in real estate with this market”.  I’m not quite sure what aspect of the market that she was referring to, but I assured her that in my area of the real estate market, there’s never a tough time.

How can that be?  Interestingly, where people get their “data” is from news reports, and we already know that the news outlets love nothing more than bad news.  It’s sooooo dramatic and sometimes sad, but somebody’s got to get the word out there, right?

Well, we know that the RETAIL real estate market has its cycles.  First, there’s the micro-cycle of local seasonal conditions where a lot of real estate is transacted in the spring, and not so much in the fall and winter.  Of course, this seasonal cycle depends on where you are in the country, too.

Then there’s the macro-cycle of the housing industry at large.  The best recent example of this was the precipitous descent we took around 2008 when prices crashed through the floor.  People were trying to dump their houses left and right – some from fear, some for legitimate reasons.  Didn’t matter.

And that visibility is about the retail side of real estate – the buying and selling of homes by people who occupy those homes.  That’s not our side of real estate, where we look at a different cycle and different market conditions.

Now, it would be folly to say that those retail conditions have no impact on what we do – they surely do.  But those conditions don’t dictate an “up or down” market for real estate investors.  When you tell that to people, they don’t understand how that could be.

The reason is simple – we look for properties that are in a distressed situation.  Not necessarily that the property itself is distressed, although they frequently are, but the situation is distressed.  What exactly does that mean?  Distress is created by many factors – loss of job, death, divorce, unwanted rentals, inheriting a property – just to name a few.

These factors are not exclusively related to the state of the economy, either.  There are external forces that come to bear on people that create untenable situations.  And when selling their property is key to them moving forward, that’s where we can step in and help.

And while it’s true that more distressed situations are created with economic downturn, the fact is that these situations are constantly happening, and with good marketing, a real estate investor will come across more than he or she needs to eke out a good living.

Some people accuse real estate investors of “preying” on people who are down.  Nothing could be further from the truth.  The truth is that we offer a service that can bring immediate financial and emotional relief to people when no one else can.  Banks would happily foreclose on these people, and selling with a REALTOR is expensive and can take a long time.

Like with any profession, you need to be steeped in the practice of what you do to truly understand the intricacies of the process.  I hope this brief explanation has you understand a little better.

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