Investors ... Stay Informed on the Local Market

How To Buy Insurance For Your Investment Property by real estate expert Kathy Opolski

We all think that when we buy house insurance that we have plenty of coverage. Unfortunately, many times, this is not the case. There have been many homeowners that discovered that their coverage did not cover flooding or even certain types of fire. As an investor, it is extremely important that they have the right type of coverages for their properties in Salt Lake City Utah. In our discussion today, we will look at some things that as an investor you should be aware of or you should be asking your insurance agent in Salt Lake City Utah.

You want to make sure that you know who in or on your property in Salt Lake City Utah will be covered. You should be aware of what on the property is covered. Another very important item to know is when your coverage starts and when it ends. In other words the timing of your policies are very important. In our world today, we have been hit with a lot of different natural disasters. So you must be sure that you discuss what type of disasters your property in Salt Lake City Utah is protected from. If you lose anything, when something happens, it is important to know what losses are covered. If you are a musician and also a property investor, it is vital for you to know if you are covered if you were to move your instruments from one location to another. Finally, if you incur any losses, you must have some type of idea as to what the insurance company will pay you for your losses.

Now even though we have listed some items that you must ask about when talking to your insurance agent in Salt Lake City Utah, that is just the beginning. Even though you may be insured on something, it is possible to face some restrictions or different deductible options. You must make sure that everything is explained to you so that if something were to happen that you are not taken by surprise, but that you are fully prepared.

There is a lot of free information available to you about buying, selling or investing in Salt Lake City Utah real estate. For complete information about the Salt Lake City Utah real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything [Profile.market2] real estate at www.BuySaltLakeHomes.com www.kathyohomes.com. Please feel free to contact me with any of your real estate or mortgage related questions and I would be more than glad to answer your questions. Call me on my cell at 801-518-4599 or email me at kathyo@kathyohomes.com. 

Here are the 3 most common mistakes Salt Lake City Utah Investors Make when Buying Foreclosures, by Investing Expert Kathy Opolski

Real estate investors have found that foreclosures can sometimes be extremely profitable. Although that's a fact, they are not safe investments as you can make lose much money. We'll go over 3 of the most common pitfalls,in this article. Salt Lake City Utah When investing in foreclosed properties you can keep from making these mistakes.

The first mistake is to believe that all foreclosures make good investments - that just isn't true. Remember, homes that have gone through foreclosure often have serious condition problems. Because of this, the government and banks will often give large discounts on a property's price. The property may not be a great investment,even then, however.

The only investors believing that all foreclosures are good deals are the beginners. Locating a good foreclosure property involves not only time, but expertise and dedicated research.

Pitfall #2 - Jumping into Fixer Uppers

We've all heard of people who've made millions buying shambled houses, fixing them and then "flipping" them. While this can be a very profitable model, it also has its pitfalls.

The biggest pitfall is beginning investors who jump in to the fixer market without the expertise to back it up. How much you can sell the property for and then work your way backwards to what the selling price must be in order to be profitable, then you're not ready for a fixer upper,unless you can predict how much your repairs will cost.

There are many profitable deals that don't require the level of expertise that a fixer does. It's usually better to start with those deals,for a beginning investor.

Pitfall #3 - Not Performing Good Research

Good research is a key component to being profitable in the foreclosure market. It's important to know what the fair market value of the property you own. Do your research regarding construction going on in the vicinity as well as the crime rate.

Do not neglect to have the house inspected. If you are going to place a lot of bids , make sure you check each one out in person before you actually place the bid.

You will find 3 or more common pitfalls that Salt Lake City Utah Investors tend to have trouble with. BY steering clear of these problems, you stay away from problem that most foreclosure investor find themselves in Salt Lake City Utah

There is a lot of free information available to you about buying, selling or investing in Salt Lake City Utah property sales. For further information regarding the Salt Lake City Utah real estate market, please visit our website to view current listings and property values. Salt Lake City Utah property sales. Feel free to contact me if you have any questions regarding real estate or mortgage and I will be more glad to answer your question. Dial this number: 801-518-4599 or send me an email at kathyo@kathyohomes.com.

Real Estate Agent Kathy Opolski Addresses Concerns About Whether There are Good Deals to Be Had in Salt Lake City Utah for Real Estate Investors

Over the last several years the idea of investing in the Salt Lake City Utah real estate market has garnered a lot of interest from buyers all over the country. Although recently we've had some hiccups in the real estate market and economy, now more than ever buyers are seeing the huge opportunity available to them to create wealth through real estate investing.

The unfortunate occurrence of foreclosures all over the country has led to an enormous opportunity for individuals who are prepared to purchase property for investment. Buyers who had the funds and credit score necessary to purchase property have seen that they can get astounding deals. Not only can you purchase foreclosures, but you should also be looking at pre-foreclosures as another fantastic way of getting a good deal. In addition, short sales are a popular choice among Salt Lake City Utah real estate investors these days.

In some areas of the country, banks are letting houses go for $.30-$.50 on the dollar in some cases. These are not always homes that are in poor repair. In fact, people are finding that they can get fantastic prices on homes that are move-in condition. Of course, there are things that you must consider before purchasing a Salt Lake City Utah foreclosure home or a short sale.

The main important factor to think about is whether or not the title is clear. Although title searches are typically done before closing, and you do want to make sure that you invest in owner's title insurance. This will protect you if the title is ever challenged later because there was a problem in the chain of title such as forgery or something not being recorded.

Another tip to remember is that you should always get a full home inspection on any house you buy, but especially a foreclosure. This is because the bank does not know the background of the home and therefore is unable to give you history on any repairs or problems that ever happened there.

For more information about real estate in Salt Lake City Utah, please visit me at www.BuySaltLakeHomes.com www.kathyohomes.com or call me directly at 801-518-4599.

There is a lot of free information available about buying, selling or investing in Holladay and Salt Lake City, Utah real estate.  For complete information about the Salt Lake City real estate market including foreclosures, short sales and more, visit the website dedicated to everything Salt Lake City Utah real estate.

For a FREE Weekly List of Foreclosed Homes with 4-5 Bedrooms in Salt Lake City, UT under $150,000 fill in the form below and you will receive home listings as they hit the market.  You will get all the hot listings as they come up even before most agents see them!

Just fill in the form below with your correct name and e-mail address and we will set it up to have the list automatically e-mailed to you.  Just add it in the comments if you have an interest in Short Sales and HUD homes too!

If you or someone you know are in need of a competent and caring real estate professional in or near Salt Lake City, Utah, I will be happy to help, just call me at 801-518-4599.

As someone who's interested in investing in Salt Lake City Utah real estate, you're likely someone who sees opportunity where others see a falling market. The reality is that a "bad" means it's the best time to invest. In this article, I'll show you why now is the best time to invest in Salt Lake City Utah real estate.

The old adage of any investment is to buy low and wait for it's value to rise, then sell high. The real estate market is different from the stock market where when you buy a stock low you risk losing your money if the company sinks or doesn't
come back up. The reality is that real estate will always be in demand, because we're not getting any more space and more and more people need places to live. Supply and demand dictates that over time, real estate must rise in prices.


Right now is one of the best times in history to buy because housing prices are at a historic low. Not only that, we have more foreclosers today than ever in history. As an investor, this is a huge opportunity for you.

People who can no longer afford their house still need a place to live. That means that the renter's market is very active right now, because people are desperately looking for places to rent. In other words, housing prices are low and rent demand is high, plus the potential for your investments to go up is limitless. As an investor, what more could you hope for?

If it wasn't clear already, the best strategy in this market is likely to be the "buy and hold" strategy. There are very few investors who can make a living by flipping properties right now. One reason is that the market could fall faster than you'd make from your flip anyway. Another reason is that there simply isn't a good buyer's market for you to unload your properties.

These are just some of the reasons why now is the best time to invest in Salt Lake City Utah real estate. Remember that windows of opportunity don't often stay open for very long. It's important to act while you've got the chance.

There is a lot of free information available to you about buying, selling or investing in Salt Lake City Utah real estate. For complete information about the Salt Lake City Utah real estate market including current properties for sale, property values and more please visit the most complete website online dedicated to everything Salt Lake City Utah real estate at www.BuySaltLakeHomes.com www.kathyohomes.com. Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 801-518-4599 or email me at kathyo@kathyohomes.com.

Investing in Salt Lake City Utah can be a very profitable business for the wise investor. Unfortunately, you can also lose a lot of money in Salt Lake City Utah real estate if you don't know what you're doing. In this article, I'll go over several tips to help you ensure a profitable investing career in the Salt Lake City Utah real estate market.

Pick a Specialty

When you're going in to real estate investing, you'll likely find that there's an overwhelming amount of available information on all kinds of investing tactics.

Rather than specializing in being "a real estate investor," pick something more specific. Perhaps you'll specialize in small apartments. Perhaps you'll specialize in buying foreclosures. Perhaps you'll specialize in fixing houses.

Whatever the case may be, pick a specialty and learn everything you can about that tactic. You're much more likely to success that way.

Know Your Taxes

Taxes are often a big "gotcha" for investors. To start, it's important to learn as much about Salt Lake City Utah tax laws as you can. Have an accountant you can rely on and educate yourself in the various ways you can work with the tax laws to reduce your taxes.

Understand how taxes will impact your bottom line. Realize also that taxes change over the years. When you choose a property, it's important to choose a property that will be profitable even if the tax codes change.

Be Meticulous With Your Inspections

You should always meticulously inspect your properties before making a purchase. You shouldn't ever purchase a building before you've done a proper inspection.

Many investors simply inspect the property by hand. However, it's usually a good investment to have your property looked at by a professional before making your purchase.

Know Your Rent, Utilities and Maintenance Costs

Cashflow is something that you must be very careful with. If you're working with a thin margin, things like vacancies and unexpected maintenance can easily put you in the red zone.

It's important when you're calculating your investment to factor in vacancies and maintenance costs. A good way to determine this is by looking at the building's past history. If there isn't a good record or if there isn't a reliable history to go back on, another way to help determine these costs is by looking at the costs of similar units in your area.

There is a lot of free and useful information available to you about buying or investing in Salt Lake City Utah real estate. For complete information about the Salt Lake City Utah real estate market including current properties for sale, property values and more please visit the most complete website online dedicated to everything Salt Lake City Utah real estate at www.BuySaltLakeHomes.com www.kathyohomes.com. Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 801-518-4599 or email me at kathyo@kathyohomes.com.

How To Increase the Value of Your Investment Property by real estate expert Kathy Opolski

As an investor in real estate property in Salt Lake City Utah, one of the best ways to keep or increase the value of your property is to cut your expenses. Today we are going to look at one method that you can do to cut those expenses. Today we will discuss auditing your utility bills.

If you are an investor, one of the things that you should have done before you purchased your property in Salt Lake City Utah was to contact each of the utility companies to see how much the monthly bills were for the property. If you did not do it, then now is the time to check into that.

Once you have discovered what the monthly bills are, then your next step is to contact each utility company in Salt Lake City Utah and see if they can find ways to help you cut your expenses. A lot of the utility companies in Salt Lake City Utah will come and go over your property in Salt Lake City Utah with you. You can also ask them to do an audit. In an audit of the property, they will look at things such as your windows, vents, doors, and electrical outlets, anything that might help you to cut your bill. A lot of them will give you an energy audit report, which will show you what you can do to your property to save money.

A lot of the utility companies in Salt Lake City Utah will also offer ideas themselves. They will offer you booklets and brochures on energy tips and how to save energy. You can also look online to find tips yourself. Look for anything energy related. Some keywords that you can use are energy audit, saving energy, or even try energy savings. Another keyword(s) that you can use is going green. These are just a few of the things that you can do to not only save yourself money, but also to improve the value of your building.

There is a lot of free information available to you about buying, selling or investing in Salt Lake City Utah real estate. For complete information about the Salt Lake City Utah real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Salt Lake City Utah real estate at www.BuySaltLakeHomes.com www.kathyohomes.com. Please feel free to contact me with any of your real estate or mortgage related questions and I would be more than glad to answer your questions. Call me on my cell at 801-518-4599 or email me at kathyo@kathyohomes.com.

As someone who's interested in investing in Salt Lake City Utah real estate, you're likely someone who sees opportunity where others see a falling market. The reality is that a "bad" means it's the best time to invest. In this article, I'll show you why now is the best time to invest in Salt Lake City Utah real estate.

The old adage of any investment is to buy low and wait for it's value to rise, then sell high. The real estate market is different from the stock market where when you buy a stock low you risk losing your money if the company sinks or doesn't
come back up. The reality is that real estate will always be in demand, because we're not getting any more space and more and more people need places to live. Supply and demand dictates that over time, real estate must rise in prices.


Right now is one of the best times in history to buy because housing prices are at a historic low. Not only that, we have more foreclosers today than ever in history. As an investor, this is a huge opportunity for you.

People who can no longer afford their house still need a place to live. That means that the renter's market is very active right now, because people are desperately looking for places to rent. In other words, housing prices are low and rent demand is high, plus the potential for your investments to go up is limitless. As an investor, what more could you hope for?

If it wasn't clear already, the best strategy in this market is likely to be the "buy and hold" strategy. There are very few investors who can make a living by flipping properties right now. One reason is that the market could fall faster than you'd make from your flip anyway. Another reason is that there simply isn't a good buyer's market for you to unload your properties.

These are just some of the reasons why now is the best time to invest in Salt Lake City Utah real estate. Remember that windows of opportunity don't often stay open for very long. It's important to act while you've got the chance.

There is a lot of free information available to you about buying, selling or investing in Salt Lake City Utah real estate. For complete information about the Salt Lake City Utah real estate market including current properties for sale, property values and more please visit the most complete website online dedicated to everything Salt Lake City Utah real estate at www.BuySaltLakeHomes.com www.kathyohomes.com. Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 801-518-4599 or email me at kathyo@kathyohomes.com.

How to Invest in Rental Properties in Salt Lake City Utah by Salt Lake City Utah Real Estate Expert, Kathy Opolski

Investing in longer term rental properties can be a very profitable strategy for the savvy investor in the Salt Lake City Utah market. Unfortunately, inexperienced investors often jump into this market without knowing what to expect. In this article, we'll go over what you can expect if you go into rental property investment, as well as some key things you ought to keep in mind if you do decide to go this route.

What Can a Rental Property Investor in Salt Lake City Utah Expect?

Depending on what kind of property you're purchasing, it's important to know what kind of time and financial committment you're making when you make your investment.

If it's a small house or building, you'll most likely be the landlord. Most people overlook the amount of time and energy it takes to manage the building.

You have to take care of the building when it needs repairs. You have to collect and insure the rent is paid on time. If the house is vacant, you have to put time and energy into getting a renter into the house.

All this requires both physical and mental energy. The rewards may be well worth it, but it's important to realize what you're committing before you make your investment.

What to Consider Before You Make Your Investment

Before you make an investment, it's important to do extremely thorough due diligence on the property. Double check all the books for at least 24 months. Check for any unexpectedly high or low swings in the rents or expenses.

Estimate how much vacancies and maintenance will cost on a monthly basis. Based on this number, how much will you need to make from rent on a minimum in order to support this property?

Check the market rate and see what prices the market will support right now. If you won't have at least some padding cash, it's generally not a smart idea to make the investment.

You should always have some padding, both in cashflow and in cash, in case of unexpected maintenance or vacancies.

Rental properties often aren't the passive, workless income stream people hope for it to be. That said, one or several rental properties bringing you a constant stream of income, the rewards are well worth the effort.

There is a lot of free information available to you about buying, selling or investing in Salt Lake City Utah real estate. For complete information about the Salt Lake City Utah real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything [Profile.market2] real estate at www.BuySaltLakeHomes.com www.kathyohomes.com. Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 801-518-4599 or email me at kathyo@kathyohomes.com.

Due diligence is the process of double checking everything before finalizing a purchase. Proper due diligence is an absolutely crucial part of every profitable investor's success. In this article, I'll talk about the best ways to do your due diligence based on my experience in Salt Lake City Utah real estate.

Due diligence should start with the proper verification of the books. You should check all the rental agreements and double check all rental histories. Review at least the last two year's financial statements and see if there's anything unusual that raises a red flag.

Double check the actual rental income with the amount of rental income the building should be receiving based on the lease agreements. These numbers will often not match up. As the building's future owner, you should know why.

Check all the utility bills. Make sure there are receipts for every payment. If there isn't one, contact the city or the utility company to get a copy of the receipt.

Look into how old the building is. If it's old, look into what the building codes were when the house was constructed. Will there be costly renovations you'd have to make to bring the property into compliance with current building codes?

If the building is new, does it have a home owner's warranty? Look carefully over this contract so you know what it covers.

Walk around the building and do an inspection by hand. Look at the conditions of the walls and watch for fire or water damage. Check the electrical and plumbing systems. Make an educated guess on how long the roof will last before it needs repairs.

Remember that everything you find during the due diligence process is "ammunition" you can use to negotiate a better deal with the seller. The seller wants to make the deal happen as much as you do, but there's no reason for you to pay for more than the property is really worth based on its condition.

Begin your due diligence process as early as possible. Start your inspections before you make an offer. Even after you've made an offer, make sure that you have clauses in the contract that allow you to inspect the property and the necessary documents.

There is a lot of free information available to you about buying, selling or investing in Salt Lake City Utah real estate. For complete information about the Salt Lake City Utah real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Salt Lake City Utah real estate at www.BuySaltLakeHomes.com www.kathyohomes.com. Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 801-518-4599 or email me at kathyo@kathyohomes.com.

One should seek out multiple brokers and not rely on the first broker that has been spoken to. It is the same as choosing any other expert. Call around the Salt Lake City Utah market to make sure you get the best possible answers and solutions to your financing needs.

It is much more difficult to get traditional financing for these properties because they are looked at a little different than a primary residence.

When you use fixers you can begin by getting a hold of mortgage brokers that do traditional financing, although your best chance is probably a hard money lender or a mortgage broker that has access to hard money lenders.

You can check our local newspaper for the Salt Lake City Utah area, for people seeking hard money lenders or investment property financiers. You may find them by looking for classifieds under financing or mortgages or by asking their real estate agent.

Hard money lenders are willing to loan between 50 and 80% of the value of a property after repairs, whereas traditional lenders will only loan based on a property's current value.

Because they already have local contacts it is very possible that it will be your real estate agent in Salt Lake City Utah that knows exactly ho to call in any investment situation.

Traditional financing is much cheaper than getting a hard money loan. Typically interest rates range from 12-16%. Please note that you may be required to pay 3 to 5 points upfront as well.

The reason people go this route is they can get money Beyond the actual purchase of the property which is generally unheard of in traditional financing. This money can then be used to make repairs to increase the value of the property.

Make sure you include them in your purchase and holding costs so that you end up with the profits you are looking for on the property after all is said and done and you simply look at the costs of hard money loans as a cost of doing business.

Getting approved for your first loan in Salt Lake City Utah Being an investor can be hard work until you have yourself established.

There is a lot of free information available about buying, selling or investing in Holladay and Salt Lake City, Utah real estate.  For complete information about the Salt Lake City real estate market including foreclosures, short sales and more, visit the website dedicated to everything Salt Lake City Utah real estate.

For a FREE Weekly List of Foreclosed Homes with 4-5 Bedrooms in Salt Lake City, UT under $150,000 fill in the form below and you will receive home listings as they hit the market.  You will get all the hot listings as they come up even before most agents see them!

Just fill in the form below with your correct name and e-mail address and we will set it up to have the list automatically e-mailed to you.  Just add it in the comments if you have an interest in Short Sales and HUD homes too!

If you or someone you know are in need of a competent and caring real estate professional in or near Salt Lake City, Utah, I will be happy to help, just call me at 801-518-4599.

Salt Lake City Utah Investing Expert Kathy Opolski Reveals How to Do Proper Due Diligence with Salt Lake City Utah Investment Properties

Due diligence is the process of double checking everything before finalizing a purchase. Proper due diligence is an absolutely crucial part of every profitable investor's success. In this article, I'll talk about the best ways to do your due diligence based on my experience in Salt Lake City Utah real estate.

Due diligence should start with the proper verification of the books. You should check all the rental agreements and double check all rental histories. Review at least the last two year's financial statements and see if there's anything unusual that raises a red flag.

Double check the actual rental income with the amount of rental income the building should be receiving based on the lease agreements. These numbers will often not match up. As the building's future owner, you should know why.

Check all the utility bills. Make sure there are receipts for every payment. If there isn't one, contact the city or the utility company to get a copy of the receipt.

Look into how old the building is. If it's old, look into what the building codes were when the house was constructed. Will there be costly renovations you'd have to make to bring the property into compliance with current building codes?

If the building is new, does it have a home owner's warranty? Look carefully over this contract so you know what it covers.

Walk around the building and do an inspection by hand. Look at the conditions of the walls and watch for fire or water damage. Check the electrical and plumbing systems. Make an educated guess on how long the roof will last before it needs repairs.

Remember that everything you find during the due diligence process is "ammunition" you can use to negotiate a better deal with the seller. The seller wants to make the deal happen as much as you do, but there's no reason for you to pay for more than the property is really worth based on its condition.

Begin your due diligence process as early as possible. Start your inspections before you make an offer. Even after you've made an offer, make sure that you have clauses in the contract that allow you to inspect the property and the necessary documents.

There is a lot of free information available to you about buying, selling or investing in Salt Lake City Utah real estate. For complete information about the Salt Lake City Utah real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything [Profile.market2] real estate at www.BuySaltLakeHomes.com www.kathyohomes.com. Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 801-518-4599 or email me at kathyo@kathyohomes.com.

Here is the complete formula for making sure you make profitable purchases for fixer  properties in Salt Lake City Utah.  These simple 8 steps will ensure you never pay too much for an investment property in Salt Lake City Utah again.


SPECIAL REPORT:

8 Steps to Making Huge Profits on Investment Properties in Salt Lake City Utah.

Buying properties in Salt Lake City Utah that are in need of repair is one of the quickest ways to make money in real estate in the shortest period of time.  These properties are known in the industry as “fixers,” “ugly properties,” or  “junkers.”

But beware!… I know too many stories of new investors that were too anxious to get into a deal on a property in Salt Lake City Utah and ended up paying way too much.  The last thing you want to do is overpay for a property and create a massive hemorrhage in your cashflow.

You need to understand that you actually determine your profit when you purchase the property in Salt Lake City Utah.  It is easy to guess that you have a bargain, and later find that you wound up with a money pit because of lack of homework before making your offer.

So let me give you the 8 steps to making massive profits on fixer properties in Salt Lake City Utah.   These simple steps will give you the formula to make sure you consider all your costs before making your offer


Step 1
Determine the after repaired value

You actually have to start with the end in mind.  On any property in Salt Lake City Utah that you are making an offer on, you first need to determine what you can expect the property to sell for after it is fully repaired. 

You can ask your friendly real estate agent or title company for comparable properties in the Salt Lake City Utah area.  Just make sure you are comparing apples to apples.  You want to compare your investment house against very similar properties in Salt Lake City Utah. 

If you have a 3 bedroom house with 1500 square feet find at least three other houses that are similar within the same neighborhood (or a very comparable neighborhood) that have sold in the last six months.



Step 2

Determine your closing costs on the purchase of the property in Salt Lake City Utah

There can be a lot of costs that can add up when you are closing on a property in Salt Lake City Utah.   Here is a list of things to include in these costs.

Down Payment
Real estate commission
Appraisal
Loan closing costs and/or points
Home inspection
Termite inspection
Soil inspection (if there is an underground oil tank, etc.)
Finder fees (for anyone that may have helped you find the property.)
Survey

Step 3

Determine your holding costs

A lot of investors can loose profits by underestimating their holding costs.  Make sure to include the following:

You need to add in 6 mortgage payments to the holding cost budget.  You want to have plenty of money set aside for the time it will take to repair and market the property in Salt Lake City Utah. 

Make sure to include 6 months of taxes and insurance as well as utility costs for 6 months.

Step 4

Add up your budget for repair costs

If you are not good at estimating what repairs will cost get some estimates from contractors.  You want to make sure you include everything from carpet, paint and light fixtures, to plumbing electrical and landscaping.  It is better to go over on your estimate rather than to underbid what the overall costs will be.

When you think you have estimated what your repair budget is add 10-20% to this total.   You may not think you need this extra cushion, but more times than not you will end up going over budget on a rehab project.



Step 5

Determine sale costs

Now you need to determine what it will take to sell the property on the Salt Lake City Utah real estate market.  Take into account your advertising and marketing budget

Step 6

Determine closing costs on the sale of the property

In step 2 you determined the approximate closing costs on the purchase.  Now determine the same thing for the sale of the property.  Include any points, real estate commission, etc.

Step 7

Decide on your profit.

This is the fun part.  Here is where you decide on how much money you want to make when selling your property in Salt Lake City Utah.  Remember, you control how much profit you make not the property. 

Remember that you are going to be investing a lot of time into this Salt Lake City Utah property over the coming weeks and months so  make sure you are naming a figure that is worth your while.

I wouldn’t settle on less than $15,000 minimum for a profit on a fixer property.  Even with all the figuring you have done, your profit can still get eaten away by unseen issues that can come up with the property, especially if the rehab and sale takes longer than anticipated.

This is the main reason we start with the end in mind.  Do your best to look at this as a math formula.  Leave your emotions behind when you get to the end of the formula you have your answer on what you can afford to pay for a property.

Step 8

Determine what the most you can pay for the property will be.

Now we are ready to determine what we can afford to pay for the property in the Salt Lake City Utah area.

Simply take your predetermined after repaired value and subtract the following:
closing costs on purchase
holding costs
repair costs
sale costs
closing costs on sale
your profit

What you are left with is the MOST you can afford to pay for the property and still make the profit you are looking for.

This formula takes a little time, but the more offers you make, the quicker you will get at compiling the data and making lots of offers.

There is a lot of free information available to you about buying, selling or investing in Salt Lake City Utah real estate. For complete information about the Salt Lake City Utah real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Salt Lake City Utah real estate. So please feel free to contact me with any of your mortgage questions and I will me more than glad to answer your questions. Call me on my cell at 801-518-4599 or email me at kathyo@kathyohomes.com.

Investing in rental properties can be a lucrative opportunity in Salt Lake City Utah. In this article, we'll go over several tips to ensure you choose the properties that'll result in the best returns on your investment. After reading this article, you'll know some of the more common pitfalls to avoid with properties in Salt Lake City Utah, as well as the signs to look for in a great investment property.

Tip #1 - Look at Surrounding Properties

If you're buying your property to rent out, one of the most important steps you could take is to look at the rent market in the surrounding area.

What are units like yours renting for right now? Take 3-5 units that are similar to the unit you're considering your investment and average them out.

Would the income from this property be enough to cover your expenses?

Tip #2 - Be Conservative

Be very conservative when you're calculating your numbers. It's far better to overestimate your numbers and accidentally make more money than it is to underestimate your numbers and find yourself draining cash.

Remember to account for vacancies and maintenance costs. These costs don't accrue all at once, but when they do come they can be large expenses.

Tip #3 - Check Your Rental History

How has your unit(s) been renting out over the past years? How strong is the rental history?

If in the past the unit(s) has been consistently rented out with few vacancies, that's a good sign that the unit(s) aren't difficult to rent out. If the opposite is true, that should be a red flag to take into consideration.


Tip #4 - Take the Low Hanging Fruit

Properties in Salt Lake City Utah often have what I call "low hanging fruit" opportunities. These are improvements you can make to your unit that will immediately improve its sale value or rental value.

Some of the more obvious ones include steam cleaning the carpets, painting the walls, making necessary repairs, having tiles cleaned and so on.

The key is to tackle the repairs that will give you the highest return for the least amount of work. The idea is not to repair every little thing, especially if it won't give you a positive ROI.


There is a lot of free information available to you about investing in Salt Lake City Utah real estate. For complete information about investing in Salt Lake City Utah real estate, including current potential investments, property values and more please visit the most complete website online dedicated to everything Salt Lake City Utah real estate at www.BuySaltLakeHomes.com www.kathyohomes.com. Please feel free to contact me with any of your real estate or investing related questions and I will be more than glad to answer your questions. Call me on my cell at 801-518-4599 or email me at kathyo@kathyohomes.com.

As it has with almost every business, the growth of the Internet has significantly changed the landscape of property investment.

Many of the traditional requirements still apply, but buying and selling property in Salt Lake City Utah has been made vastly easier and less costly with the emergence of thousands of sites devoted to Real Estate.

Finding properties in Salt Lake City Utah is easier than ever, as is finding out more information about them. Not too many years ago finding properties outside a local area required poring over out-of-town newspapers or specialized publications that were expensive and hard to find. Finding information on them often meant relying on local agents' ability to describe them or taking a lengthy, expensive trip.

Now, with a brief search and a few mouse clicks, you can find more properties than you could ever turn over and more information about them than most of the previous owners know. With the arrival of high-bandwidth connections you can quickly access and view photos, 360-degree views of the interior and exterior, as well as the surrounding area and streaming video in close-up and overview.

Title searches, back taxes owed, legal encumbrances, previous ownership history and other pieces of valuable data are easy to obtain along with the current and past selling price. In some cases, you can get past inspection reports and records of repairs made.

And most of that information is available for nothing more than the cost of your time to find and review it.

Of course, mortgage financing has taken on entire new possibilities with the growth of the sites devoted to that subject. Traditional lenders have taken advantage of the technology, but there are also dozens of mortgage lending sites that have no brick and morter presence at all.

Even out-of-state and foreign markets have been opened up across the globe by the growth of the world wide web of property information. A Spanish investor can find a villa in Italy or France, while an American can easily locate wineries for sale in France or a Bed and Breakfast in England. Properties are available for purchase as a pure investment, a second home — which can be rented for part of the year using Internet sites, or even full-time rental.

Selling, too, has been made easier by utilizing any of the hundreds of sites devoted to the subject. For Sale By Owner is now much more feasible and quicker thanks to sites that advertise property –though with much caution in doing so, due to the lack of knowledge of the ‘selling real estate process’— many of which provide low-cost additional services for helping you make that sale. That's an average 6% increase — the average cost of an agent's fee — in profit all by itself. Six percent of $200,000, for example, is $12,000. Subtracting off $100 for a three month listing still leaves a very healthy reduction in cost.

Though it's always a good idea to see any prospective property first hand, much time can be saved by gathering useful information before a site visit. And with the ease with which appraisers, contractors, title companies and realtors can be found — and more so with the growth of Local Search by the major search engine vendors — buying and selling has gotten even easier.

It won't be long before transactions can be carried out entirely electronically without leaving your home office. Many states and countries already allow electronic signatures on documents, eliminating the need for mail or faxing of paperwork.

Now if they could just invent something to legally produce the investment capital...

There is a lot of free information available to you about buying, selling or investing in Salt Lake City Utah real estate. For complete information about the Salt Lake City Utah real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Salt Lake City Utah real estate. So please feel free to contact me with any of your mortgage questions and I will me more than glad to answer you queries. Call me on my cell at 801-518-4599 or email me at kathyo@kathyohomes.com.

Should You Use A Real Estate Agent As An Investor by real estate expert Kathy Opolski

If you are a property investor who wants to flip houses you want to make sure that you avoid making a big mistake that a lot of new investors make. In our discussion today, we will discuss what this mistake is.

One of the biggest mistakes that an investor can make is to not make use of a real estate agent like Kathy Opolski in his property deals. They think that they are saving money because they won’t have to pay commissions, however, in the long run this will hurt them.

The real estate agent like Kathy Opolski can place the investment property on the Multiple Listing Service. All real estate agents use this service, which means that if you are trying to sell your investment property that a lot of people that can help you sell it will get a chance to see it. You will significantly increase your odds of finding a buyer for your property.

Once you find a real estate agent like Kathy Opolski, let them know what you do and get them to help you find other property deals. You want to try to get an agent that is also familiar with the paperwork so that you can get guidance along the way in making sure all of the deals are handled correctly.

You must remember that you will not sell every piece of property in Salt Lake City Utah in a timely fashion. You may end up getting stuck with a house in Salt Lake City Utah that does not sell as quickly as you had anticipated. You must remember that your goal is to have a turnaround in no more than 30 days. The best way to make this happened is to be sure that you have done your homework correctly. You want to make sure that you don’t pay too much for the property, pick the right neighborhood in Salt Lake City Utah and not estimate the costs of any repairs incorrectly. Finally you want to remember to always use a real estate agent like Kathy Opolski that will help you complete your deal and will help you find other deals.

There is a lot of free information available to you about buying, selling or investing in Salt Lake City Utah real estate. For complete information about the Salt Lake City Utah real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything [Profile.market2] real estate at www.BuySaltLakeHomes.com www.kathyohomes.com. Please feel free to contact me with any of your real estate or mortgage related questions and I would be more than glad to answer your questions. Call me on my cell at 801-518-4599 or email me at kathyo@kathyohomes.com.