Mar 9 • General discussion
New Opportunity??
My brother came to me today with the offer of me arbitrating his rental for iMTR. My heart jumped for joy as my husband quickly brought me down to reality. I need help with my numbers. I'm really second- guessing my due diligence I did on my first property because it sat so long before I got a renter. Husband says there's no way to know if it'll sit there another 4 months before another renter, so I can't really afford to do my brother's place. Or can I??????
This new opportunity is in Salt Lake City, UT. This particular zip code has an 84% homeowner rate with school ratings of 6, 7, and 7. Not great, but not bad either. AirBnB, Furnished Finders, and Zillow combined say rent could be $9k a month. That would be triple the rent.
House stats: Townhouse 1st floor: 2-car garage, bedroom(king), full bath, shower/tub combo
2nd floor: Kitchen, family room, half bath, dining, second family area, and balcony.
3rd floor: Master bedroom(king), ensuite with double vanity, laundry, 2 bedrooms, and full hall bath.
The front patch of grass is fenced, great for pet potties, but that's about it.
There are pros and cons to this place.
PROS: -It's in a highly sought-after location for walkability to restaurants
-The other side of the street is a brand-new triple-A ballpark. You can literally watch the games from your balcony.
Cons: -To eat, you will have to climb a flight of stairs. That could exclude some families.
-Not much of a yard, but plenty of parks nearby.
I have major FOMO! And I know if it turns out to be a lucrative property, I could buy my brother out.
Words of wisdom, insight, or any input are welcome. Please help me think outside the box here.
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New Opportunity??
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