Wednesday, January 23, 2013

FOR SALE: Historic Victorian Cottage

I just listed this property located at 459 20th St. in Ogden.  It has two bedrooms, 1400 SQFT, one bath, one car garage, and all the updates you would want in a cute Victorian Cottage.  Finely appointed finishes include a refurbished clawfoot tub, custom Cherry kitchen cabinets and granite countertops, new appliances, refinished hardwood floors, 12 foot ceilings, original woodwork and brass hardware, and more!


The home is just yards away from The River Project, Kneaders Bakery, the beautiful Ogden River Parkway,  and has a commanding view of the Ogden Temple out the kitchen window.  If you are interested in viewing this home, please CONTACT ME for an appointment.

Saturday, January 19, 2013

Photo of the Day: Bouncing Boulders of Bedlam II

Several years ago I posted about a boulder damaging property in southern Utah.  Well today KSL has a story about another incident:

 "A St. George woman got a rude awakening early Saturday morning when a giant boulder crashed through her bedroom wall.

Witnesses told the St. George Spectrum it was about 3 a.m. when the 12-by-9 foot boulder broke loose and rolled down the hill from Foremaster Ridge, crashing into a home located at 1681 E. 50 North Circle."

Unfortunately, this time the owner was injured and required surgery.  We should always remember to build our homes with geologic hazards in mind.  

Thursday, January 17, 2013

Vacant Rental Sewer Problems

Vacant homes are always a challenge.  Homes were designed to be lived in and attended to.  When they are vacant for long periods, minor deferred maintenance can quickly balloon into serious problems.

Today, I got a call from a tenant who we had just moved in a couple days ago.  They were frantic.  The message: "There is sewage in our basement!!! Help!"

This particular home sat vacant for many months as it was renovated and then placed on the market for sale.  Since sales were slow, the owner decided to rent the home instead.  It was also built in the 1915 era with clay sewer pipes.  After calling Drain Tech to scour out the line, they determined that the pine tree in the front yard had grown roots into the line.  Also, since the home had been vacant for so long, any paper or other solids that sat in the line at the time had dried up.  When the new tenants arrived, the sudden rush of water expanded the waste again and it was impeded by the root ball that had grown in the meantime.

For this reason, landlords and investors should be careful and inspect sewer lines prior to taking ownership.  I recently replaced a sewer line at a property.  It was inconvenient but necessary to continue renting the building.  Had I known when I bought the property what I know now, I would have done the sewer inspection and perhaps acquired the property at better terms.

So, the moral of the story is be diligent and be prosperous.  A little due diligence goes a long way.

Wednesday, January 16, 2013

Presentation: Retire On Real Estate

I recently held a seminar for real estate investors in Northern Utah.  We meet at the Historic Ben Lomond Hotel.  The topic of our discussion was how to retire on an income based in real estate ownership.

If you wanted to attend but couldn't here is a video of our presentation:

We will be holding another meeting in April.  If you are interested in attending, please CONTACT ME.

Wednesday, January 9, 2013

Multi-Unit Market Update

One of the market segments that got hit the worst during the collapse of the real estate bubble was income property.  Financing dried up and prices and sales collapsed.  It has been over a years since I updated my charts.  Here are the findings:

Our first chart show sales volume.  It is pretty obvious where the peak and the trough are.  We seem to be plodding sideways.  Some of this may be attributed to the fact that banks are still requiring sizable down payments (around 25%) on multi-unit property.

This next chart is telling because it dissects the market to tell us how transactions are occuring.  Notice the surge in seller financing and cash transactions just as conventional financing plumetted.  Today we see the opposite with conventional returning and seller finance ebbing.  Interestingly, cash still has a significant yet slightly shrinking presence.  This indicates to me that the market is still mending.  However, a couple more years of this trend and cash purchases should decline significantly.  

If you are in the market or an income property, CONTACT ME and let's find one that meets your needs.

Tuesday, January 8, 2013

Home Improvement Improv

I went shopping with a client today looking at distressed homes.  While out, we stumbled upon some pretty funny things.

Have you ever thought of enclosing your covered porch?  If so, corrugated plastic works.  And when you are done, you can dress it up up with a useless awning.

This fan looks so sad.  What could be making it so blue?  The home was turned into a swamp when the basement flooded.  The standing humidity bent the blades and left condensation 'freckles' on the ceiling.

Finally we bumped into this.  It seems that there is never really a bad place to put a bathroom vanity...even though the toilet and tub are in the real bathroom. Also, it comes in handy as a springboard for washer/dryer hookups.  Nice!

Friday, January 4, 2013

Scrap Metal Scoundrels

One of the perils of having a vacant property is the risk that your local neighborhood metal "recycler" might take a shining to your building.

Recently a client called me and wanted to take a look at a commercial industrial building for sale in Ogden.  The property was built in the 1950's and needed some TLC.  When we got there, it was apparent that somebody had been there before us.

Notice the conspicuous absence of wires.  As we walked around, we notice another interesting scene.

No box was left untouched.  It looks like the whole building will need to be rewired.  Given the age of the electrical, it may actually be a blessing in disguise that it is gone.  Nevertheless, it is a warning to any property owner to keep a close eye on their property and use common sense to keep marauding "recyclers" away.