JUST SOLD! North Ogden Condo Investment Package - Owner Financing

I recently sold four listings in North Ogden.

The Sunbrook Condos in North Ogden were built in 1998.  My client had purchased and been renting them out since their construction.  Due to changes in life circumstances, my client felt that it was time to liquidate them.  We listed these 2 Bed 2 Bath units for sale originally in July 2010 for $89,900.

After several summer listings passed, we put them on the market again in February of this year to give it another go.  My client had hoped that another investor would come along and snap up the bundle in one transaction.  Unfortunately, the investment financing climate for condos has been adverse.  When someone accounted for the multiple loans that were required, the transaction costs added up and reduced the return on investment.  The large down payments required by lenders also reduced the overall return on investment.  

So, to work around these issues, we put together an owner financed transaction for four condo units in one building.  The closing costs were greatly reduced.  Also, since the condos were owned free-and-clear, that allowed us to do a traditional note and deed of trust without worrying about "wrapping" an existing mortgage.  You can read more details on how owner financing (aka seller financing) works HERE.

In this case, the four units sold for a combined price of $328,000 with 14.6% down and an interest rate of 5%.  The buyer agreed to a balloon payment in 10 years.  Congrats to my client on converting their rental income into passive note income while avoiding capital gains taxes in the process.

If you or anyone you know is having trouble selling a property and is interested in learning more about how owner financing works, CONTACT ME and I can explain all the benefits and advantages and help determine if it is right for you.

Enforcement: Ogden City Boots Dishonest Landlords From Discount Program

As a member of the Utah Apartment Association, I get a regular trade publication called the Landlord Times.  In today's edition was an article entitled Ogden City Disqualifies Dozens from Good Landlord Program.  Here is a excerpt:

Ogden City recently revoked the Good Landlord status of dozens of Ogden Property Owners who violated their agreements with the city, forcing them to pay thousands of dollars in extra fees to the city.

Participants in the Good Landlord program in Ogden agree to run background checks on all applicants, deny applicants with certain high risk factors, evict tenants who commit crimes, and comply with city ordinances and codes.  In return, the city reduces the per unit license fee as much as $143 per unit. 

Although I hear a lot of old timer landlords complain about this program, I have had nothing but good experiences following the guidelines in my business practice.  In fact, the class that the UAA puts on to train participants in the program has been a valuable business education tool.  It teaches landlords how to run their business like a business instead of a hobby.  It empowers owners to make their rental respectable instead of flophouses.

If you own rentals in Ogden, take heed to honor your agreement with the City if you are participating in this program.  Everyone benefits when you do what you say you will do.   

FOR SALE: 2 Bed 2 Bath North Ogden Condos

If you are looking for an affordable condominium in North Ogden, look no further.

My client has 5 units in the Sunbrook Condominium complex for sale.  Two are upstairs units and three are ground level units.  Each unit is 1050 SQFT and comes with a master suite. 

Please see the video tour of unit #A7:



Also, all four units in building F are available as a package to interested parties.  Please contact me for current pricing and HOA information.