Our Local Hero Wins for Disabled Senior Citizens

My friend and associate, Anthony Marler, won justice without having to go to court.

Do you remember my first blog post about this? Anthony was denied development rights to his land after the city council declared it a "wetlands." The city attorney warned them that Anthony could sue and that the council's position was indefensible.

Did the city council listen? No-o-o-o-o-o-o!

So, Anthony sued in federal court.

It wasn't much of a fight.

The city capitulated.

Quickly.

Without a fight.

Farr West council permits assisted-living facility - Standard-Examiner

Now the only question is: How much will it cost the citizens for Farr West to pay for the stupidity of their elected officials?

Beware the Homeowners Association

Did you know that a home owners association can foreclose if you don't pay dues?

They can regulate your lawn? Your garbage?

They can have a "special assessment" that MUST be paid, regardless of how much it is?

Read this, it's a real eye-opener...

Neighbor vs. neighbor as homeowner fights get ugly | The Salt Lake Tribune

Have you ever had a run-in with an association?

Transaction #3 of 52 in 2011: Deep Discount for REO 4-Plex

Small, multi-family properties have been hit hard throughout the country. In Utah the duplex, tri-plex, and four-plex prices have been hit much harder than single-family homes.

Why Multi-Family Has Been Hit Harder than Single-Family in Utah

The answer is quite simple: Supply and Demand. The supply for multi-family residential is growing as investors try to divest and other investors have problems and the banks foreclose.

Demand is down for two reasons:

1. People feel that real estate is not a good investment right now- even when it is on sale.
2. Credit is more difficult for multi-family purchases. Banks are asking for 20% - 25% down. Most banks require this to be cash. Credit needs to be 700+ for most banks. Finally, the new rules limit investors to four properties so active investors that have cash and good credit still won't qualify.

We Make a Bid We Couldn't Refuse

After searching the MLS for properties, we made an offer on a 4-plex. The purchase price plus estimated fix-up was HALF of what the property would have sold for 2-3 years ago.

The bank accepted the offer.

The property will cash flow for years to come.