How do I find my first deal in SLC, UT?
Dear BP community!
Really excited for my first post on this great site. I'd like to start with a quick background, explain what knowledge I have and then ask for everyone's help on finding my first deal!
Background:
I am 25, live and work full time in Salt Lake City, UT. I currently live in a condo that I bought last July.
My 5 year real estate goal is to buy and hold enough SFHs that are all fully financed that generate passive income of $1500 a month.
Experience:
My real estate experience is the property that I live in which I sublease a room and used an agent to buy. Additionally, I have listened to every BP podcast out there and spent some time of the forums. I come from a finance and investing background and know the very basics on real estate valuation (2% and 50% rule) I have lived in SLC for 7 years and have a basic idea of what rents will be.
My First Deal:
I am leaning towards buy and hold SFHs rentals within an hour of down town SLC. However, I am not sure the best strategy to find a property where the numbers make sense. So far through classifieds, MLS and every other online free resource I haven't found a deal in the 1-2% range where the numbers work.
So, Do I...
1. Direct mail delinquents?
2. Go after short sales?
3. Drive for dollars?
4. Continue to view the MLS?
5. Ask an Agent?
Unfortunately, I'm not sure I have time for all of these. I need to specific and targeted on how I spend my time finding my first deal! Let me know what you would recommend.
Thank you,
Bryce