First Time Home Buyer

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Andy Okamoto
  • Investor
  • Salt Lake City, UT
10
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10
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Analysis Paralysis - 20 yr old first time home buyer

Andy Okamoto
  • Investor
  • Salt Lake City, UT
Posted May 28 2022, 11:21

Hello BP community! My name is Andy and I'm looking to purchase my first property in the Salt Lake valley. I am prequalified for 650k with my parents as cosigners. I'm looking to house hack a duplex or single-family home and rent out by room. When looking through listings on the market and running my numbers, obviously in this market it is difficult to find cash-flowing properties. With that said, I hear on BP many times that investors are looking for ~10% COC return. Is a 10% COC return expected after year 1? Year 15? Year 30? Analyzing these deals, I have found ~4-5% COC return opportunities after remodeling (I will be doing this myself). I just wanted to get a better understanding of what metrics that you guys are using in this market to determine a "good" deal. I understand that this will vary depending on investment strategies but, I would like the opinions of investors who have a better understanding of what I can expect. Thanks so much for your time!

Andy O

Salt Lake City, Utah

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