Utah investor new to BP and REI

9 Replies

I am new to REI and looking to get into the business. I am a corrections officer, have a wife and 4 kids 10-5 years old. I live in a town of Heber City (24,000+ with higher than state average property values). I am only 20 minutes from Utah County (Provo-Orem area) and an hour from Salt Lake.

I have been on BP for 25 days, but this is my first post. I have listened to the first 37 podcasts and try to listen to two per day. I've read "Rich Dad, Poor Dad", "Wholesaling Real Estate: A Beginners Guide", "Whate Every Real Estate Investor Needs To Know About Cash Flow And 36...", "The Ultimate Beginner's Guild...", I've started reading "The Wealthy Code" and attended my first REIA meeting.

So far, this is what I have come up with...

I am planning on doing wholesaling as I have the income and budget to do some marketing. After a couple of wholesale deals and when I get a deal come across my table that I feel I can flip and make decent money as a newbie, I want to flip it and continue flipping few properties to see if wholesaling or flipping is more my niche. I will still continue with my marketing and wholesaling while doing my flips. The plan is to eventually get into buy and holds and do some real investing for my retirement. I will be able to retire from law enforcement at age 48 with a pension and 401K but I would like to bank all that and live off of my REI.

I would love any advice BP Nation has.

Welcome to BP!

I'd be interested on your take on what's happening in Heber.  It is certainly the gateway to the Uintas and a bedroom for Park City.  Do you think the higher prices are justified?  Do you think it's vulnerable to the whims of the luxury market?

Cheers,

Wm

Hey @Isaac Garner  Welcome to the BP party!

@William Hochstedler I think Heber is a great town - I did a flip there last year on the east end of town just off the 40.  All in 480k listed at 599k and got an offer day 1 that closed.  I know a bunch of folks down here in UT county that have 2nd homes up in Timberlakes and near Homestead in Midway.   I search Midway and Heber every day and I'll go after almost anything up there.

It is not the luxury housing that you find in Park City.  It is more of a middle to upper class area.  I've lived here for 8 years and been a home owner for 7 (personal residence).  When the housing market dropped, Heber City dropped but not much more than the rest of the state.  When Heber started bouncing back it seems like it is staying along the rate of the rest of the state just at its inflated rates. It has always just been pricier then the Wasatch Front but does not seem to fluctuate in price.  

But remember I have not been studying the market long. Just my casual observation as a residen

Welcome Isaac

My name is Jeremiah and I am new to BP as well. If you find any wholesales in Salt Lake County area, I would love to be on your buyers list. I flip houses, so I look for 60-70% ARV, mostly single family homes in the $80-200k price range.

Also if you need any help or advice when you start your fix and flip feel free to contact me.

Best of luck

Jeremiah

@Isaac Garner   Welcome aboard!  It looks like you've got your education on the right track. 

This blog post on open door thinking isn't really "training" but sometimes it's the mindset that needs to be changed. Consider it your nudge out of the nest.  :)  (Speaking from someone who is still trying to fly out of the nest too.)

http://www.biggerpockets.com/renewsblog/2015/05/11/open-closed-door-person-and-matter/

@Isaac Garner

Welcome. Over 30 yrs LE here your observation skills will help in RE.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers).

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

Consider checking out HUD homes for small multi's owner occupied gets first crack.

Couple good reads 

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul 

@Isaac Garner

Welcome to the Bigger Pockets community-be sure to check out all the awesome BP blogs under “Learn.”

Thanks to everybody for your support and information. I hav, taken it in and will continue to take in all the advice and information possible. Since my last post I have got a list of absentee owners in Wasatch County Utah and will be sending out my first yellow letters tonight after I get home from work. I am very exited to be getting started. 

I just wanted to say thank you all for the help!

@Isaac Garner

 Remember to stick to your marketing. Set a budget that you feel comfortable with month after month and hit your list a minimum of 6 times.

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