I'm moving to Utah in a month or so and am looking for my next multi-family investment. With a tri-plex in reno under my belt last year, I'd love to duplicate or even add a few units on to that this year.
Breaking into a new market is tough though! So I'm reaching out to you! If any of you know someone trying to get out of a tri or 4 plex I'd love to talk! Or if you're an investor in the utah county area I'd love to meet up and network!
Developer · Holladay · Member since 2019 · 64 posts · 36 votes
7y
I have a UTAH duplex for sale currently in the marketplace. Once you get here, look me up and i'll give you the lay of the land from what I know. Good luck.
Rental Property Investor · Kaysville, UT · Member since 2017 · 141 posts · 120 votes
7y
Utah is a tough market. Most anything you find on the MLS will be listed at top dollar. Almost everything that I've seen in the last year, as far as small multi-family along the Wasatch front, has been listed below a 4 CAP.
If you are looking to house hack, I think that your analysis has to change. House hacking is great, but most places that you find in Utah won't cover your mortgage payment, let alone make a profit on. You'd probably be lucky to break even. When I have helped people identify good house hack properties (on the MLS), we have looked at what their PITI would be if they were to go buy a SFR. If that number is $1600/month, then our target for a house hack would be to make their portion of the PITI of the house hack less than $1600/month (accounting for vacancy, repairs, maintenance, cap ex, management etc). It is still a great way to get started in Utah, but you will definitely find it challenging along the Wasatch front if your only looking at listed properties.
My recommendation would be to get involved in the local real estate clubs and meet people that can bring you off-market deals.
If I can help in anyway, let me know! And Good Luck!!
Investor/Developer · Salt Lake City, UT · Member since 2015 · 207 posts · 106 votes
7y
@Preston Heninger, What part of Utah are you moving to? I have flipped a few multi family deals over the last year or so, I would be happy to get together once you're here. Welcome!
Lender · Salt Lake City, UT · Member since 2012 · 714 posts · 169 votes
7y
I would agree with Jaiden Olsen. Multifamily properties tend to be overpriced, e.g. present and even projected income is not in line with asking prices for properties. Many of the deals I've looked at to fund as a private money lender don't pencil with regard to price versus cashflow. Your best bet is to get one agent working for you in each county that you want to invest in to start sending you deals. The problem with the real estate clubs and such is that these guys are only giving you the deals that aren't good enough for them, essentially their crappy or so-so deals they are peddling to you. Be wary of that for sure. Reach out to me anytime with questions. But realtors are going to be your best bet in my opinion. Network with as many realtors as possible!