Hello all, it's been a long time since I've been on here, but my life took me on a wild detour for a few years. Luckily I found my way back and thankfully I am in a better position now to invest in real estate than I was before. Unfortunately I am finding myself stuck in a bit of analysis paralysis and want to get out. I'm wondering if there is anyone on here that deals primarily with short and long term rentals that could potentially lend a mentoring hand to get me off and running in the right direction so I'm not just digging my nose into books and online forever. Anyone and everyone would be awesome to talk to and if there is someone in the Salt Lake City, UT area that would be willing to meet up at some point that would be amazing. Once again, any help would be awesome! Thank you all for reading.
@Billy Kennick I was in your shoes and most of the successful investors in the BP forums probably were too. When you're starting out you really need to get your ducks in a row. I don't know your strengths, weaknesses, or experience level but when I started I had a few skills, but more importantly I had motivation. I wanted to get out and find/create deals of my own instead of buying a house like friends. I wanted to build something and add value. Not purchase value from someone else. I watched investors buy up properties around my market and it finally clicked.
You need some money, good credit, a deal, and a strategy before purchasing a property. Any combination of these will work but the more ducks you have the better your chances for success. The more you sacrifice the better the return. Don't expect to make much money on cash-flow. If you're buying in a C/C+ neighborhood demand will be high and so will prices, but the stress level as a landlord should be lower.
If you're not riding bikes or driving around and physically looking at properties (boots on the ground) you're doing it wrong. You'll run into someone in the street, you'll talk to some neighbors, and boom just like that you're walking an off-market property and creating a deal that didn't exist. Eventually you just know the numbers. I'm not an expert but I know the numbers in a lot of neighborhoods. If I notice someone is moving out I pop in and say hello. If someone has a For Rent sign in the yard I call and ask if they want to sell. Deals are hard to find but don't let it stop you.
Hi Billy, I'm by no means a mentor, but I'm working on a few things in SLC and would be happy to chat about what you're doing.
I would be happy to get on a call, or to schedule a time to meet up and discuss some of my experience in the long term rental field. My company manages 100's of properties in Utah, and I would be happy to share any useful information about the market I can!
I'm sure any one of these pros can help you out! If you're looking at branching out to Washington County, I'd love to help! :-)
@Billy Kennick Hello Billy, I'm a local Realtor here in Salt Lake City and I'd love to get in touch with you and get a better idea of what you may be looking for in an investment property and see how I can help you find a property that suits your needs!