Hello BP, I am looking to buy an oo in Salt Lake Utah. I have a couple questions;
1. What are the pros and cons of working with an agent.
2. How do I find a good deal, should I just treat like I would when looking for a investment.
Any advice would be great.
PS. If anyone has a house for sale in the Taylorsville/West Jordan area let me know thanks
@Matt Williams Depends on a lot of things. Even if you are extremely dialed into the "wholesale" market, it is tough to find a deal that you are going to live in because you aren't rational about it. You need to decide if you want to be picky about where you live, or if you want a deal. You can generally have one or the other.
I wholesale A LOT of homes, but I recently purchased a new primary residence for myself, and I DIDN'T get a deal. But I'm still happy with my purchase.
So what are your goals? You want to make money? Buy a house you can live in a few years and then rent out? Find a "fixer" that you can get some forced equity in?
In response to your "p.s." I just listed one of my rehabs in Taylorsville two days ago. If you want to check it out I can save you some money. PM me if you want more info.
Hope that helps.
I am in a similar boat, @Matt Williams , but I have found what @Andy M. says to be true. It seems like to get a great deal you have to buy in certain areas of Salt Lake. I want a great deal on an owner occupant as well, but I have to convince my wife to live wherever we buy.
We've come to the conclusion that we are going to buy something (SFH or 2-4 unit) that will cash flow when we move so that we can hold onto it and rent it out and still have it remain an asset to us. We figure we are willing to live in a "less desirable" area for a couple of years before we move.
Thanks @Enoch Mills I have also been considering a 2-4. Let me know what you find out there. Happy investing!
if you need any help, let me know.
My advice to you for buying a primary residence is not to look for a good deal.
My advice to you is buy something you like, in a good location, with a floor plan you like with the features and amenities you want to have.
Because it is going to be your primary residence pay a fair price and get what you want.
I have seen numerous clients buy a house for their primary residence because it was a good deal. A lot of them end up selling the house in 2 years because they hate it and want to buy something they will like better. The problem is often these houses are hard to sell for the exact same reason it was a good deal, example: bad location, funky floor plan, near a busy road, etc.
For your primary residence focus on buying a house that you and your family will enjoy. If you get a good deal on it, great, if you get a fair deal that's fine too. you will have a house that fits your family, your lifestyle, and you will enjoy it for many years.
My advice is not to live in a "less desirable area" it will appreciate less and be harder to sell. Plus living in a neighborhood where your family is uncomfortable going for a walk at night time is no way to live.
Go ahead and get a buyer's agent. Their commission comes out of the seller's side of the deal so it won't really be any more out of your pocket and you'll have an advocate to help you through the decisions and negotiations. The seller's agent has a fiduciary duty to get his client the best deal possible; you want someone on your side as well. Meet with several, find someone who you're comfortable with and seems to have a good head on their shoulders. It's not rocket science, but it's not kindergarten either.
Yes you can find a good deal in a good area. I said a good deal not a steal, so it depends on what you mean by a good deal. I have to take exception with the poster that said use a buyers agent because the seller pays the commission. You can twist that anyway you want but the truth is the buyer always pays the commission. Yes the seller almost all of the time funds it but what does he use to fund it with, duh! the money he got from the buyer of course. Your not saving money using a buyers agent directly due to commission concerns unless they are rebating a portion of the commission to you but you are getting someone whose legal duties are to represent you and if they are good at negotiating with sellers they may get you a better deal than the average agent.
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