Utah investors... I'm back! Now, how do I find a 4-plex here?

Utah investors... I'm back! Now, how do I find a 4-plex here?

St. George, UT · Member since 2017 · 20 posts · 8 votes
Hey Utahns! I just moved back home to Utah after playing music in Nashville for 7 years. Chasing my music dream to Tennessee forced me to become a landlord, and during my first few years in Music City, I was able to acquire a handful of single-family rentals between TN & UT. But then the music career got serious and I was full-time, playing 100's of shows each year and managing some exciting YouTube success. But after going full-speed in entertainment for almost 4 years, the music died (my last Nashville show) on New Year's Eve (2016). So this year, I've been trying to get my real estate going again. After reading lots of new books, listening to a million podcasts, and then applying for HELOC's and Refi's through multiple lenders, I was turned down by everyone. I've been pretty dang discouraged since the start of 2017. But I just found a fantastic mortgage broker in Utah that just approved me for $300,000 (off income from my rentals)!!! So stoked! I really really want to get into multi-family, but this market is rough. Do any of you guys do multi out here? I'm dying for a 4-plex, but is there anything in the state that's still affordable ($300k), and that actually cash flows with conservative estimates? Times have changed since my last investment, and Utah is way different than Tennessee. But man, it's just sooooooo good to be home!!
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Flipper/Rehabber · St. George, UT · Member since 2010 · 212 posts · 114 votes
9y

With that said... if you are very active looking for deals, marketing, networking, and patient you will find what you're looking for.  Maybe next week, maybe next year.  Deals are created, they are not found (like the old days).  ANY area you go you will find deals, some are just harder than other areas. 

I love Southern Utah market, but deals are very hard to create and nothing is found these days.   The retail value of rentals makes it much easier to flip and "cash out" and buy 3 rentals in another market, if you choose. 

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  • Investor · Sydney, Australia · Member since 2017 · 17 posts · 10 votes
    9y

    Let me know how you go.  I'm trying to shift gears into MF as well.  Although, my circumstances are a little bit different. 

  • Investor · Woodland Hills, UT · Member since 2016 · 84 posts · 31 votes
    9y

    @Jim Huish It depends on where you want to buy. I am in Utah County and you can buy a SFR for $300k. I see multifamilies but they don't make sense for me and my goals at the moment.

    I have not looked up in Ogden or in southern utah but my guess is you will have to go to one of those sub markets. Make sure it is an area where you are really familiar

  • St. George, UT · Member since 2017 · 20 posts · 8 votes
    9y

    Thanks for the response, @Nik Krohn  I'm in St. George, so I've been searching southern Utah and some other spots in the state.  I actually bought my first house in Saratoga springs.  Still own it.  

  • Investor · Collinston, UT · Member since 2015 · 53 posts · 28 votes
    9y

    Where your in St. George @Jim Huish ever took a look at foreclosures in Las Vegas? I saw some 4 plex there... needed some serious  rehab but they were low price... just a thought.

  • Flipper/Rehabber · St. George, UT · Member since 2010 · 212 posts · 114 votes
    9y

    Hey @Jim Huish it is going to be tough here in Southern Utah, very tough.   I don't want to be a "Debbie Downer" but $300k in SU is not going to happen right now (unless you find a C- or D property on the outskirts of St George).  

    I would set up shop back in TN for buy and holds (or another mid-west state)... make money there and live here.  You just need a small team on the ground.  The cash flow and opportunities are much better for cash flow, although appreciation is much less.  If you want cash flow on smaller properties... Utah is not the place to invest for cash flow under "correct principles" (1% rule +).  

  • Flipper/Rehabber · St. George, UT · Member since 2010 · 212 posts · 114 votes
    9y

    With that said... if you are very active looking for deals, marketing, networking, and patient you will find what you're looking for.  Maybe next week, maybe next year.  Deals are created, they are not found (like the old days).  ANY area you go you will find deals, some are just harder than other areas. 

    I love Southern Utah market, but deals are very hard to create and nothing is found these days.   The retail value of rentals makes it much easier to flip and "cash out" and buy 3 rentals in another market, if you choose. 

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