Rental Property Investor · St. George, UT · Member since 2019 · 10 posts · 1 vote
I am looking to make my first purchase in St. George or Cedar City area. I am hungry to make a move on a property and am willing to put in sweat equity. I have a couple of houses that I am very interested in buy and holding but I am worried I may not have the means to get approved for a loan. If anyone can give me advice or maybe we can meet up and talk about properties and possibly work out a deal I am more than willing.
Hey Kaden there is always a deal to be had, no matter the market cycle. I also live in Saint George and can see what is going on down here. Let’s meet up sometime, I might be able to link you up with what you are looking for as far as property, and cash. How do you want to get in Touch?
As you are local you should have witnessed what the market has done in the last 10-18 months, and longer. 18 months ago a 3/2 Townhome in the price range of $160-170k is now easily some $190k+. New builds - if you can buy one to begin with - will be some $220k+. SFH will obviously be much more expensive.
As a given, anything older, especially requiring some sweat equity, will be cheaper. However, competition is fierce, and those properties will go to all-cash buyers as they can close quickly.
I'm saying this as you said that you are worried about getting financing. This is of course a must to have. No point in trying to get into the game without having the ability to get financing! Get this sorted first.
St. George is growing very fast. Great place to invest. But I'm not at all convinced that it's the right time and place for someone starting fresh. Hurricane and Cedar City will be cheaper, but then again so will be rent, with a less diverse (and possibly desirable) tenant pool. In addition, that would be borderline long distant landlording. Not the best thing to do if starting from 0.
In all good honesty, I would see that I get (real!) financing (ability) sorted first by having a good local lender be willing to work with you guys. Maybe in combination with financially strong partners co-signing (parents?). Then talk to a reputable local real estate agent to see what's available within your means. And then see whether that would be a suitable investment. Which, in most likely 90% of all cases, will not be the case...
Why? You're trying to get into the game at a late point. It's like investing in the stock market at its peak. Stupid, but way too many people do so! Not saying you shouldn't start, but be smart about it. Showing that you got basic smarts is that you posted here! Kudos for that.
Hey Kaden there is always a deal to be had, no matter the market cycle. I also live in Saint George and can see what is going on down here. Let’s meet up sometime, I might be able to link you up with what you are looking for as far as property, and cash. How do you want to get in Touch?
@Matt Gonzalez and Kaden, I also live in st George and would love to get in on some local networking. Please keep me in the loop. I’d love to meet up with you both sometime.
I just recently moved to the St. George area and have been looking to get to know other investors in the area. I would love to meet up and discuss the market, what strategies have worked, and how we can build value into each others' portfolios. Let me know if any of you are interested!
Kaden Its been over a year since you posted this but wanted to reach out to see if you had any luck finding and closing any deals? Sounds like we are both in the same boat. I’m always looking for a rental property. LMK
I know this is an old thread, been searching for St G threads
Do any of you know of local meet ups, haven't seen anything. Have any of you had successes in investing here? We have our own home that's appreciated like crazy that we're using the equity to invest but don't have enough DTR/down to do here but would like to find a way. After listening to one of the more recent podcasts on co-living I think if you could find an place without an HOA and still somewhere in the reasonable range that you might be able to get some long term rentals working in the area. Just curious if anyone has done anything here?