Multifamily Rentals in Utah

12 Replies

My wife and I have saved up a down payment and are moving to Utah soon so we've really stepped up our search. We currently manage a 30 unit apartment complex in San Francisco so we feel like we'd like to start with a house hack of a duplex or triplex when we move to Utah. Are people finding multifamily rental deals in Utah? What is the best way to find those types of deals? I've been scouring the MLS and KSL and am having a hard time finding anything that cash flows more than $100. Any feedback would be really appreciated. Thanks!

Hi @Matthew Miles

Where in Utah are you looking specifically? I'm sure there are deals nearby where ever you are moving. As you have been doing, keep an eye out on the MLS and 3rd party sites (such as realtor.com). I would also recommend using Zillow to search for a stellar agent that services the area you are looking to invest. Reach out and build a relationship with them so they can keep you in the know about properties as they come up.

For the cash flow front, it can be tricky to find deals that cash flow very well right now, depending upon your specific market.  Some investors are using direct to owner marketing strategies in order to get off market deals.  You can do this by:

  • Driving for Dollars
  • Direct Mail
  • Cold Calling

Hope that helps!  Let me know if you have any other questions

Hi @Chase Louderback , thanks for the quick response! 

We're pretty open to anywhere in Salt Lake and Utah Counties, but we'd prefer to be east of the freeway in Utah County. We've got some connections with realtors in Utah, but we're still looking for one that has a track record with working with investors. 

Thanks for the suggestions on how to find off market deals. I'm starting to realize that those strategies might be our best bet. 

Thanks again!

Absolutely! I have a couple of different posts for sourcing off market opportunities if you'd like to check them out.  Salt Lake is a tight market from what I have heard so you may just have to be persistent and ready to move when a deal comes along.

@Matthew Miles it is very competitive currently and every month or so when I look hard it has gotten worse haha. Rents have not kept up with prices though rents have bumped up a bit. I suppose a house hack always makes sense but if you are going to buy soon you may need to adjust your expectations to the reality of todays market.

@Matthew Miles have you considered reaching out to a commercial broker out there?

You can search listing sites such as realtor.com or Zillow but honestly any deals are going to be found by brokers actively reaching out to multi family owners. they likely have clients who’s numbers don’t fit with what’s on the market (ie. priced to high, different business model, etc)

I watch the market closely and most multifamily don’t cashflow very well but I do see them. In fact I am under contract on a 4 plex in millcreek that will be a home run once we finish with it. You have to able to move quickly as the good ones go fast! 

You might also want to consider a single family with mother in law that you can legally rent out when it’s owner occupied in most cities in salt lake county. They tend to have better cashflow. 

Have you tried looking at commercial listing sites like Loopnet and CREXi?  Might be a bit of a stretch financially but maybe a 5+ unit to "house hack" would be easier to find.  You might also reach out to a commercial broker, a lot of times they'll have pocket listings and the only way you'll ever know is by picking up the phone...maybe dial a few randomly that you find on Loopnet.

Hey Matthew! I've lived here 36 years and I gotta say, you're coming to an awesome place! 

There are lots of great apartments here and more going up all over the place. I'm still learning how to find all the good deals but I'm also making a lot of new connections at local real estate events I attend. 

I'd be happy to talk with you if I can be of assistance in any way. Have an awesome day buddy!

Originally posted by @Matthew Miles :

My wife and I have saved up a down payment and are moving to Utah soon so we've really stepped up our search. We currently manage a 30 unit apartment complex in San Francisco so we feel like we'd like to start with a house hack of a duplex or triplex when we move to Utah. Are people finding multifamily rental deals in Utah? What is the best way to find those types of deals? I've been scouring the MLS and KSL and am having a hard time finding anything that cash flows more than $100. Any feedback would be really appreciated. Thanks!

Matthew,

There are some around, the Cash Flow is hit or miss you certainly want to be able to move fast as already mentioned.

Have you been qualified, and do you need to sell or get out of a lease that you are currently in?

What is your time frame for purchasing and moving?

I can help you get lined up with investor friendly agents and escrow.

PM if you'd like to talk.

~Ryan

@Charles Soper  I've thought about it but those might be too much for us right now. I'll keep it in mind though. 

@Chris Forbush  thanks for the warm welcome! I'll reach out directly soon. 

@Ryan Naylor we got pre-qualified this week and we are not tied down to anything. We're hoping to move in July but we've got a place to stay until we find the right property. I've been talking to a few investor friendly agents but I'm always up for making more connections! 

Thanks guys! 

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here