Newbie from Lehi, Utah

7 Replies

Hi everyone,

Grant here born, raised, and living in Utah. I have no background in real estate but am interested in learning and investing. I have a full-time job that I enjoy at a tech company and plan to continue working for the next few years. While working, I will connect with and learn from successful mentors and invest part-time. 

I'm still reading and trying to outline an investment strategy, but I'm anxious to get started. 

My goals (though somewhat ignorant at this point) are as follows:

  1. Short Term: Buy a single-family home and convert it to student housing by end of 2016. Continue to learn and hone in on a specific investment strategy that I feel comfortable with. 
  2. Mid Term: Do 10+ deals using my focused strategy (e.g. buy and hold single- multi-family homes, flip single-family homes, wholesale, etc.) over the next 1-5 years and generate cash flow. 
  3. Long Term: Buy vacation rentals to facilitate family travel. First one in St. George by 2020, then go from there to find vacation destinations that my wife and I are interested in and find good properties nearby. We love to travel but don't get to do it much.

I'm excited to learn from the many who have been successful at real estate investing and hope to achieve similar success. 

-G

Welcome! You have some great goals! I always suggest people to listen to the podcasts on here. They are very informative. In these podcasts, they interview people who are active and successful in real estate and want to share some knowledge and advice. It sounds like you are interested in some student housing. I listened to a podcast the other day about a guy who found his niche in student housing and has become very successful from it. That podcast is number 140. Go ahead and listen to that one and any others that stand out to you. Feel free to ask me questions and contact me at anytime, Grant. I wish you the best of luck!

Promotion
PropStream
Web + D4D Mobile App for you & the team!
Trusted Provider of Real Estate Data, Marketing, Skip Tracing & A
#1 Real Estate Software for Investors, Agents & Brokers to find leads and close deals nationwide.
7 Day Free Trial!

Hi Grant,

For your short term strategy, I'd suggest your 1st purchase be a student rental that's already renting to students vs converting a house to a student rental.  Student Rentals is a unique business and with no student rental experience, it's going to be very hard for you to determine how to convert it the most effectively and to be completely honest, reading even 1,000 books won't help you.  You need to get your feet wet first to understand the ins and outs....or partner with someone that has student rental experience or get a mentor.    There are a lot of 10 - 20 year old strategies that people still use today that are no where as profitable as newer strategies, so you'll be throwing away money on items that are not relevant....that being said, there is money to be made with properly converting student rentals, so you're on the right track.... just don't want you to get ahead of yourself.

@Grant Hibbert

Welcome, I wrote an article on student housing email me for a copy.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

Paul

  Welcome to Bigger Pockets @Grant Hibbert .  Just having some goals in place and making them known puts you ahead of alot of people that never take that step.  I like the idea for your first investment.  Since a lot of the students move home for summer or only live in one place for a short time, renting to recent graduates in the area is another good idea and has worked out well for one of my friends in Orem.  He cash flows over $1,000/month on his first purchase by renting each room out to a single guy.   @Zack Adams , let me know if you guys ever decide to do lunch.  I'm always up for bouncing ideas around and meeting new people here in the Lehi area.  

@Grant Hibbert   you have to be careful converting a single family home into student housing. The biggest thing being Provo will only allow two unrelated people per home or 3 if the homeowner lives there in most of the city. There are exceptions in some areas and condo communities. You'll need to do a lot of research to make sure your buying in the right areas or you might have that one nosy neighbor turn you in.  I'm curious why did you choose student housing as the strategy of choice?

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you