My wife and I are currently walking through investment properties in Ogden, Utah for our first rental property. We are looking forward to learning from the community.
Hello @Will Harnish , welcome to BiggerPockets! Definitely start jumping into the community here and feel free to ask any questions related to Real Estate investing!
@Will Harnish Contratulations on getting started.
How are you finding the properties? Have you thought of doing a mail campaign to find off-market leads?
A good target for your area would be Seniors with Low Financial Stability Scores (FSS). There are about 2400 in Weber County UT
- Seniors age 60-89
- 15+ year ownership
- single family homes
- home value up to $300,000
- Low FSS scores - economic stability
@Chrissy Arnold I have a realtor sending properties. He has rental properties himself, so he has had some good advice as we have walked through some properties.
My advice would be to have all your financial ducks in a row and wait for the right property to come up. After you've seen enough properties to understand how condition affects price, you should have a good enough sense of the market to make offers before even getting to the property. In this market, particularly in tenant occupied units, if you wait to see them it will be too late.
If you're shopping in Ogden, you will also need to be a bit handy with deferred maintenance (or know someone who is) because the vast majority these properties will have some issues.
@William Hochstedler Sounds like fantastic advice. The units we have seen certainly fit the bill in having "some issues". Fortunately, I grew up in the house of a handyman, so I've got a pretty good foundation on routine repairs and cosmetic upgrades.
Now the financing is going to be the kicker. We are learning to get creative, so hopefully this row will have some ducks nicely aligned before too long.
Welcome to the group Will. It is imperative because of how hot some areas of Utah are to get your financials in order. Some realtors will demand proof of funds upon submission of your offer. In some areas there can be a bidding war, and in other it would be to waive financial and inspection contigency. Depending on your skill and confidence level act accordingly. For me (I hire out GC to do flips) its more like fishing for when something on or off market comes my way where I can see the hidden value i can add.
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