Clearfield, UT · Member since 2014 · 4 posts · 1 vote
Hello Everyone! My name is Justin Norman. I am an investor in Northern Utah, specifically in Davis County. I currently have two Townhomes in Clearfield that I have been renting for 3 years now. These homes have been a great investment and I am wanting to get more aggressive about finding more deals. However, the market is much different now than it was 3 years ago. It has been much harder finding deals in my area. However, I know there are many around me who are having success finding these deals. Any advice would be greatly appreciated. Thanks!
Justin, welcome to the BiggerPockets community! I'm not from Utah but I will agree that the competition is more fierce in the market right now. I would try just creating leads outside of the norm (away from the MLS). Such as finding non-owner occupied properties and sending letters out to them. Even if it doesn't get you a deal immediately, when the market turns south and the owners need to sell properties, your name will be the first one they remember. As long as your in the position to capitalize, this can be the striking point.
I'm personally wary of the current market. I'm from a smaller market in MD and the competition is getting larger than it should be. Investors are flooding into every market, due to the easy access to capital and free cash that many have. The market is strong right now but it is a cyclical game.
@Benjamin Seibert Thank you for the welcome! I look forward to spending more time on these forums. I feel like it is a great place to learn different strategies.
I appreciate your suggestion on sending letters to non-owner occupied properties. I like the idea of preparing myself in the best way for when the market takes a downturn. When you have done this in the past do you explore the rental listings in your areas and find contacts that way?
@Justin Norman Yea, you can do it that way. I occasionally have free time at work and use google maps to "drive" around the particular areas I'm interested in and find potential properties there. Then. my county has a website that has the deed and contact information for the owner of the property. To save yourself from taking the time to do this , you could always just purchase lists of non-owner occupied houses in your area using a website like listsource.
Thank you for the information @Dmitriy Fomichenko. I am having a blast drinking from the firehouse of real estate investing podcasts, books, and anything I can get my hands on!
@Justin Norman hello and welcome to BiggerPockets! Great to have you here!
First, utilize all the free resources on here to gain valuable knowledge from experienced real estate investors. Listen to the podcasts. Read the blogs and articles. Take notes.
Second, network with other investors on here. You're already off to a great start. Keep the momentum going. The experienced investors on here will make sure that your deal is done right.
Finally, consider joining your local real estate investor's club. It is there you can "rub elbows" with investors in your area who are actually "out in the field" doing real estate deals.
Happy to help in any way I can. Feel free to PM me at your convenience. You are not alone in your real estate ambition.
Congratulations once again and I wish you the best in your real estate investment career.