New investor. Salt Lake City, Utah. Focused on Small Multi-Family

21 Replies

Hey everyone, I wanted to officially introduce myself to the BP forums. I've been living in Utah, primarily Salt Lake and Utah county for my entire life. I'm recently married and just started a job in downtown Salt Lake City after graduating from the University of Utah a few months back. My wife will be starting a job at a hospital in the area sometime soon as well. 

Our goal is to become financially independent in 5-7 years through real estate investing so we can spend more time with our future kids and travel more. We've been to a few places like Oregon, Washington, and Puerto Vallarta within the past year and we've loved it. Truly jealous of those living in Oregon especially ;)

I've been listening to podcasts and reading books on real estate for the past year or so to try and educate myself as much as possible. My cousin who is an active investor in the area has helped me along the way and has been a mentor for me as well. 

My wife and I are in the market for a duplex to a fourplex in Salt Lake county and Utah county to house hack. Small multi family rentals is what we will be targeting for the beginning of our investing career. 

I've browsed the forums here and there and every time I jump on, I'm amazed at the amount of value a lot of people give and I wanted to be apart of that. I feel like there is a brother/sister hood in the real estate investing community that I'm a big fan of and hope to be able to contribute anyway I can.

If you guys have any tips or words of advice, specifically those familiar with Salt Lake and Utah county, it would be much appreciated! Hope to connect with a lot of you, and thanks for taking the time to read this mini novel. 

Also, I can't offer much yet, but I know a couple of awesome agents and a mortgage broker here in the area, so if you're in the market please reach out and I'll give you a referral. 

Welcome Preston.  I'm in the Seattle area, but have lived in Utah and have relatives in Salt Lake.  I haven't invested there, but seems like prices are much more affordable than here.  The main advice I have is to jump in and not wait till you know everything, or till a "perfect opportunity" comes your way!

@Preston Seo I think one thing you are going to run into is that the rent to value ratios in silicone slopes isint going to work as being a passive invest. Much like when I was investing in seattle or any other primary market like San Francisco.

If you are going to do the house hack thing or small mfh. Do it now while you are young cause it’s sorta lame way of living.

Hey Preston, nice introduction and welcome to real estate. It is a great thing to get involved in!

I am doing some investing in Salt lake County as well, and have "house hacked" my last 3 homes which has allowed me to grow and continue picking up properties. If you can find a good deal, 2-4 units is definitely the way to go! Or, you might also consider finding something with a mother-in-law as well - that is what I have done, and it's worked out great.

Good luck in your search and stay connected. Feel free to reach out if you have any specific questions.

Hey Preston,

Welcome to the multi family family! If you get a chance take a look at the Spokane market, doing very well! Vacancy rate is extremely low and you can get much more for less in this area. If interested shoot me a message. I also have a great lender you could work with.

Thank you

@Preston Seo   Welcome to BP. That seems like a great plan. The multi family market here is very competitive also. I just submitted an offer for a client that was over ask and we got beat. There are some good buys out there. You just need to look. 

Preston, welcome to BiggerPockets!

You have a great goal to become financially independent from real estate, very doable. But just make sure to 10x your efforts as Grant Cardone would say to make sure you're not disappointed with your outcome.

If you haven't already have some local agents start sending you e-alerts with the property criteria that you're looking for so you can start analyzing deals. 


Originally posted by @Cody Steck :

Hey Preston, nice introduction and welcome to real estate. It is a great thing to get involved in!

I am doing some investing in Salt lake County as well, and have "house hacked" my last 3 homes which has allowed me to grow and continue picking up properties. If you can find a good deal, 2-4 units is definitely the way to go! Or, you might also consider finding something with a mother-in-law as well - that is what I have done, and it's worked out great.

Good luck in your search and stay connected. Feel free to reach out if you have any specific questions.

I appreciate the feedback and the advice. The market is hot right now from what I can tell but I know there are still deals out there. I appreciate the reply and let’s definitely keep in touch.  

Originally posted by @Matt Sumsion :

Preston, welcome to BiggerPockets!

You have a great goal to become financially independent from real estate, very doable. But just make sure to 10x your efforts as Grant Cardone would say to make sure you're not disappointed with your outcome.

If you haven't already have some local agents start sending you e-alerts with the property criteria that you're looking for so you can start analyzing deals. 

 I appreciate the welcome message, I’m excited to get acquainted in the community. Thanks for reaching out Matt. 

Originally posted by @Eric Gardiner :

@Preston Seo  Welcome to BP. That seems like a great plan. The multi family market here is very competitive also. I just submitted an offer for a client that was over ask and we got beat. There are some good buys out there. You just need to look. 

 Thanks for the comment, Eric. Yeah the market is nuts right now and I’m just trying to learn and find those deals the best I can. Looking forward to staying connected! 

Originally posted by @Tyler Barranger :

Hey Preston,

Welcome to the multi family family! If you get a chance take a look at the Spokane market, doing very well! Vacancy rate is extremely low and you can get much more for less in this area. If interested shoot me a message. I also have a great lender you could work with.

Thank you

 Hey Tyler, thanks for reaching out. I really like the Washington area so I might have to shoot you a message sometime. I appreciate the response! 

Originally posted by @Jared Boundy :

Welcome Preston.  I'm in the Seattle area, but have lived in Utah and have relatives in Salt Lake.  I haven't invested there, but seems like prices are much more affordable than here.  The main advice I have is to jump in and not wait till you know everything, or till a "perfect opportunity" comes your way!

 Thanks Jared. I’m the opposite of you, I have family in Seattle and live here in Utah now. That’s great advice, analysis paralysis is real and I’m trying my best to avoid that. Thanks for reaching out!

Originally posted by @Lane Kawaoka :

Preston Seo I think one thing you are going to run into is that the rent to value ratios in silicone slopes isint going to work as being a passive invest. Much like when I was investing in seattle or any other primary market like San Francisco.

If you are going to do the house hack thing or small mfh. Do it now while you are young cause it’s sorta lame way of living.

 Thanks for the advice Lane! I do agree House hacking will definitely be easier now than later when I have little kids running around. 

You’re story sounds pretty close to mine. That’s awesome. My wife and I are looking for a 2-4 plex to house hack. Primarily a four-plex. It’s definitely a hot market but I do believe there are plenty of deals to be had. Just based on real estate conversations I’ve had with just people in general, I think there are a lot of unhappy landlords so pursuing something off market through direct mail, or cold calling may be worth your time. That’s what I’m going to do. We just got funding squared away so we are going to try some of those off market styles and see how it goes. We should keep in touch.

Yay Utah! There are certain areas growing faster than others here in the valley so I would look to buy a MFH in more of the outskirts where you can see Development growing into instead of sticking with central SLC where there is more competition driving up prices. 

-Tyler G

Originally posted by @Collin Baumann :

You’re story sounds pretty close to mine. That’s awesome. My wife and I are looking for a 2-4 plex to house hack. Primarily a four-plex. It’s definitely a hot market but I do believe there are plenty of deals to be had. Just based on real estate conversations I’ve had with just people in general, I think there are a lot of unhappy landlords so pursuing something off market through direct mail, or cold calling may be worth your time. That’s what I’m going to do. We just got funding squared away so we are going to try some of those off market styles and see how it goes. We should keep in touch.

 That’s awesome man! I agree with what you said, I’m almost done with my funding as well. Definitely let’s keep in touch, Let me know how your search goes! 

Hey Preston - Welcome! Nice summary of your story and background. We are in similar situation as well. We got a townhome in Provo several yrs ago and are looking to buy duplex or home with MIL in these counties also. It has been challenging as it is definitely a very hot area. Stay in touch!

Hi Preston, welcome to SLC - my wife and I just moved here a little while back and the market seems to be pretty hot!  We bought a duplex in the hot 9th and 9th area and it's been a fantastic investment thus far, even with some of the lovely perks of an older home.  I would be really intentional about location, because it seems like even a few blocks' difference can change the structure of the deal.  We were super blessed to get this deal and we're commanding premium rent due to the high-end nature of it.  I would recommend a realtor because a lot of homes are non-legal duplexes or have a MIL suite which can be house-hacked.  That's what we are doing.  Oh and shout out to @Cody Steck for being our realtor on this deal!  He went above and beyond and video taped every house we looked at while were out of the country!  Good luck and feel free to shoot me a note if you'd like to chat!  Tim

welcome...

I do not know SLC that deeply, just one short visit last year, but seems like a good place to invest.  

, my grandfather migrated from Croatia at 18 and went right into mining off the boat of NY, and bought his first and only home in Midvale utah, raised 4 kids there, and was a miner in Salt Lake area until he died..

my father graduated from Jordan H.S., beetdiggers, played basketball, went to Kansas U, and went on to be Director of Public Affairs for the National Park Service; Interior, in DC.....we love our parks...

i want to know it better and invest there..its another world to me, as my whole life has been east coast.

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