New Investor in Salt Lake City, Utah

[Anders Skagerberg]

I am just starting out in the world of real estate and looking for a small multi-family property (2,3,4 unit) in SLC. The prices and environment here feel crazy but I have nothing to compare it to as I am fresh into the real estate world. Does it make sense to wait for a correction/recession and just keep stacking up cash? Or do I just buy and hold for appreciation. It feels like the margins are too tight to make sense of buying something, everything would have to go perfect for me to break even every month.

For example: Duplexes are going for $300-500k and renting for a total of $1600-3000/mo. Cap rates are like 4.3-4.8. 

Anyways, glad to have found Bigger Pockets and I have been soaking up as much information as possible.

I guess my question is this: What advice would you give to a new investor given the current position in the economic cycle?

[Jackson Pontsler]

Plan and prepare as if you are going to buy one this year.  Get a good agent, talk with some wholesalers, overall be proactive.  You may not purchase one this year but if something does pop up this year or next year you will have positioned yourself with your finances, knowledge, and experience to recognize and capitalize on a good deal.  BTW welcome to the group.  Feel free to reach out as these forums are always willing to answer your questions.