Hello BP world. I have been on here for a little bit now and never did a formal new member introduction. I love BP and the community.
My story is I recently married my beautiful wife and we are now excited to start our life in real estate investing. We want to start off with a house hack on a 2-4 plex. A 4 plex would be ideal. We have some friends and family that are successful real estate investors. Trying to get them in the BP community but haven’t yet. Anyhow we have been soaking everything from them, podcasts, books, and then meeting with lenders since that’s the phase we are in. That is coming to a conclusion as we have our financing pretty well squared away and we aren’t ready to start making offers with eager patience.
Any advice for those in this market that are currently making offers on and off market would be ever so appreciated.
I would really love to connect with anyone and everyone. I’m so grateful for the BP community and all the value they’ve added to my life. Can’t express that enough!
Hey Collin, I'm a new investor myself looking into the Utah's market and trying to get connected with the people over here as well, and am willing to share the contacts i do obtain and will obtain in the future. Hopefully we'll be able to help each other out one day. Best of luck
A house hacked is an awesome way to start. I didn't start with a house hacked but I did midway through building my portfolio. I hope you have much success!
Collin, welcome to BiggerPockets!
Some of the best advise I've heard is to take the emotion out of real estate. This can be hard at times. Just run the numbers and make offers based on your criteria that you're looking for. Don't stretch the numbers to try and make something work, especially when you're first starting out.
Also, another pointer that I thought was good was to anticipate one offer for every ten offers you submit to be accepted. In this hot of market in Utah it might be more than ten, but you get the point.
Work with agents that get what you're doing so you don't have to teach and reteach them what you're trying to do. It's a pretty simple concept but not all agents know how or are patient enough to work with investors.
Best of luck with your investing! Feel free to reach out to me if you ever have a question about Utah Valley market!
That great advice. Thanks. Definitely important to make sure your agent understands what you’re trying to do.
House hacking is a simple concept and pretty much anybody who puts in the effort can do it, but the process gets substantially more complicated when you’re living in a renovation project and have littles running around it.
The best advice I could give you (assuming youth is on your side, and your childless) is to do as much of your house hacks as possible before you start increase your family size.
Welcome! I'm excited to connect with other investors here in Utah. I think your plan is pretty solid. We all know that Utah's market is crazy, so I wish you the best of luck in finding a property that suits you and your wife.
Maybe we'll connect sometime in the future, but for now, good luck!
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