Salt Lake City, UT · Member since 2018 · 20 posts · 8 votes
Hi Bp-ers,
We are beginner in REI and are passionate about BRRRs and rental investing. We are interested in SLC and Utah county, have been actively looking on other off market sources to find good deals. We are looking for experienced investors in the area, GCs, attorney, title company, etc to exchange ideas and learn from. Really appreciate the community here where we only read all the posts and are already learning so much
Salt Lake City, UT · Member since 2018 · 20 posts · 8 votes
8y
@Kyle Pierce Definitely will sign up to be on your buyer list. How have your experiences in wholesaling and fixing business here? We are looking for SFH and small multi units so it's exactly what you're providing as well so hopefully can make something happen very soon!!
@Kyle Pierce Definitely will sign up to be on your buyer list. How have your experiences in wholesaling and fixing business here? We are looking for SFH and small multi units so it's exactly what you're providing as well so hopefully can make something happen very soon!!
My experience has been that Utah is a great place to be if you're an investor. The hard part is finding the deal but once you find it you won't have a hard time selling it on the backend. Utah is growing fast and housing is pretty short on supply, so if it's a well done rehab it won't be on the market for too long before you have offers coming in.
Investor · Vineyard, UT · Member since 2017 · 18 posts · 2 votes
8y
@Kyle Pierce, Thanks for the website link. I've signed up for your email list as well. Utah county is where I've mainly been looking and while it is competitive I think there are deals that can be found.
Investor · Salt Lake City, UT · Member since 2016 · 89 posts · 41 votes
8y
Hey @Preston Lam thanks for checking in. If you ever get time to come out to the Salt Lake REIA (SLREIA) or Utah REIA come on out they both have monthly meetings as well as lunches and other things happening. I have met some great people through it with like minded ideals. Hope to meet you out there sometime.
@Preston Lam welcome man. I’m actually doing a BRRRR as we speak on a 2-unit property. Wouldn’t have known what to do had it not been for BP!
Wonderful man! This is a great support community and a well of knowledge for sure! If you don’t mind love to be fed on details about your deal so we can learn from and get motivated!
@Kyle Pierce Definitely will sign up to be on your buyer list. How have your experiences in wholesaling and fixing business here? We are looking for SFH and small multi units so it's exactly what you're providing as well so hopefully can make something happen very soon!!
My experience has been that Utah is a great place to be if you're an investor. The hard part is finding the deal but once you find it you won't have a hard time selling it on the backend. Utah is growing fast and housing is pretty short on supply, so if it's a well done rehab it won't be on the market for too long before you have offers coming in.
Been on this market for a bit I totally agree. The hardest part is to find deal and I kinda realize its the best market for fix and flip right now given the crazy rising price. However, for starters like us, fix and flip sound like a little bit scary given all the uncertainty and the involvement. Whats your opinion on the rental strategy in Utah? Doesnt seem like rental is keeping up with the rising price and all the 2% rule, 50% rule dont seem to apply here..,
Hey @Preston Lam thanks for checking in. If you ever get time to come out to the Salt Lake REIA (SLREIA) or Utah REIA come on out they both have monthly meetings as well as lunches and other things happening. I have met some great people through it with like minded ideals. Hope to meet you out there sometime.
Yes we went to a few events at both Utah and SLREA but were quite busy the past months to get back. There are definitely good investors to connect at those events. Hope to see you soon!
Rental Property Investor · Richland, WA · Member since 2017 · 50 posts · 11 votes
8y
@Preston Lam absolutely! I bought an H House where I live and it was a foreclosure. Got it for $126,000 and it had a mother in law suite added onto it. The HVAC, Electrical and Box, and Roofing are all fairly new being updated within the last 5 years, so the big ticket items were covered. It is a unit that was full of dogs and cats, so you can imagine what kind of shape both units were in. I am using the BRRRR strategy (Buy,Rehab, Rent, Refinance, Repeat) and will live in the small unit, the mother in law, and rent out the larger unit. I will be House Hacking this property and rents for a 3 Bed 1Bath in a mile radius of this place are averaging $1250, but going as high as $1450. With the money spent on rehabbing I will be at $136,000 total invested. I will ask for $1300-$1350. This is close to the 1% rule so I will be living for free with decent cash flow. The BRRRR Strategy and House Hacking come compliments of Brandon Turner and BiggerPockets. Hope this helps and let me know if you have any more questions.
@Preston Lam absolutely! I bought an H House where I live and it was a foreclosure. Got it for $126,000 and it had a mother in law suite added onto it. The HVAC, Electrical and Box, and Roofing are all fairly new being updated within the last 5 years, so the big ticket items were covered. It is a unit that was full of dogs and cats, so you can imagine what kind of shape both units were in. I am using the BRRRR strategy (Buy,Rehab, Rent, Refinance, Repeat) and will live in the small unit, the mother in law, and rent out the larger unit. I will be House Hacking this property and rents for a 3 Bed 1Bath in a mile radius of this place are averaging $1250, but going as high as $1450. With the money spent on rehabbing I will be at $136,000 total invested. I will ask for $1300-$1350. This is close to the 1% rule so I will be living for free with decent cash flow. The BRRRR Strategy and House Hacking come compliments of Brandon Turner and BiggerPockets. Hope this helps and let me know if you have any more questions.
Looks great man! Living for free with additional cash flow and close to 1% rule seem so ideal, hard to beat Comparing with Utah. And yeah we like the BRRRR approach as well after listening to Brandon's podcast. So many relevant and helpful education. Good luck man and keep us posted!