Hi there! I recently moved to Park City and would love to build connections with other real estate investors in the area.
Seems like rents are extremely cheap in SLC. How does anyone get cashflow out of anything? Seems tough. Vacation rentals seems more feasible, but the purchase price is pretty prohibitive in most cases up in PC. Out near the junction might have potential as there are some cheaper places...
How are you guys investing? Do you invest locally, or are you looking to other markets for better cashflow?
Hi @Amy Van Ollefen Investing can be done from anywhere in the world. Just choose the area of investing you think you'er more comfortable with. Plus get you an website setup so you can capture those leads who you will be marketing to when seeking properties.
@Antonio Coleman from anywhere sure, but I'm wondering if people are having success investing locally or are looking to other markets.
I have 2 condos. I rent one out and I fixed another one up with the plans to rent it out when we move to our next place. I do well enough to make it worth it and I plan on buying more condos in the complex.
Im a real estate agent and I have another agent I work with that owns 25 places all in the salt lake area. It's definitely pozsslibe here.
@Quintin Mortensen Good to know. Sounds like you just have to find the right deal in the right place. Would definitely be looking for a good real estate agent to help out once I am ready to buy, still working on that! But I would love to learn as much as I can in the meantime.
Have you been to any real estate meetups in the area? Was thinking about checking out some of those.
I like the phrase that Josh Dorkin uses that within a 50 mile radius you can find a good deal. I am sure there great many deals around, it just depend on what you're looking for. If you live in Park City then vacation deals are the talk of the town, if you leave in other areas like Utah County then i think you can make a good deal SFH......etc, to me a good deal is anything that would give a cash on cash return profit of at least 20%
if your looking for cash flow, ogden has been popular.
Where have you come from that rents seem so cheap in SLC?
Welcome to BP and Utah.
@Jack Aduwo Yeah, probably true, you just may have to look harder, or employ different strategies, but you can probably find something if you look hard enough and are patient enough.
@Mike Gallagher Good to know, I may check it out!
@William Hochstedler I've been living in several resort towns lately so clearly that's going to be expensive, but when I was renting in the suburbs of Chicago, (which I have lived most of my life) the cost of living in SLC is much lower. I also lived in LA briefly. so I suppose I've just lived in some expensive places, but SLC is cheap to me at least!
Hi @Mike Gallagher what is the cash on cash return on a buy and hold in Ogden area. How do you compare it to Utah County area ie Lehi or Eagle Mountain incase you have done something in Utah county. Have you done anything in Trenton area?
Double digit CoC returns are available in Ogden.
I assume you meant Tremonton? Not a whole lot going on in Trenton ;)
@William Hochstedler thanks William for the update, i need to take a closer look at Ogden area. Do you have any info on the going cap rate for commercial MFH in the Ogden area. Thanks
I have recently moved to the Park City area from Texas. Have you caught any good deals since this forum started in March?
Welcome to BP and to Utah. I have been living in (and investing in) Utah for almost 11 years now. I moved here from Maui and I grew up in San Diego. EVERYTHING seemed cheaper in Utah when I first got here! - Houses, food, gas, building materials. It was great, but I had to learn a lot before really understanding the different markets. I almost bought a 5-plex in Rose Park (a not-so-nice area of SLC) for under 200K but several investor friends talked some sense into me. They said I would be dead before I collected first month's rent!
I gravitated toward the Park City market because it reminded me of San Diego and Hawaii. It was resort-centered and seasonal, and also a little more pricey. Most buyers up there really appreciate turn-key, and as a rehabber, you can make some nice money finding and fixing those diamonds in the rough. I flipped about 10 properties up there and made some decent money on most of them.
I have since found some great niches down in the valley along the Wasatch front. I sold my last PC property about 14 months ago and now I go to Park City to cool off in the summer and snowboard in winter. Now I buy and sell land, wholesale a bit and manage a few rentals. I still do some flips (like this one) but I try not to work too hard these days!
The real estate clubs here are really great. Google "SLREIA" and "Utah REIA." There are lots of great people to network with, trade deals with and share ideas with. The lunch meetings are the most productive for me.
Have fun and maybe we'll see you around!
The best way to find deals, get to know different locations, and make contacts, is definitely through the REIA and their luncheons. There are probably 10-12 opportunities every month to learn or network. SLREIA, UVREIA, Utah REIA, Wasatch REIA, Northern Utah REIA. There are also more formal, paid, educational opportunities around town. Salt Lake's luncheon is this friday at the Denny's on 5th south. Check out their website
I appriciate all the information @Douglas Larson and Jeffrey Breglio I actually contacted your office today. Looking forward to talking to you on Monday
Are you looking to use a realtor in Park City or primarily looking for investors to connect with? I would speak with Craig or Delia Reese, the have been in Park City since the 70's. Their website is www.deervalleyspecialist.com
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