Investor · Salt Lake City, UT · Member since 2016 · 287 posts · 270 votes
I would like to start implementing this strategy in Salt Lake County. I've been driving for dollars near the downtown area as that's close to my work. I've found a few vacant properties and am in the process of researching them and will then reach out to the owners.
I'm wondering if anyone else around here (Salt Lake, Davis, Weber, Utah counties, or any of the surrounding areas) is doing the BRRRR method? Are you finding good properties that work with a solid rent to value, or rent to purchase/rehab cost ratio?
As far as driving for dollars....does anyone have recommendations on areas to target? Like I said before I've been driving neighborhoods near downtown during my lunch hour but will probably start doing it after work in other areas too.
I recognize driving for $ is super time consuming and have thought about starting direct mail as well. Anyone having success with direct mail in these areas?
Developer · Provo, UT · Member since 2015 · 141 posts · 89 votes
10y
I think you are wise to drive for it given bandit signs and Mail aren't as personal and you are learning incredible insight and first hand experience which is valuable education in the process. You'll know from experience the best thing to do when the opportunities start arising.
I would recommend joining the Salt Lake Real Estate Investors association if you haven't already. You'll get some first hand experience hyper local to your needs.
All the best!
Investor · Salt Lake City, UT · Member since 2016 · 287 posts · 270 votes
10y
@Steven Bond thanks for the tips! I haven't gone to any REIA's yet but plan to. So far driving neighborhoods has been great. Just learning the areas is valuable.
I don't have a huge sample size yet but so far have had pretty good luck getting in touch with owners through email just using publicly available info. I have no doubt that I'll be able to find a great deal eventually.
Salt Lake City, UT · Member since 2016 · 20 posts · 6 votes
10y
Hi Ryan,
I'm an investor just getting started and looking to implement the BRRR technique in my business. Seems like we're in a similar boat!
As far as low prices in decent (low crime, generally well-kept) neighborhoods, I'm seeing good potential in Glendale, Rose Park, and South Salt Lake. By good potential I mean a positive relationship btw home prices, after repair value (ARV) and rents. The west side of downtown is turning around, with a new grocery store being built at 900 S 200 W. I like the previous suggestion of Ogden as well.
Good luck on your journey. I'm sure I'll be seeing you around the site, and maybe at a REI club meeting soon. I haven't attended one yet.
Investor · Salt Lake City, UT · Member since 2016 · 287 posts · 270 votes
10y
@Yele Omo thank you!! Exactly the info I was hoping to get so that's awesome. Are you driving neighborhoods or doing direct mail or some other technique?
Salt Lake City, UT · Member since 2016 · 20 posts · 6 votes
10y
@Ryan E. At this point, I'm driving & biking around in my daily life, talking to friends/acquaintances, then using the internet to research home prices against rents.
Will you be using direct mail to then make cash offers to the home owners?
Investor · Salt Lake City, UT · Member since 2016 · 287 posts · 270 votes
10y
Right now I've been using direct email on the ones I find driving around haha. I've also though about using databases like Thomson Reuters CLEAR as its a pretty good database. This way I could grab phone numbers and cold call owners as well. I've been contemplating starting a direct mail campaign too. I'm pretty anxious to get rolling with it. My goal is to find and put under contract at least two properties before the end of the year.