Where to invest in Utah? Or out?

[Wes Carmichael]

I am a long time fan of real estate, and have been buzzing around here for years, I have finally gotten the motivation and have set goals to have an area picked out within a month, a house under contract within 60 days. But here's the thing, I don't have an area picked out. I have always felt that Utah is full and I'm not sure how many really great deals can be found here. I want to find an area in or out of state that I am comfortable with. It wanted to ask for tips on how to decide where you would invest and why?

[Tyson R.]

@Wes Carmichael that's great that you're looking to make the leap! But your question should really be covered as part of your business plan before you place a time frame on yourself. Check out the UBG chapter 4 or even SBA.gov on writing a business plan.

@Nikko Kelaidis is right. Defining how you are investing is key in having people give advice. Defining your goals, personal expertise, level of involvement, personal resources, and your ideal "deal" will all help the BP community to help you out better.

I would keep a 60 day commitment, like you are doing. But I wouldn't restrict yourself to having something under contract. A better goal could be 1000 mailers, looking at 100 properties, or even an offer in the next 60 days. The worst thing you could do is force yourself to be under contract on a property that will loose you money just to keep your goal.

Now assuming that you're looking for a buy and hold property, I would look for properties where you already have boots on the ground. It doesn't have to be your boots, but having someone you can trust is very important. I'm a big fan of leverage and so the properties must be over $50,000 (Banks don't like to lend on anything smaller.) I seek for a positive population growth and more than one single local industry. Those are just a few of the things I look for, but boots on the ground is a must.