Are there any BP members out here in Ogden or nearby finding success doing BRRRR's? I'd love to find out where you're seeing are the best areas.
I've run the numbers to BRRRR in the Weber and Davis County area, and in most cases, the biggest key to making it work is to BUY LOW. If you don't buy low, it can't work. I think the key is to buy off market deals and get really good deals on them. I'd love to know if there is anyone finding success with this strategy in Utah.
It seems pretty hard to do unless you have some sort of effective marketing strategy to find cheap property...i havent seen anything priced to buy for a while.
I'm starting my BRRRR in North Ogden. Older, smaller homes in commuting distance to the university. In the middle of my first deal, I'll let you know how it goes.
Hello everyone! Looking to also BRRRR in Utah. Have anyone had any success?
I found a deal in Ogden. I paid cash through an equity line 2 weeks ago at $161,000. It will need about $25,000 which is a little fix up, paint, carpet, and a whole new yard (this is the biggest expense). I'm going to refinance before the yard goes in and be in it under $170,000 and it should appraise around at $200,000 or more. I'll let you all know how that goes.
@Doug Cary Hi Doug! Yes please do. I’m from the area and go back often. Would like to invest in the area if there’s opportunity. Let me know how it goes! Thanks!
Anyone connected with a good wholesaler in the area. My biggest apprehension is crime, not knowing the neighborhoods really well Ogden is the type of town you don't want to make a wrong turn in - figuratively and sometimes otherwise! One renter even using Meth in your property can cost Thousands in mitigation and set you back on cashflow.
All the good below market properties I'm seeing are in the bad neighborhoods.
I don’t @JB Cunningham ! However Ogden use to always have this reputation. Still does, however they’ve done a pretty good job the last decade with pushing out the bad areas. There are still some but not as much as before. I went to Weber State University in Ogden for a few years and back then it was pretty bad. Going now it’s night and day. If I network with Wholesalers in the area I’ll definitely let you know!
Doug, is your deal a single family? What's your plan to manage the property?
Yes it's a single family home. I'm getting away from self managing and I have a property manager now.
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