I am looking to purchase a duplex or SFH that I can get creative with (live in the basement, etc.) for househacking in Utah County. Currently looking at the Orem/Vineyard/Lehi/American Fork/Saratoga Springs areas.
To be clear on house hacking - I plan to use this rental as my primary residence and either rent out the other unit or other bedrooms if it is a SFH. I am willing to buy a property that is mildly distressed and put sweat equity into it if it is still rentable when I purchase.
I know these types of deals are harder to find with our hot market but I am determined to make it happen and need a stream of leads coming in that I can analyze on a daily basis.
I am primarily looking for cash flow & cash on cash return but also taking into account areas with potential long-term growth & appreciation.
Any feedback would be great as far as what neighborhoods/areas I should primarily focus on and how I should go about looking for this type of investment (cold calling motivated sellers, driving to find distressed properties, etc.)
Would love to connect if you are an experienced agent in the area and are also an investor!
That shouldn't be too hard to find if you're going to owner occupy. You can have a different ROI tolerance than the typical absentee landlord based on your interest rate alone. There are lots of SFHs on the market, just check your zoning as a lot of landlords are dumb and buy a SFH thinking they can put 5 or 6 singles in it. Any agent with MLS access can set you up on a hot sheet to push to you listings that come on the MLS. That will give you the daily stream you're looking for.
We've been working with Micah Olsen at
Like @Jeremiah Maughan said, if you're planning on owner occupying, there are many more opportunities than otherwise. Second that zoning is really convoluted and read the codes.
Provo City Code
Nick, it's a great way to start! I have a couple of clients who have gone under contract on homes just like that. One in Lehi, one in AF, Both are great properties, are you only wanting ones that need the sweat equity?
@Nick Vondrachek Hi Nick, I did a house hack in Lehi and so far it's working out really nicely. I would highly recommend going with a multifamily unit though. You will get more bang for your buck now, when you are living in it, and more bang for your buck when you decide to move. It has less risk because hopefully it wont be totally vacant at any time and zoning should be easier because it should already be zoned multifamily. Cash flowing a SFH can be difficult. I think house hacking is a great idea, good luck!
Thanks, everyone. Ideally, it will be a duplex that is ready to rent right away but that I can put some work into to improve the value of it when I sell. Any advice on neighborhoods to focus on in Lehi, American Fork or Orem?
Currently, I am looking on Zillow, realtor.com, etc. and having agents send me properties from the MLS. What other avenues are you all using to find deals in Utah County? I plan to drive neighborhoods on the weekend but it would help to know where to be focusing.
@Devin Stott How did you find that duplex?
We found it on the MLS through a realtor. It's not a traditional duplex though so I think that helped.
@Nick Vondrachek It sounds like you are doing everything you can and doing it right. Good MLS deal go fast and they might go even fast in Utah County.
Driving for dollars might be the next best thing to do. Knock some doors and get owners information or give your card to the tenant to pass on to the owner.