My husband and I currently live in the Houston area and own a short term rental in Galveston. We have an opportunity to move to Salt Lake City and would like to reach out to local investors/agents to get a feel for the market there. Ideally we would like to find a property to house hack. Any suggestions/advice would be greatly appreciated!
What kind of properties are you looking to house hack and how soon do you want to be here? I’m a local agent here in Salt Lake. The market right now is a little bit slow but it is a seller’s market. Usually things escalate around the holidays as well so it may be a good opportunity for you and your husband.
My husband and I are currently house hacking and own a couple properties, my husband is also real estate appraiser. The housing supply is low right now, and prices are high. There are a lot of investors in the area so finding good deals can b a little challenging, but not impossible. My advice would would be do look for a house in/around the Taylorsville/West Jordan/Murray area. These are good areas with B and C level housing whose pricing hasn't shot through the roof like east side SLC or northern Utah County. There are many homes with already established basement apartments and a demand for rentals. You can rent a basement apartment for around a $1 per square foot or just under depending on the quality. Homes like this are going to run between 200-300K and the basement apartment can cover around 75% of your total mortgage. Good luck!
We are looking to move within the next month or so but are willing to rent for a few months in order to find the right property. We are really interested in renting out the garage apt or basement as a short term rental so I thought the neighborhoods more centrally located near downtown might perform better. Maybe we can meet up the next time we fly up to look at properties.
Thanks for the great advice. Salt Lake seems like it has a lot of potential for growth so we are excited invest in that area. We are interested in getting into the short term rental market as we have some experience managing that niche. I haven't purchased the AirDNA statistics yet, but I assume that more vacation rentals are near the hip areas of town? We were looking at Sugar House/Liberty Park/NE Salt Lake. It seems like these are areas of high growth, but still able to find properties for a decent price that you can force appreciation on.
@Brittney Stewart Utah is a great place with an excellent economy. You can house hack a duplex or a mother in law. There are a lot of them all over the valley. Kenya mentioned some more reasonably priced areas that have good neighborhoods but can also have rougher areas. Be sure to visit these neighborhood before making a decision or talk to someone you can trust if you are going to offer on anything without walking through first.
There are some great deals that are off market or just before they are listed that come up often. It usually just takes having an agent that has access. Many of the really really good deals I have found require cash to purchase but they have some huge upside. There is one in the 15th and 15th neighborhood that is $440k duplex that would resell for $625k. That is a good deal but it takes a lot of cash.
If you want or need any help don't hesitate to ask.
Is that duplex for $440k a pocket listing? I didn't see it on the MLS but I would be interested to get more info on it. I am currently looking at a triplex on the east side also a pocket listing but it has some structural issues that I don't love.
@Chris Potter yeah it was. It was a beauty. It’s gone now.
too bad. If you come across any multi-family, multi-family land, or land that could potentially be re-zoned for MF please let me know. I am also always looking for homes to flip as well. Washington, Utah, and SL counties okay.
If you're looking to have vacation rentals anything near Big or Little Cottonwood canyon is another area to consider. These areas can get expensive though, but probably less than Sugar House.
@Brittney Stewart are you planning on getting your license when you move to Utah? The reason I ask is Salt Lake doesn't allow daily rentals it must be 30 day lease. However it's not policed so if your neighbor complains you're out on your rental. The only city that currently allows it in Utah is Park City. So if you get your real estate license in Utah you'll be held to a higher standard than regular owners because "you should know better."
A potential great investment would be buying in Salt Lake City (not the east side or avenues) the city is working on a bill to allow detached apartments to single family homes on owner occupied homes. If this passes you can go in and add the apartment as a great value add. There are some areas that are a little scary I'd avoid but it's a great opportunity.
I realize this post is almost a month old so you might already be here and have a plan but if you have any questions I'd be happy to help.