Hello BP! I really excited to get started on here. I am young and very fresh into the REI industry. I want to get started in the SLC/Utah county areas because of the population growth that is going to happen over the next 20 yrs. My question is about wholesaling in this market. From what I have read and heard, finding good wholesaling deals are difficult to find right now. Wholesaling was my "getting started" strategy, because I don't have capital. So, what are some good ways to get involved in REI knowing I have low capital and wholesaling doesn't seem like a great option right now. Has anyone had a good experience with BRRRR in the area?
Thanks for you time, Taylor.
BRRR's are another great strategy, but again that is going to take money to fund as well. Do you have a plan to fund a BRRR project?
I think that you could also look at building capital outside of real estate? Can you find some other ways to make money? Can you save that money up and not spend it to help you get your first project going?
Thanks for the feedback Antoine.
I don't have any specific funding prepared for a BRRR project yet, but that is something I'll have to look into. Are there any funding methods you would suggest for the expense of the renovation? My wife and I are slowly saving up for a downpayment on a duplex or triplex that we would live in so realistically that would be our first deal, unless wholesaling was a good option in our area. How would you recommend getting started and building up the business quickly?
Always nice to see some more Utah investors on BP, and even better from the wonderful town of Logan. Go Aggies! Anything I can do to help, let me know. You got this!
I appreciate the support! I'll definitely keep in touch and run some ideas by you. On the flip side, if I can help you in any way let me know as well.
Salt Lake and Utah counties are extremely competitive so prices don't always give the spreads you would like. You should also look in your area. Logistically that would be easier for your first. Search thru BPs marketplace. Earlier this week I saw a nice wholesale opportunity in Wellsville. Also look for Weber,Rich and Box Elder counties esp around Bear Lake good place for short term rentals as is Eden and Liberty. Good luck!!
@Taylor Larsen I agree with a lot of others. There is a lot of opportunity everywhere. Logan is an awesome place with all of the students that rent there.
I recently found an off market 4 plex that could use some love in Tremonton. I dont think this would be a flip but it could be an ok BRRRR if you are ok driving to Tremonton.
Thanks for the great feedback.
@Brad McBride I'll have to keep an eye out for deals around here too. I'll be moving down to SLC in a couple weeks, but that's not too bad of a drive if the deal is right. Thanks for the tips.
@Eric Gardiner The more and more I research it, Logan really is a great place to get started. Finding tenants would be much simpler because of the students around. Is that 4 plex still available? Thanks for the help.
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