Ogden Utah Multi

4 Replies

I'm looking at multifamily properties in Ogden right now. My problem is that most of them are 100 years old and don't want to deal with an FHA.

I did find one property that would accept an FHA, it's only 60ish years old and it seems to be in good shape. It just barley meets the 1% rule and the cash flow per unit isn't wonderful.

I'd like to know from an experienced Ogden investor if this is a deal worth considering or if more multifamily properties like this come up frequently with better cash flows that I should wait and look for?

Thanks for your input!

Yes. and FHA seems to give me the best interest rate for the lowest down. I would definitely consider an alternative but this seems like my best option so I want to pursue it and see if I can find anything that would allow me to do it.

Hi patrick I am also in the Ogden Utah area and buying multi family properties I would like to hear a little more detail on the numbers of the properties your looking at and comparing them with mine to see if there in the same ball park thanks

@Patrick Ketchum

You may want to talk to banks and credit unions directly. I have clients that are getting great owner occupant (high LTV, no PMI) from places like Key Bank and Mountain America. They originate these in house, so a mortgage broker won't know them.

Simply going for the 1% rule in Ogden can be a dangerous strategy.  There are lots of run-down buildings in marginal neighborhoods that look great on paper, but can be nothing but headaches.

What areas are you looking at?  I would need more information on the deal you're looking at to have an opinion.  PM me if you like.