House Hacking In Salt Lake County/Utah County/ Logan, Utah

Member since 2024 · 2 posts · 4 votes

Hello everyone, I am still new and am thinking of living in Utah for about two years and will be moving within the next year or so. After watching some of the podcasts and reading posts I am set on starting my real estate journey utilizing the house hacking strategy. While I have a rough idea on house hacking as a whole, I would like to know if there are some helpful insights on the Utah market specifically. If anyone has advice for someone in my shoes moving to the Salt Lake County/Utah county area and possibly the city of Logan, It would be much appreciated. I would love to discuss specifics and I look forward to hearing advice!

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Derek BrickleyBusiness Member

Lender · Ann Arbor, MI · Member since 2021 · 665 posts · 227 votes

Hey Jaime! My first househack wasn't in Logan, but we've helped buyers in a few of the counties nearby. Feel free to reach out if you have any specific questions, as an investor or a lender happy to share any advice I can!

[email protected]734-645-7722

Gold Star Mortgage Financial Group548 Reviews

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Derek BrickleyBusiness Member
Lender · Ann Arbor, MI · Member since 2021 · 665 posts · 227 votes
1y
Hey Jaime! My first househack wasn't in Logan, but we've helped buyers in a few of the counties nearby. Feel free to reach out if you have any specific questions, as an investor or a lender happy to share any advice I can!
[email protected]734-645-7722
Gold Star Mortgage Financial Group548 Reviews
Website View Page
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Paul Cijunelis
Property Manager · Downers Grove, IL · Member since 2012 · 99 posts · 40 votes
1y
Jaime, I'm actually sitting in a hotel in Lehi, near Salt Lake, right now. From what I can see around here it is a landlord friendly state so when you turn your prop into a rental you should do well as long as the numbers are good.
Acquisition is all about entry price. Look at the ARV doing a CMA or looking at comps. If a prop is 250k and you can refi at 70% LTV you want to get it at 175k minus rehab costs. If you're going to live in it for a bit and fix it up you can adjust accordingly. Good luck
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Rick Albert
Real Estate Agent · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
1y
I don't live out there but I have family that does. Areas like South Jordan down to Provo have really interesting properties with daylight basements. It is basically a duplex. We actually stayed in one as an Airbnb.
Like most markets, there is a growing trend in the area due to affordability and increasing more things to do.
I know a great agent in the area who helped my friend buy in Ogden and did a great job negotiating. Happy to refer.
Good luck!
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Jeremy Jareckyj
Real Estate Agent · Salt Lake City, UT · Member since 2020 · 490 posts · 205 votes
1y
It can totally be done, even in this market. I have done it the past few years in Salt Lake County.
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Sam Levin
Realtor · Provo, UT · Member since 2016 · 119 posts · 73 votes
1y
Hi Jamie. One thing you may want to consider is the possibility of hacking into a small multi like a duplex. Mortgage lenders will qualify you for a higher purchase amount for multis than they would on a single, because they will count the rent you will be making on the other units as additional qualifying income for your loan application. I did this once using FHA on a Fourplex in Provo and it was a great investment. My DP was around $20k and when I sold it I cleared over $200k.
Good luck to you and let me know if there's ever anything else you'd like to know about house hacking.
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