Exploring Salt Lake City, Utah - advice for first-timer

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Exploring Salt Lake City, Utah - advice for first-timer

Kali B.
Investor · Oakland, CA · Member since 2015 · 8 posts · 5 votes

Hi BPers,

My boyfriend and I will be in Salt Lake City next week (April 9-12) to explore the area as a possible investment location. I’ve always been attracted to the area for it’s beauty and outdoor culture, but have never visited. We are looking forward to it!

Like many others, we are new to investing. We’ve gotten our feet wet and each own homes in the Bay Area that we’ve fixed up, and now want to continue expanding with buy and hold rental properties.

  • We are attracted to the Salt Lake area for many reasons including growth in business & population, international airport, outdoor culture, universities, no rent control and a long but manageable drive from the Bay Area.
  • Our goal is to explore and get acquainted with the region from Ogden to Provo. Interested in SFRs and multi-family; B-C properties in A-B areas. Open to minor fixes (paint, flooring, appliances) but want to steer away from major renovations for now.
  • Seeking thoughts and advice on how best to organize the three days we have - specific neighborhoods to explore (or avoid)? Any local RE meetings happening?
  • Also, what are your top things to do and see in the area? We love quirky and unusual.

Thanks in advance for your input!

Kali

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Ryan E.
Investor · Salt Lake City, UT · Member since 2016 · 287 posts · 270 votes
8y

@Kali B. I would classify the entire market as basically A and B neighborhoods. I would say there are C areas in West Valley City, Magna, and some parts of Salt Lake and South Salt Lake. D areas for or market might be certain areas of Ogden. Compared to other larger cities we don’t have straight “war zones”. Even those parts of Ogden I would classify as D (as compared to the rest of the market) will look decent when you drive through. 

There are a bunch of “A” and “B” areas that will have older properties: Sugar House, Cottonwood Heights, Salt Lake City (from downtown: generally the farther East you get of State St. the nicer it gets), Sandy, Murray. Areas that are really growing fast are South Jordan, Riverton, Herriman, West Jordan, and Tooele (Two-illa). Those are all in Salt Lake County except Tooele. A few months ago I read an article that said Salt Lake County has an estimated 30,000 buildable acres, most of which is near Herriman and South Jordan and West of SLC by the airport.  Utah County (Lehi, Provo, Saratoga Springs, American Fork, Provo, etc all growing rapidly as well) has an estimate 230,000. So there’s a couple of things there: 1. In my opinion Salt Lake County values will really go up in the long term as there is high desirability to live in some of these areas and limited land supply with two giant mountain ranges on east and west side of the valley. 2. There’s going to be continued massive growth in UT County. UT County is expected to rival SLC as the economic powerhouse in the State. 

Again, I’m not as familiar with the areas north of SLC by they are also full of good areas. Im also less familiar with UT County but If I was you I would spend at least two of your days driving through the neighborhoods of the worst areas and the awesome neighborhoods of a few main Cities you are most interested in. Feel free to PM me if you’d like and I’d be happy to tell you what some of those areas are for Salt Lake County. To drive from Ogden to Provo you are looking at about an hour and half and those two cities are sort of the “bookends” for the majority of the population. 

One of the big things to do in the area is to go to Temple Square. I would say it’s probabky a bit quirky if you aren’t too familiar with the Mormon church but it’s a decent tourist attraction that will help you understand the history of UT and a bit of the culture as the LDS population is probably at least half of the whole state’s pop. Besides that, go check out Park City. It’s beautiful! 

Link to article I referenced: https://www.deseretnews.com/article/865691300/The-next-50-years-will-be-a-test-of-community-leadership-for-a-growing-Utah-County.html

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  • Amy KendallBusiness Member
    Real Estate Broker · Lehi, UT · Member since 2016 · 397 posts · 318 votes
    8y

    I am sure Utah will not disappoint! Areas right around liberty park do very well, I just closed a duplex recently there, pp $420,000 each side of that is renting for $2,000.00 4 bed 2 bath on each side. That sold the day it went on the market. The buyers were able to renovate the one that needed it, while raising rents significantly. There are a lot of great areas and lots of areas to stay away from, depending on what your hoping to accomplish, if your wanting those A-B neighborhoods, Millcreek, and some areas around the U are also great. I would stay away from the west side of the freeway for the most part, and most areas around Rose park. Best of Luck! I am always happy to lend a hand if you need, or have questions! I think SLC REI does the first Thursday of month, I think theirs is this Thursday. Check with

    @Jeff Rappaport 

    1Reply
  • Ryan E.
    Investor · Salt Lake City, UT · Member since 2016 · 287 posts · 270 votes
    8y

    @Kali B. I would classify the entire market as basically A and B neighborhoods. I would say there are C areas in West Valley City, Magna, and some parts of Salt Lake and South Salt Lake. D areas for or market might be certain areas of Ogden. Compared to other larger cities we don’t have straight “war zones”. Even those parts of Ogden I would classify as D (as compared to the rest of the market) will look decent when you drive through. 

    There are a bunch of “A” and “B” areas that will have older properties: Sugar House, Cottonwood Heights, Salt Lake City (from downtown: generally the farther East you get of State St. the nicer it gets), Sandy, Murray. Areas that are really growing fast are South Jordan, Riverton, Herriman, West Jordan, and Tooele (Two-illa). Those are all in Salt Lake County except Tooele. A few months ago I read an article that said Salt Lake County has an estimated 30,000 buildable acres, most of which is near Herriman and South Jordan and West of SLC by the airport.  Utah County (Lehi, Provo, Saratoga Springs, American Fork, Provo, etc all growing rapidly as well) has an estimate 230,000. So there’s a couple of things there: 1. In my opinion Salt Lake County values will really go up in the long term as there is high desirability to live in some of these areas and limited land supply with two giant mountain ranges on east and west side of the valley. 2. There’s going to be continued massive growth in UT County. UT County is expected to rival SLC as the economic powerhouse in the State. 

    Again, I’m not as familiar with the areas north of SLC by they are also full of good areas. Im also less familiar with UT County but If I was you I would spend at least two of your days driving through the neighborhoods of the worst areas and the awesome neighborhoods of a few main Cities you are most interested in. Feel free to PM me if you’d like and I’d be happy to tell you what some of those areas are for Salt Lake County. To drive from Ogden to Provo you are looking at about an hour and half and those two cities are sort of the “bookends” for the majority of the population. 

    One of the big things to do in the area is to go to Temple Square. I would say it’s probabky a bit quirky if you aren’t too familiar with the Mormon church but it’s a decent tourist attraction that will help you understand the history of UT and a bit of the culture as the LDS population is probably at least half of the whole state’s pop. Besides that, go check out Park City. It’s beautiful! 

    Link to article I referenced: https://www.deseretnews.com/article/865691300/The-next-50-years-will-be-a-test-of-community-leadership-for-a-growing-Utah-County.html

    5Reply
  • Ray Loveless
    Investor · Highland, UT · Member since 2018 · 70 posts · 23 votes
    8y

    I'd say do a free tour down town temple square.  They even can show you around brigham young's home.  I own 2 fourplexes in utah county.  It's very difficult to find a property that meets the 1% rule in A and B neighborhoods around here now days...probably a lot like oakland Ca. I imagine.  I can recommend a property managers in utah county and proper rents if you'd like.  Most rents are low right now.   

    I think you would be best to meet with multiple agents.( one for each section of town... davis county, salt lake county, and utah county).

    0Reply
  • Kali B.
    OP
    Investor · Oakland, CA · Member since 2015 · 8 posts · 5 votes
    8y

    @Amy Kendall@Ryan E.@Ray Loveless Thanks so much for this helpful information. We'll be staying in the Liberty Park area which sounds like it will be a great launch pad and fun area to explore. Excellent article, Ryan, perfect reinforcement for our decision to look at the area. 

    I'll reach out and PM separately with questions. 

    Cheers!

    Kali

    0Reply
  • Douglas LarsonPro Member
    Rental Property Investor · Salt Lake City, UT · Member since 2008 · 410 posts · 337 votes
    8y

    Hi Kali. Welcome to BP and to Utah. I'm from San Diego and I lived in hawaii for several years so I know a bit about those expensive markets. I've been living and investing in Utah now for over 13 years. It's been good to me and I expect more good years in real estate to come. Demand for homes is high, rents are pretty good and inventory is low. I like smaller SFR rentals in West Valley and Kearns. I've got great tenants because many A and B tenants are getting priced out of the A and B areas and into the C neighborhoods, as long as you can create a B+ rental.

    I also do a few flips each year and I buy some vacant land when I find value. Until about 2 years ago I could still find rental properties that met the 1% rule but now, from Spanish Fork to Layton, it's more like .7% at best. Ogden will still meet the 1% rule or better but the homes can be OLD and the tenants can be very sketchy. Buy carefully and screen well! 

    If you are still in town, I would recommend this meetup tomorrow night: https://www.biggerpockets.com/forums/521/topics/55...

    I use a few local wholesalers for deals and I can recommend a really good agent for the MLS stuff. He's very knowledgeable and investor savvy. PM me.

    Above all, Have Fun!!!

    Podcast Guest on Show #41
    2Reply
  • Kali B.
    OP
    Investor · Oakland, CA · Member since 2015 · 8 posts · 5 votes
    8y

    Thanks, @Douglas Larson! We had a great trip to SLC and really enjoyed getting to know the area. Bummed we missed the MeetUp, we left on Thursday afternoon. I'll follow up via PM.

    Cheers,

    Kali

    0Reply
  • Alpesh Parmar
    Investor · Dublin, CA · Member since 2016 · 344 posts · 228 votes
    8y
    You won’t go wrong with Provo. I even looked into buying a short term rental in Park City in 2014 and should’ve done that as it’s doubled in value. I am still debating about that market but numbers don’t make sense.
    0Reply
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