All Forum Posts by: Jackson Pontsler

I'm seeing this with our flip in Salt Lake City.  This should be the hottest time in the market but it seems to be oddly cool right now (mind you its still a hot market but not boiling over like it should be).

I'm going to go out on a limb with nothing to really base on but next summer is when things could be the transissionary period.

Where I start looking is zillow data:   https://www.zillow.com/research/data/ here you can download the purchase price to rent ratios which can help with rentals and BRRRRs but for general flipping any place could be done because its all about the purchase price vs what is the price of fully renovated houses are being sold in that area.

If you can find a 1% rule here in SLC do it! More than likely though you are house hacking a quadplex in West Valley and not SLC. There are a lot of buy and holds happening right now and bidding wars for duplexes (learned that last year). To find a good multifamily that gets closer to the 1% you'll need to search off the MLS and have your own feet hit the pavement. Make sure that if you do find a property that it will cashflow with vacancy rates, maintance repairs, and potentail management fees included. I wish you the best of luck I usually attend the REIAs myself but with a new baby haven't attend the last 2 months meetings.

Trevor as a fellow Utahan i can understand the frustration that comes with wanting to buy a rental here.  I would agree that the margins are still really tough for me personally to get around.  I do have a few questions for you regarding your situation.

1. Most Condos with HOAs don't like renters are you sure they will permit you to rent it out?

2. Would this drain all of your funds?  You do have a 8 month old son and wife and  should have some cash on hand for any emergency.

3. If the cheaper side of the unit hasn't been raised in a bit it could mean a couple of things.  1. Deferred maintance from a long standing renter (meaning you might have some repairs to do immediately) or 2. The duplexes 2 units aren't equal meaning that you may not be able to quickly close that $200 gap between rents on both sides. (haven't looked at the pictures I don't see why that would be the case but would need to walk through it personally)

4.  Logan is a heavily student rented area are you sure can keep renters during the summer months if you rent out to students?

My overall impressions are that the margins are thin but if you are willing to house hack this might be one of the best ones you may be able to find in Utah.   Just do your due dilligence and get the property inspected, make sure you have the monetary reserves in case of an emergency, and confirm the amount of repairs will be needed to raise the rents.  Also use the BP calculators and find which price works best for you and make that your offer to purchase the property.  Also from my experience in SLC you the home owner are still responsible for the water and sewage (this may need to be included on your rents) I'm not sure what the rules are up there in cache county but keep that in mind as well.

Currently being a landlord there are many things to keep in mind when investing in multifamily please feel free to reach out to me if you have additional questions or concerns.

Welcome Russel to BP,

First of all ALWAYS ALWAYS ALWAYS be looking at deals it will teach you when something is good and when you find something that is good get it under contract and then start looking for money.  If you can't find it but you know it is a good deal you can wholesale it to another investor like me.

As for you rental concerns: Yes Utah is a hot market and more on the expensive side to get started especially where a duplex can be 400k+. My advice would depend if you are looking for deals on the MLS or off the MLS.

If you are looking on the MLS then you should buy a single family house, fix it up, and then sell it a few years later for profit. (this is the longest and probably the safest route, also you're probably not able to find a good house on the MLS right now but miracles do happen)

If you are looking off the MLS (and there's a chance you can get it on the MLS) look for owner financing where they carry the loan and you pay them. This may reduce the overall down payment needed for the property but still make some logical sense as a rental.

Regardless of whether you buy a property now or not always always always be looking and when you find a good deal if you can't personally buy it you can still wholesale it to other investors for a small profit.

Let me know if you have any other questions I'm always avaliable to help other investors out.

I'm really trying to get my real estate investing  career off the ground.  I figure the best way of doing this is by learning from the best.  Not just reading or listening to the podcast.  I've joined a few REIAs and am actively looking for who in the group is doing the most deals and how I can be of service to them.  How to I find active and productive Real Estate Investors in my local area outside of REIAs?

Relatively new to Real Estate investing and getting through my first flip.  I'm actively looking to get my second deal and looking to get this potentially from a wholesaler.  The problem I see is many are posting deals that don't have much meat on the bone for a flipper.  What I'm currently trying to do is get on everyone's buyer's list (calling we buy house signs, and joining REIAs).  With the deals they do send I look over and determine which ones have the better deals avalaible and trying to network more closely with them.  Besides my slow strategy is there any other ideas on how to fast track and find the wholesalers who cater more to flippers/BRRRers?

call up a property manager or look up rentler

Can't help with Provo but if you change your mind for Salt Lake City. I know some investors/agents I can refer.

1. Determine that you want (wholesale, flip, buy and hold).  And choose 1!!!!!!!

2. Base on that do a google search "Bigger Pockets __________ " and put in your choice.

3.  Read up on it.

4. Determine how you will find the deal

5. Determine how to finance the deal

6. Ask questions on forums

7. Start marketing and doing!