Rental Property Investor · Salt Lake City, UT · Member since 2019 · 17 posts · 5 votes
Hello,
I am at the very beginning of my Real Estate journey. My wife and I are just completing a reno of our house hack attempt in Salt Lake City, which has led to an interest to learn more about buy and hold strategies.
This is my first BP post, however I’ve been devouring podcasts at 2x speed as I work on renovations.
My/our goal is to develop a supplemental income from rental properties. Both my wife and I have worked 15+ years in the housing/homelessness and Mental Health Non Profit sectors and realized that if we are ever going to achieve financial independence, we need to begin developing side incomes.
I look forward learning from other BP fans in the SLC (and beyond) and am interested in best steps for evaluating rental properties and beginning to understand the local market.
Welcome to BP and the real estate world :) My husband and I serial owner-occupied/househack investors (with aspirations to improve our strategy but that's what works for us currently). He's an appraiser and financial advisor, and I'm also an agent. We're about to pick up our third property (five doors). We'd love to get together and nerd out about real estate talk sometime.
Welcome to BP and the real estate world :) My husband and I serial owner-occupied/househack investors (with aspirations to improve our strategy but that's what works for us currently). He's an appraiser and financial advisor, and I'm also an agent. We're about to pick up our third property (five doors). We'd love to get together and nerd out about real estate talk sometime.
Welcome to SLC. When I moved to SLC in 2013 I had a similar concern about understanding the market. The advice that I received and took was to focus on one area at a time, and often the best area is the one where you're already living. This will turbo-charge your ability to understand what properties are worth today, fixed up and what rent they can achieve.
Another tip that has really helped my financial position is taking advantage of capital gains exclusion on your primary residence. If you can find something that needs work, fix it and are willing to move after 24 months it can be great.