Salt Lake City and Bend, OR

[Eric Andersen]

Hi all,

Are you a property owner or expert in the Bend or Salt Lake City area? 

I'm looking to purchase my first home and think I have narrowed it down to these two areas. Would love to connect with people who know the area and the short term rental/ADU regulations. It would most likely be a creative type of house hack either with a roommate, duplex, short term renting or a combination of any of those. I'm single, work remote, and will spend time in other areas during the year, sometimes for extended periods so would like to offset the mortgage during those times with rental income. This would be a sort of "home base".

I've been preapproved for around a 500K purchase with 3% down on a conventional loan with PMI until 22% of the principal is paid off. There are some interesting homes in the 350-400 range. Hoping to purchase in the next 3 months.

Also, very open to suggestions for other mountain or beach towns/cities that have good numbers. I've lived in South Lake Tahoe for the past 3 years and love the outdoors, but it is a little small for me and casino centric. Boulder looks sweet, but the numbers don't work for me.

[Shawn Varner]

Hi Eric,

I live and invest in Bend. It's a great place to be. With a purchase price of around 500k, many of the duplexes will likely be out your price range, if they're on the Westside. You can find one on the Eastside in that range. The STR regulations are kind of tough here with many city ordinances governing them. With that said, if you can find a house with a type 2 STR permit, they can generate some serious cash flow. It may take some searching and a good realtor but it can be done. Let me know if you want any more details about Bend. Good luck with your search.

[Martin Carstens]

Eric,

Both are great places. However the size and additional choices are huge in SLC.  Try reading the SLC Tribune to get a look at what the area is doing. Nothing short of a all time boom. New high rises downtown, expanded airport with non stop flights to Europe and the up and coming Silicon Slope.  Good problem to have! Best of luck!

[Andy Jenkins]

Hi Eric,

SLC has some great things going on: Amazing mountains for skiing, biking and hiking, relatively cheap compared to CA or CO, and the beer is getting better! I think House hacking a SFH or a Duplex is a great way to start out in this town. For the last 3-4 years prices have gone crazy March-May, stayed high June-August, leveled out for fall and dipped a little in Dec-Feb. Then it goes bonkers again. Please reach out if you need any info about buying (or skiing/snowboarding) here.

[William Robison]

Hello @Eric Andersen

Ive operated an investment real estate firm for the last 6 years.  Ive got significant ties to Bend OR as well and a neighbor from SLC.  If you are still researching answers, send me a contact.  A lot of decision goes into strategy.....cash flow vs long term wealth accumulation.

[Eric Andersen]

@Shawn Varner Thanks Shawn, do you have a good realtor in Bend you could connect me with?

[Olivia Padilla]

I own a duplex in Bend, OR. You cannot do STR within 250 feet of another one, so if you are in a nice downtown location (like my property), you're SOL until someone gives up their permit (think a racket like Taxi cab medallions in NYC were). The permits themselves run about $3000 per year.

[Shawn Varner]

@Eric Andersen I sent you a PM with my recommendation on a good Realtor in Bend. 

[Jessica LaBerge]

Hi Eric,  I'm a professional in the Bend market.  Message me if you'd like to chat.